Two small deals are on the calendar for the holiday week ahead, including single-asset Reg A+ IPO Aspen REIT and blank check company Crescent Funding. We expect IPO filing activity to pick up as we move through the annual mid-February lull and companies gear up for March offerings.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Crescent Funding (CFUNU) Los Angeles, CA |
$250M $313M |
$10 25,000,000 |
UBS BofA ML |
| Blank check company formed by Crescent Capital to acquire a business in the financial services sector. | |||
| Aspen REIT (AJAX) New York, NY |
$34M $68M |
$20 1,700,000 |
Maxim Group |
| Single-asset REIT formed to own Colorado's St. Regis Aspen Resort. | |||
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Blank check company Crescent Funding (CFUNU) is looking to raise $250 million to acquire a business in the financial services sector. The SPAC was formed by Crescent Capital Group and will be headed by CEO Robert Beyer, who previously served as CEO of investment management firm The TCW Group.
Single-asset owner of the St. Regis Aspen, Aspen REIT (AJAX) is expected to raise $34 million on a best efforts basis under the Reg A+ framework after delaying trading by one week. It plans to issue a quarterly dividend of $0.29/share (5.8% pro forma annualized yield).
Quiet Periods
Street research is expected for eight companies in the week ahead, including the year's four top performers: Brazilian digital payments company PagSeguro Digital (PAGS: +35% from IPO price) and biotechs ARMO BioSciences (ARMO: +184%), Menlo Therapeutics (MNLO: +108%) and Solid Biosciences (SLDB: +64%).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has returned 3.4% year-to-date and the S&P 500 is up 2.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (SNAP) and US Foods (USFD). The Renaissance International IPO Index is up 2.5% year-to-date, while the ACWX is up 2.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.
