With just one deal on the calendar for the week ahead, the annual February lull is coming to an end. After pushing back its IPO by a week, Latin America-focused SPAC Union Acquisition aims to raise $100 million at a $125 million valuation.
| U.S. IPO Calendar | ||||
|---|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Pricing Date |
Top Bookrunners |
| Union Acquisition (LTN.U) New York, NY |
$100M $125M |
$10 10,000,000 |
Wk of 02/26 |
Ladenburg |
| Blank check company focused on acquiring a Latin American business. | ||||
Recent filings provide visibility into IPO activity over the next few weeks. Highly-anticipated cyber security unicorn Zscaler (ZS) will be eligible to launch the week of March 5. The health care sector should remain active: biotechs PolyPid (POLY) and BioXcel Therapeutics (BTAI) are eligible to launch in the week ahead. Taiwan Liposome (TLC) and Arcus Biosciences (RCUS) can set terms the following week, along with Minnesota bank Bridgewater Bancshares (BWB). Further along, Dropbox (DBX), IBEX Holdings (IBEX) and Sunlands Online Education (STG) can launch on Monday, March 12, for IPOs during the following week.
| 9 Recent Filings Could Launch in the Coming Weeks | |||
|---|---|---|---|
| Issuer Business |
Estimated Deal Size |
Sector | Lead Underwriter |
| PolyPid (POLY) | $86M | Health Care | Goldman Sachs |
| Developing extended-release drugs to prevent surgical site infections. | |||
| BioXcel Therapeutics (BTAI) | $69M | Health Care | Barclays |
| Utilizing AI to develop new uses of drugs to treat neurological disorders and cancer. | |||
| Zscaler (ZS) | $200M | Technology | Morgan Stanley |
| Provides a cloud-based network security service for enterprises. | |||
| Taiwan Liposome Company (TLC) | $50M | Health Care | Cantor Fitz. |
| Developing lipid formulations of approved drugs for pain and eye disease. | |||
| Bridgewater Bancshares (BWB) | $50M | Financials | Sandler O'Neill |
| Minnesota bank with six branches and $1.6 billion in assets. | |||
| Arcus Biosciences (RCUS) | $100M | Health Care | Citi |
| Clinical-stage biotech developing cancer immunotherapies. | |||
| Dropbox (DBX) | $500M | Technology | Goldman |
| Web-based cloud storage provider. | |||
| IBEX Holdings (IBEX) | $75M | Industrials | Baird |
| Provides outsourced customer support and marketing services. | |||
| Sunlands Online Education (STG) | $300M | Consumer | Goldman (Asia) |
| Chinese provider of online courses for professional qualifications. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has returned 2.2% year-to-date and the S&P 500 is up 2.8%. 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 4.5% year-to-date, while the ACWX is up 2.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.
