Two micro-caps priced US IPOs in the short holiday week; both broke issue
Only three IPOs joined the calendar in a week that started off shaken by market volatility
June should still be active as filings continued to pour in: Domo, BrightView, Uxin, and more
| 3 IPOs During the Week of May 28th, 2018 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 06/01 |
| Trident Acquisitions (TDACU) | $175M | $230M | 0% | +0% | +1% |
| Blank check company formed to acquire an energy company in Eastern Europe. | |||||
| Hancock Jaffe Labs (HJLI) | $8M | $53M | -29% | +5% | +0% |
| Developing bioprosthetic devices for cardiovascular surgeries. | |||||
| Ambow Education (AMBO) | $8M | $91M | 6% | -5% | -5% |
| Provides education, test prep and IT career training services in China. | |||||
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Hancock Jaffe Laboratories (HJLI) raised $8 million at a $53 million valuation. After originally filing IPO terms in November 2017, the company priced below the $6-$8 range at $5, but offered additional units to maintain its $8 million deal size. The stock ended the week at $4.98. Hancock Jaffe develops and manufactures implantable cardiovascular bioprosthetic devices for patients with cardiovascular disease, peripheral arterial and venous disease and end stage renal disease.
Ambow Education Holding (AMBO) also raised $8 million, pricing above the midpoint at $4.25 for a $91 million market cap. Uplisting from the OTC, the stock fell 5.2% on Friday, settling at $4.03. The Chinese provider of education, test prep and IT training originally IPO'd in 2010 but was delisted in 2014. It booked LTM sales of $65 million, growing at about 11% YoY, with a -9% operating margin.
Blank check company Trident Acquisitions (TDACU) raised $175 million and traded up 0.9%. It is led by Ilya Ponomarev and Edward Verona, seeking to acquire an oil and gas company in Eastern Europe.
US IPO Pipeline Update: Another big week for filings with Domo, BrightView, Uxin
| 12 Filings During the Week of May 28th, 2018 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| AFG Holdings (AFGL) | $100M | Energy | Goldman |
| Oil and gas OEM specializing in technology, products and services. | |||
| Domo (DOMO) | $100M | Technology | Morgan Stanley |
| Provides on-demand access to real-time business data. | |||
| EverQuote (EVER) | $75M | Technology | JP Morgan |
| Operates an online auto insurance marketplace. | |||
| Forty Seven (FTSV) | $115M | Health Care | Morgan Stanley |
| Developing monoclonal antibodies for various cancers. | |||
| GoodBulk (GBLK) | $100M | Industrials | Morgan Stanley |
| Leading international owner/operator of dry bulk vessels and Capesize vessels. | |||
| Translate Bio (TBIO) | $115M | Health Care | Citi |
| Developing mRNA therapeutic treatments for cystic fibrosis. | |||
| Twelve Seas Investment (TWLVU) | $100M | SPAC | EarlyBird |
| Blank check company formed to acquire a business located in the Pan-Eurasian region. | |||
| Neon Therapeutics (NTGN) | $115M | Health Care | Morgan Stanley |
| Developing a targeted immunotherapy platform for various cancers. | |||
| Neuronetics (STIM) | $86M | Health Care | Piper Jaffray |
| Sells a medical system that uses magnetic stimulation to relieve depression. | |||
| BrightView (BV) | $500M | Industrials | Goldman |
| Largest provider of commercial landscaping services in the US. | |||
| Allegro Merger (ALGRU) | $130M | SPAC | Cantor Fitz. |
| Blank check company formed by Crescendo Partners' Eric Rosenfeld. | |||
| Uxin (UXIN) | $500M | Technology | Morgan Stanley |
| China's largest online used-car marketplace for businesses and consumers. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 5.6% year-to-date, while the S&P 500 is up 2.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and US Foods (USFD). The Renaissance International IPO Index is down -1.7% year-to-date, while the ACWX is down -1.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.
