We are coming down from record high levels of activity in the IPO market as we ease into the Fourth of July lull. While there aren’t any IPOs this coming week, new filings may continue to pad the pipeline.
Possible 3Q18 IPOs
In the absence of IPOs, we set our sights on some potential deals on the horizon. June’s high level of activity has set up the 3Q18 to be a busy one after the holiday. A surge of biotechs filed just before quarter-end, the largest of which, Rubius Therapeutics (RUBY), is aiming to raise $200 million. Private equity-backed deals are also coming, with TBG-backed Cushman & Wakefield (CW.RC) targeting an estimated $500 million. Chinese car marketplace Cango (CANG) plans to raise $300 million in an effort to compete with June IPO Uxin (UXIN). Other upcoming deals include several financial and energy IPOs.
Only on IPO Pro:
View Renaissance Capital's newly released 2Q18 US IPO Review.
View Renaissance Capital's newly released 3Q18 US IPO Preview.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 5.5% year-to-date, while the S&P 500 is up 2.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Snap (SNAP). The Renaissance International IPO Index is down -6.0% year-to-date, while the ACWX is down -4.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and innogy.
