US IPO Week Ahead: Real estate and smart electronics dominate this 5-IPO week

This IPO market is taking a breather with 4 IPOs and one SPAC expected to price, raising total proceeds in excess of $1.4 billion. Leading this week is global commercial real estate giant Cushman & Wakefield. Two smart home consumer tech companies are also expected to price: speaker maker Sonos, and Netgear spinoff Arlo Technologies. 

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Cushman & Wakefield (CWK), a global commercial real estate brokerage and services firm, plans to raise $765 million by offering 45.0 million shares at a price range of $16.00 to $18.00. It is also raising $174 million in a concurrent private placement from China Vanke. At the midpoint of the proposed range, the company would command a market value of $3.7 billion. Cushman & Wakefield, which was founded in 1917, booked $7.2 billion in revenue over the last 12 months. The Chicago, IL-based company plans to list on the NYSE under the symbol CWK. Morgan Stanley, J.P. Morgan, Goldman Sachs and UBS Investment Bank are the joint bookrunners on the deal.

Arlo Technologies (ARLO), a smart security camera maker being spun out of Netgear, plans to raise $194 million by offering 10.2 million shares at a price range of $18.00 to $20.00. At the midpoint of the proposed range, Arlo Technologies would command a market value of $1.4 billion. Arlo Technologies, which was founded in 2014, booked $409 million in revenue over the last 12 months. The San Jose, CA-based company plans to list on the NYSE under the symbol ARLO. BofA Merrill Lynch, Deutsche Bank and Guggenheim Securities are the joint bookrunners on the deal.

Sonos (SONO), which designs and sells connected speakers and audio components, plans to raise $250 million by offering 13.9 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Sonos would command a market value of $2.2 billion. Sonos, which was founded in 2002, booked $1.1 billion in revenue over the last 12 months. The Santa Barbara, CA-based company plans to list on the Nasdaq under the symbol SONO. Morgan Stanley, Goldman Sachs, Allen & Company and RBC Capital Markets are the joint bookrunners on the deal.

Bionano Genomics (BNGO), which sells a proprietary system for next-generation genome analysis, plans to raise $30 million by offering 3.4 million shares at a price range of $8.00 to $10.00. Insiders intend to purchase $6.4 million of the IPO (21% of deal). At the midpoint of the proposed range, Bionano Genomics would command a market value of $108 million. Bionano Genomics, which was founded in 2003, booked $11 million in revenue over the last 12 months. The San Diego, CA-based company plans to list on the Nasdaq under the symbol BNGO. is the lead bookrunner on the deal. 

Forum Merger II (FMCIU), a black check company formed by SPAC veterans David Boris and Marshall Kiev, plans to raise $200 million by offering 20.0 million units at a price of $10.00. At that price, it would command a market value of $257 million. Forum Merger II, which was founded in 2018, plans to list on the Nasdaq under the symbol FMCIU. Jefferies is the sole bookrunner on the deal.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 10.2% year-to-date, while the S&P 500 is up 7.3%. 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 5.0% year-to-date, while the ACWX is down 1.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.

Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.