Look for more filings. Starting Monday, companies can submit initial filings and then wait the minimum 15 days until launching on the Tuesday after Labor Day. Based on last week's 9 filings, a torrent of IPOs are gearing up for the fall.
In pricing news, the August doldrums roll on. Bionano Genomics is again on the IPO calendar, this time with a much lower valuation and insiders indicating on up to half the deal. Two blank check companies also plan to raise a combined $200 million.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Bionano Genomics (BNGO) San Diego, CA |
$16M $55M |
$6 - $7 2,450,000 |
Roth Cap. |
| Sells a proprietary system for next-generation genome analysis. | |||
| Megalith Financial Acq. (MFACU) New York, NY |
$150M $188M |
$10 15,000,000 |
Chardan |
| Blank check company formed to acquire a financial services business. | |||
| Tenzing Acquisition (TZACU) New York, NY |
$50M $65M |
$10 5,000,000 |
Maxim |
| Blank check company formed to acquire a business in India. | |||
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Bionano Genomics (BNGO), which sells a proprietary system for next-generation genome analysis, plans to raise $16 million by offering 2.5 million shares at a price range of $6.00 to $7.00. At the midpoint of the proposed range, Bionano Genomics would command a market value of $55 million. Bionano Genomics, which was founded in 2003, booked $11 million in sales over the last 12 months. The San Diego, CA-based company plans to list on the Nasdaq under the symbol BNGO. Roth Capital is the lead bookrunner on the deal.
Megalith Financial Acquisition (MFACU), a blank check company formed to acquire a financial services business, plans to raise $150 million by offering 15.0 million shares at a price of $10. Each unit will consist of one share of common stock and one warrant to purchase on share of common stock at $11.50. There it would command a market value of $188 million. The New York, NY-based company plans to list on the NYSE under the symbol MFACU. Chardan is the lead bookrunner on the deal.
Tenzing Acquisition (TZACU), a blank check company formed to acquire a business in India, plans to raise $50 million by offering 5 million units at a price of $10. Each unit consists of one share of common stock and one warrant to purchase one-half of one share of common stock (warrants exercisable at $11.50 per full share). At $10, Tenzing Acquisition would command a market value of $65 million. It plans to list on the Nasdaq under the symbol TZACU. Maxim Group LLC 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 7% year-to-date, while the S&P 500 is up 8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Athene (ATH). The Renaissance International IPO Index is down 9% year-to-date, while the ACWX is down 5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.
