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US IPO Weekly Recap: SurveyMonkey joins a packed pipeline as August lull ends

August 31, 2018
Weekly Recap

The week's eight new IPO filings support our prediction of an extremely active US IPO market in the fall. There were 31 initial filings in August, up from 13 last year (+137% YoY). In addition to several China-based companies and biotechs, the week's most well-known filing came from SurveyMonkey (SVMK), an LBO'd survey service.

There have been 134 IPOs in 2018 so far, the busiest YTD period since 2014, and we expect a whopping 70-90 more in the remainder of the year. Look for a wave of Chinese deals, biotechs, and various other large and fast-growing companies. Our Fall Preview, available only for IPO Pro, will be released on Tuesday.

This past week, China-based NIO (NIO) and 111 Inc (YI) both launched US IPOs scheduled to price on September 11. Expect the IPO calendar to fill up quickly after Labor Day.

Just one small blank check company went public this past week: Longevity Acquisition (LOACU) raised $40 million as it looks for a business in China. It is led by the former head of the credit derivative market making platform at JP Morgan London.

1 IPO During the Week of August 27th, 2018
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 08/31
Longevity Acquisition (LOACU) $40M $53M 0% +1% +2%
Blank check company focused on acquiring a business in China.

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US IPO Pipeline Update: 9 Filings Feature China, Biotechs and SurveyMonkey
9 Filings During the Week of August 27th, 2018
Issuer
Business
Deal
Size
Sector Lead
Underwriter
Capital Bancorp (CBNK) $35M Financials KBW
Community bank serving the Baltimore and Washington, DC MSAs.
LAIX (LAIX) $250M Technology Morgan Stanley
Operates Liulishuo, an AI-powered English language learning platform in China.
Arvinas (ARVN) $100M Health Care Goldman
Preclinical biotech developing protein degradation therapies for advanced cancers.
Medalist Diversified REIT (MDRR) $8M Real Estate Maxim
Virginia-based REIT managing industrial, retail and multi-family residential properties.
SurveyMonkey (SVMK) $250M Technology JP Morgan
Operates a freemium online survey service.
Sutro Biopharma (STRO) $75M Health Care Cowen
Phase 1 biotech developing immunotherapies for multiple myeloma and NHL.
Viomi Technology (VIOT) $150M Technology Morgan Stanley
Xiaomi-backed seller of internet-connected home appliances.
X Financial (XYF) $250M Technology Deutsche Bank
Operates a peer-to-peer lending platform in China.
Livent (LTHM) $500M Materials BofA ML
Lithium compound producer being spun out of FMC.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 8.3% year-to-date, while the S&P 500 is up 8.2%. 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 7% year-to-date, while the ACWX is down 4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.