As expected, a wave of deals launched after Labor Day. Nine set terms altogether, meaning the IPO calendar now contains 11 names planning to raise $4.6 billion over the next two weeks. More are expected to launch early in the coming week.
Five companies submitted initial filings, including three billion-dollar "unicorns."
Two blank check companies raised a combined $975 million in US offerings this past week. Led by dealmaker Michael Klein and former IHS chief Jerre Stead, Churchill Capital (CCC.U) upsized its offering to raise $600 million, tied for the year's largest SPAC. The Gores Group completed its third SPAC as Gores Holdings III (GRSHU) raised $375 million; its past IPOs went on to acquire Hostess Brands (TWNK) and Verra Mobility (GSHTU; acquisition pending).
| 2 SPACs During the Week of September 3rd, 2018 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 09/07 |
| Gores Holdings III (GRSHU) | $375M | $469M | 0% | +2% | +2% |
| Blank check company formed by The Gores Group. | |||||
| Churchill Capital (CCC.U) | $600M | $750M | 0% | +1% | +1% |
| Blank check company formed by dealmaker Michael Klein and former IHS CEO Jerre Stead to acquire a data and analytics provider. | |||||
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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 7.3% year-to-date, while the S&P 500 is up 7.4%. 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 8.4% year-to-date, while the ACWX is down 7.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.
