If you want your company to go public, you may need to own a major sports franchise.
The first two IPOs of 2019 are on the calendar. The first, New Fortress Energy (NFE), is a liquefied natural gas company led by Wes Edens, co-owner of the Milwaukee Bucks. The second, Pivotal Acquisition (PVT.U), is a blank check company led by Jon Ledecky, co-owner of the New York Islanders.
Explore the full IPO pipeline and get new filing alerts delivered to your inbox with IPO Pro, Renaissance Capital's premium IPO market portal.
Both companies launched their IPOs despite the government shutdown. Unlike most companies, SPACs are able to go public without a rigorous SEC review. New Fortress Energy was likely confident that it had prepared its IPO registration well enough to be approved by the SEC's limited staff.
New Fortress Energy owns LNG assets that liquefy, transport, store, and regasify natural gas, selling under long-term contracts. It is owned by Fortress Investment Group, a large private equity firm with major investments in energy, infrastructure, and real estate. Fortress also owns Virgin Trains USA (VTUS), on file for a $100 million IPO (Wes Edens serves as Chairman).
Pivotal Acquisition was formed by Jon Ledecky to acquire a company in various potential industries, including entertainment, logistics, e-commerce, and business and consumer tech. Ledecky has been involved with seven other SPACs, including four that ultimately made acquisitions. 46 blank check companies went public in 2018, the highest level since 2007, averaging a 2% return from offering.
