Just one IPO is scheduled for the week ahead.
Liquefied natural gas (LNG) company New Fortress Energy (NFE) is alone in braving the IPO market during the government shutdown, which has caused the SEC to operate with very limited staff. IPO investors are watching closely to see if New Fortress can pull it off (and hoping for the government to re-open). New Fortress is pitching itself as a way to play rising demand for LNG in developing markets, and its vertical integration could help it achieve industry-leading margins. However, the company is currently unprofitable, with major projects still in the works, and full utilization of its facilities several years away.
It's possible that more deals launch when markets open again on Tuesday, and still price before month-end. See the IPO pipeline for the most likely candidates.
12 lock-ups are expiring this coming week. Typically 180 days after the IPO, a lock-up expiration is an event that's easy to miss, but the -20% decline from high-flying pot producer Tilray (TLRY) this past week highlights the importance of tracking it.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| New Fortress Energy (NFE) New York, NY |
$400M $3,047M |
$17 - $19 22,200,000 |
Morgan Stanley Barclays |
| Fortress-backed owner of LNG liquefaction and regasification facilities. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/18/19, the Renaissance IPO Index was up 14.0% year-to-date, while the S&P 500 had a gain of 6.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include VICI Properties (VICI) and Spotify (SPOT). The Renaissance International IPO Index was up 3.4% year-to-date, while the ACWX was up 6.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and China Tower.
