Two IPOs and a SPAC plan to raise a combined $350 million in the week ahead.
Several companies may launch March IPOs, including cardiovascular disease device maker ShockWave Medical (SWAV), Diamondback midstream services unit Rattler Midstream LP (RTLR), Chinese online brokerage Futu Holdings (FHL), and NASH biotech Cirius Therapeutics (CSTX).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Super League Gaming (SLGG) Santa Monica, CA |
$25M $97M |
$10 - $12 2,272,727 |
Northland Lake Street Capital Markets |
| Operates a platform that facilitates and streams e-sports competitions. | |||
| Kaleido Biosciences (KLDO) Lexington, MA |
$100M $709M |
$20 - $22 4,761,905 |
Goldman JP Morgan |
| Early-stage biotech developing oral microbiome therapies. | |||
| Tortoise Acquisition (SHLL.U) New York, NY |
$225M $281M |
$10 22,500,000 |
Barclays Goldman |
| Blank check company led by Vincent Cubbage and focused on the energy industry. | |||
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This week's largest IPO by market cap, Kaleido Biosciences (KLDO), plans to raise $100 million at a valuation of $709 million. Kaleido was formed by prolific biotech VC Flagship Pioneering, and its executive team includes the former CMO of GlaxoSmithKline and the former CEO of Cubist Pharmaceuticals (sold to Merck for $9.5 billion). Like last year's Evelo Biosciences (EVEL), also backed by Flagship, Kaleido is developing therapies that target the gut microbiome.
Super League Gaming (SLGG), the week's only IPO with revenue ($1 million in the LTM), is attempting to raise $25 million at a market cap of almost $100 million. The company touts the large and fast-growing market of e-sports, though its current platform is still at an early stage and unprofitable.
Tortoise Acquisition (SHLL.U), a blank check company led by the former CEO of Lightfoot Capital Partners and Arc Logistics Partners, plans to raise $250 million to start looking for an energy business to acquire.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/21/19, the Renaissance IPO Index was up 25.1% year-to-date, while the S&P 500 had a gain of 11.0%. 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 8.4% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and China Tower.
