There were no IPOs during the shortened holiday week. However, we expect a number of new launches in the coming week.
This past week, eight IPOs joined the IPO pipeline, including four aiming to raise $100 million or more, as well as one SPAC. Thoma Bravo's software management platform Dynatrace (DT) was the most notable, filing to raise $300 million. Traded in Lima, Peruvian financial services firm Intercorp Financial (IFS) was the largest filer, aiming to raise $423 million in a NYSE listing. Other filers included Canadian cannabis grower Sundial Growers (SNDL), Latin American E&P Vista Oil & Gas (VIST) and small sushi chain spinoff Kura Sushi USA (KRUS).
Signalling that they are moving forward with their IPOs, Chinese e-sports streaming company DouYu (DOYU) and oil and gas E&P Riley Exploration Permian (REPX) updated their financials and added new underwriters.
| 9 Filings During the Week of July 1st, 2019 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Dynatrace (DT) | $300M | Technology | Goldman |
| Provides a software intelligence platform for the enterprise cloud. | |||
| RAPT Therapeutics (RAPT) | $86M | Health Care | BofA ML |
| Phase 1 biotech developing therapies for cancer and inflammatory diseases. | |||
| Sundial Growers (SNDL) | $100M | Consumer Discretionary | Cowen |
| Early-stage Canadian cannabis producer. | |||
| Annovis Bio (ANVS) | $12M | Health Care | ThinkEquity |
| Phase 2 biotech developing therapies for neurodegenerative diseases. | |||
| Glucose Biosensor Systems (GBSG) | $23M | Health Care | Aegis Cap. |
| Developing a saliva-based glucose monitoring system for diabetes in China. | |||
| Intercorp Financial (IFS) | $423M | Financials | BofA ML |
| Leading banking, insurance, and wealth management services provider in Peru. | |||
| Kura Sushi USA (KRUS) | $58M | Consumer Discretionary | BMO |
| Operates 22 Japanese restaurants in the US featuring revolving sushi bars. | |||
| Vista Oil & Gas (VIST) | $100M | Energy | Citi |
| Oil and gas E&P operating in Mexico and Argentina. | |||
| Switchback Energy Acq. (SBE.U) | $300M | SPAC | Goldman |
| Blank check company formed by NGP and former RSP Permian executives to acquire an energy firm. | |||
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The Renaissance IPO Index, tracker for the IPO ETF, rose 1.7% this past week. As we noted in last Friday's Week Ahead article, Street research for Revolve Group (RLV) came out Tuesday; the stock traded up 6% on Tuesday and continued higher by Friday. The year's IPOs now average return of 28% from the offer price, mostly from first-day trading.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/319, the Renaissance IPO Index was up 39.0% year-to-date, while the S&P 500 had a gain of 20.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Elanco (ELAN) and VICI Properties (VICI). The Renaissance International IPO Index was up 14.4% year-to-date, while the ACWX was up 15.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Xiaomi.
