Just two blank check companies are scheduled to price in the week ahead, following the July 4th holiday.
We also expect a number of new launches in the coming week. Likely candidates include healthcare software provider Phreesia (PHR), customer feedback platform Medallia (MDLA), and rare disease biotechs Fulcrum Therapeutics (FULC) and Mirum Pharmaceuticals (MIRM). Other potential launches: Chinese investment bank AMTD International (AMTDI.RC), Chinese global sports group Wanda Sports (WSG), Chinese e-sports streaming firm DouYu (DOYU), large biotech Genmab (GMAB), and Permian basin E&P Riley Exploration Permian (REPX).
For this week's deals, in both cases, the CEO previously completed a SPAC earlier this year. Led by Stephen Vogel, cannabis-focused Tuscan Holdings II (THCAU) plans to raise $125 million and target a smaller business than previous SPAC Tuscan Holdings (THCBU), which raised $240 million and is still looking for a business to acquire. Led by Jonathan Ledecky, Pivotal Investment Corp II (PIC.U) is raising $200 million; his previous SPAC, Pivotal Acquisition (PVT.U), recently announced that it would acquire online legal resource KLDiscovery.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Tuscan Holdings Corp II (THCAU) New York, NY |
$125M $158M |
$10 12,500,000 |
EarlyBird |
| Second blank check company led by Stephen Vogel targeting the cannabis industry. | |||
| Pivotal Investment II (PIC.U) New York, NY |
$200M $250M |
$10 20,000,000 |
Cantor Fitz. BTIG |
| Blank check company led by acquisition veteran Jonathan Ledecky targeting a high-growth business. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/3/19, 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.
