The IPO market’s annual August break is here, with no companies scheduled to go public in the week ahead, save for one holdover from last week that may price: Chinese AR play WiMi Hologram (WIMI). The summer slowdown is almost over, and the fall IPO market is already looking busy; the pipeline is starting to fill up, with noteworthy recent filers including The We Company (WE), Cloudflare (NET), and SmileDirectClub (SDC).
Street research is expected this week for eight recent IPOs. On Monday: Castle Biosciences (CSTL), Health Catalyst (HCAT), Livongo (LVGO), ProSight Global (PROS), and Sunnova (NOVA). On Tuesday: Blue Hat Interactive (BHAT) and Vista Oil & Gas (VIST). On Wednesday: Wanda Sports (WSG).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| WiMi Hologram (WIMI) Beijing, China |
$34M $496M |
$7.50 - $9.50 4,000,000 |
Benchmark Maxim |
| Chinese provider of ad services and software used in holographic augmented reality. | |||
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WiMi Hologram Cloud (WIMI), a Chinese provider of ad services and software used in holographic augmented reality, plans to raise $34 million by offering 4.0 million ADSs at a price range of $7.50 to $9.50. At the midpoint of the proposed range, WiMi Hologram would command a market value of $496 million. WiMi Hologram, which was founded in 2015, booked $37 million in sales over the last 12 months. The Beijing, China-based company plans to list on the Nasdaq under the symbol WIMI. The Benchmark Company, Maxim Group LLC, China Merchants Securities, AMTD Global Markets, BOCI, and three others are the joint bookrunners on the deal.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/15/19, the Renaissance IPO Index was up 29.5% year-to-date, while the S&P 500 had a gain of 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Elanco (ELAN). The Renaissance International IPO Index was up 6.4% year-to-date, while the ACWX was up 5.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Meituan-Dianping.
