One holdover and one SPAC plan to raise $235 million in the holiday week ahead.
Nano-cap auto e-tailer LMP Automotive Holdings (LMPX) plans to raise $12 million at a $45 million market cap. After decreasing its proposed share offering and slashing its valuation by 35%, the company pushed back its pricing date, possibly aiming to go public in the coming week. Oil and gas SPAC Alussa Energy Acquisition (ALUS.U) plans to raise $225 million at a $281 million market cap.
Time is running out for companies to submit initial filings and still price in 2019, so most of the year’s remaining IPOs are already in the pipeline.
Street research is expected for three companies. On Monday, November 25: Oyster Point Pharma (OYST) and RAPT Therapeutics (RAPT). On Tuesday, November 26: Fangdd Network Group (DUO).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Alussa Energy Acquisition (ALUS.U) Grand Cayman, Cayman Islands |
$225M $281M |
$10 22,500,000 |
BTIG |
| Blank check company targeting oil and gas E&Ps and midstream business. | |||
| LMP Automotive (LMPX) Plantation, FL |
$11M $45M |
$5 - $6 2,090,909 |
ThinkEquity |
| Operates an e-commerce site where users can buy, sell, and rent cars. | |||
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Alussa Energy Acquisition, a blank check company targeting oil and gas E&Ps and midstream business, plans to raise $225 million by offering 15.0 million units at $10.00 where it would command a market value of $281 million. Alussa Energy Acquisition was founded in 2019. The Grand Cayman, Cayman Islands-based company plans to list on the Nasdaq under the symbol (ALUS.U). BTIG is the lead bookrunner on the deal. Sponsor has indicated an interest in purchasing up to $11 million of the IPO (5% of the deal).
LMP Automotive Holdings, which operates an e-commerce site where users can buy, sell, and rent cars, plans to raise $12 million by offering 2.1 million shares at a price range of $5.00 to $6.00. At the midpoint of the proposed range, LMP Automotive Holdings would command a market value of $45 million. LMP Automotive Holdings, which was founded in 2017, booked $14 million in revenue over the last 12 months. The Plantation, FL-based company plans to list on the Nasdaq under the symbol (LMPX). ThinkEquity is the lead bookrunner on the deal. Founder, CEO, and Chairman Samer Tawfik intends to purchase up to $3 million of the IPO (24% of the deal).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/21/19, the Renaissance IPO Index was up 30.5% year-to-date, while the S&P 500 had a gain of 23.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Roku (ROKU). The Renaissance International IPO Index was up 17.9% year-to-date, while the ACWX was up 16.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
