The IPO market had a quiet holiday week with just one SPAC going public. A micro-cap restaurant chain and two SPACs submitted initial filings. In other IPO news, the Renaissance IPO Index (IPOUSA) hit a 3-month high, up 11.5% since the start of the 4Q.
Led by industry veterans, Alussa Energy Acquisition (ALUS.U), a blank check company targeting E&Ps and midstream businesses, raised $250 million in its upsized IPO.
| 1 IPO During the Week of November 25th, 2019 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 11/29 |
| Alussa Energy Acquisition (ALUS.U) | $250M | $331M | 0% | +0% | +0% |
| Blank check company targeting oil and gas E&Ps and midstream business. | |||||
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Muscle Maker (MMBI.RC), a healthy fast casual restaurant chain, filed to raise $7 million. As of September 30, 2019, the company operates 39 locations in the US and Kuwait, 31 of which are franchised. TMT-focused SPAC CIIG Merger (CIICU) filed to raise $225 million and healthcare SPAC Healthcare Merger (HCCOU) filed to raise $200 million.
Data unicorn ZoomInfo stated that it filed confidentially for a possible 2020 IPO. Several companies filed updates, such as building products distributor US LBM Holdings (LBM), Chinese drone maker EHang (EH), and commercial flooring roll-up F5 Finishes (FLRZ).
| 3 Filings During the Week of November 25th, 2019 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Muscle Maker (MMB.RC) | $7M | Consumer Discretionary | Alexander Capital |
| Healthy fast casual restaurant chain with 39 mostly-franchised stores. | |||
| CIIG Merger (CIICU) | $225M | SPAC | UBS |
| Blank check company formed by industry veterans to acquire a technology, media, or telecom company. | |||
| Healthcare Merger Corp. (HCCOU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting the healthcare industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/27/19, the Renaissance IPO Index was up 35.5% year-to-date, while the S&P 500 had a gain of 25.8%. 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 20.4% year-to-date, while the ACWX was up 17.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
