There are no IPOs scheduled for the week ahead as the IPO market shutdown continues. Two SPACs may price on a day-to-day basis.
Renaissance Capital will be releasing its 1Q20 Quarterly Reviews for both the US and the Global IPO markets. Our Quarterly Reviews provide an in-depth analysis of IPO activity, highlighting the quarter’s largest deals, most active sectors, best-performing IPOs, and more.
Social Capital Hedosophia II (IPOB.U) and Social Capital Hedosophia III (IPOC.U), blank check companies targeting US and non-US tech businesses may price in the week ahead. Formed by Chamath Palihapitiya’s Social Capital and Ian Osborne’s Hedosophia, the pair hope to replicate the success of their first SPAC, which acquired Richard Branson's human spaceflight company Virgin Galactic (SPCE; $11.23) in October 2019. The SPACs amended their unit offerings this past week from quarter-warrants to third-warrants, a sign of the challenging environment.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Social Hedosophia II (IPOB.U) Palo Alto, CA |
$300M $375M |
$10 30,000,000 |
Credit Suisse |
| Second blank check company formed by Social Capital and Hedosophia targeting a US tech business. | |||
| Social Hedosophia III (IPOC.U) Palo Alto, CA |
$600M $750M |
$10 60,000,000 |
Credit Suisse |
| Third blank check company formed by Social Capital and Hedosophia targeting a non-US tech business. | |||
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On Tuesday 3/24, Oportun Financial’s (OPRT) lock-up period is expiring, and Street research will be released for Passage Bio (PASG).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/19/20, the Renaissance IPO Index was down 25.4% year-to-date, right in line with the S&P 500’s loss of 25.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Uber (UBER). The Renaissance International IPO Index was down 21.7% year-to-date, while the ACWX was down 31.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Adyen.
