While no companies went public this past week, the IPO market saw some activity as one company submitted an initial filing. With nearly all of the year’s SPACs trading below issue, Social Capital Hedosophia II (IPOB.U) and Social Capital Hedosophia III (IPOC.U) delayed their offerings.
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Online gambling software maker GAN Limited (GAN) filed for a $35 million IPO. The London-based company has seen rapid expansion in the US following the legalization of real money iGaming and sports betting in certain states. As of December 31, 2019, the company's customers operated 53 (101 including recent customer acquisitions) retail casino properties, racetracks, and online sportsbooks, and its largest customers include fantasy sports provider FanDuel (46% of 2019 revenue) and Winstar Casino (20%). The company is currently listed on the AIM under the symbol “GAN” with a market cap of £121 million ($149 million), and is down 23% YTD.
| 1 Filing During the Week of March 23rd, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| GAN (GAN) | $35M | Consumer Discretionary | B. Riley FBR |
| UK-based provider of internet gambling software. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/26/20, the Renaissance IPO Index was down 13.3% year-to-date, while the S&P 500 was down 18.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Spotify (SPOT). The Renaissance International IPO Index was down 11.5% year-to-date, while the ACWX was down 21.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Adyen and Meituan-Dianping.
