There are no IPOs scheduled for the 4-day holiday week ahead, but we expect filings to pick up ahead of a semi-active summer.
The IPO index touched another all-time high this past week, and the pipeline has a number of potential launches as the IPO market’s spring freeze continues to thaw. Chinese delivery platform Dada Nexus (DADA) is on file for an estimated $500 million US IPO and could launch in the week ahead, along with fibrosis biotech Pliant Therapeutics (PLRX), and immuno-oncology biotech Kiromic BioPharma (KRBP). The IPO market is still waiting for grocery giant Albertsons (ACI) and sales platform ZoomInfo (ZI). Micro-cap coffee packager Nuzee (NUZE) recently set terms for its IPO uplisting to the Nasdaq, and may price its $5 million offering in the coming weeks.
Street research is expected for Lyra Therapeutics (LYRA) on Tuesday, 5/26.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/21/20, the Renaissance IPO Index was up 15.0% year-to-date, while the S&P 500 was down 8.0%. 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 up 5.1% year-to-date, while the ACWX was down 17.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Adyen and Meituan-Dianping.
