Updated Monday, 6/22.
Six IPOs and one SPAC are expected to raise $2 billion in the week ahead, led by grocery giant Albertsons (ACI).
Several companies could join the IPO calendar early in the week, such as Lemonade (LMND) and Dun & Bradstreet (DNB).
Albertsons Companies (ACI) plans to raise $1.3 billion at an enterprise value of $19 billion. Founded in 1939 and held by a private equity group led by Cerberus Capital since 2006, Albertsons previously pulled an IPO in 2015 due to market conditions. The fourth-largest grocer in the US, Albertsons has a leading market share in most of its markets. Its same-store sales growth has accelerated over the last several quarters, particularly during the coronavirus period, though overall growth has been impacted by store closures. All of the IPO proceeds are going to insiders, and it will remain highly levered post-IPO.
Chinese API development platform Agora (API) plans to raise $298 million at a $1.7 billion market cap. The key component in Agora's platform is Agora SDK, which allows developers to embed real-time engagement functions such as interactive video and audio streaming into applications.
Hearing loss biotech Akouos (AKUS) plans to raise $125 million at a $450 million market cap. Akouos' lead candidate, AK-OTOF, is a gene therapy for the treatment of hearing loss due to mutations in the otoferlin gene. The company estimates that AK-OTOF has a potential addressable population of roughly 7,000 individuals, and it reported promising preclinical data for the candidate.
Solid tumor biotech Fusion Pharmaceuticals (FUSN) plans to raise $125 million at a $619 million market cap. Fusion's lead candidate, FPI-1434, is designed to target and deliver an alpha emitting isotope to cancer cells expressing the insulin-like growth factor 1 receptor (IGF-1R). The company is currently conducting a Phase 1 trial for solid tumors expressing IGF-1R and plans to report initial data approximately three to six months after it resumes clinical activities due to disruptions caused by COVID-19.
Ebang International Holdings (EBON) plans to raise $106 million at a $721 million market cap. A global leader in the crypto space, Ebang designs application-specific integrated circuit (ASIC) chips and fabless integrated circuits (IC) for Bitcoin mining machines. Bitcoin prices have been stable and rising, and while that could help demand, close peer and November 2019 IPO Canaan (CAN) has not performed well and last closed 79% below issue.
Israeli surgical infection biotech PolyPid (PYPD) plans to raise $50 million at a $309 million market cap. PolyPid's lead candidate D-PLEX100 is currently in a Phase 3 trial for bone surgical site infections (SSIs) and the company is planning to initiate a Phase 3 trial for abdominal SSIs set to begin in the 3Q 2020. This is the company's third attempt to go public, most recently filing in February 2018 and withdrawing a month later due to market conditions.
SPAC Brilliant Acquisition (BRLIU) plans to raise $40 million. The company is led by CEO, CFO, and Chairman Peng Jiang, who currently serves as a VP at Ning Sheng Enterprise and Principal of Greater Hangzhou Bay Fin-Tech Research Institute.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Brilliant Acquisition (BRLIU) Shanghai, China |
$40M $53M |
$10 4,000,000 |
EarlyBird |
| Blank check company targeting an Asia Pacific business. | |||
| Agora (API) Shanghai, China |
$298M $1,703M |
$16 - $18 17,500,000 |
Morgan Stanley BofA |
| Chinese provider of APIs for developers to embed voice, video, and messaging. | |||
| Akouos (AKUS) Boston, MA |
$125M $450M |
$14 - $16 8,333,333 |
BofA Cowen |
| Preclinical biotech developing gene therapies for inner ear disorders. | |||
| Albertsons (ACI) Boise, ID |
$1,250M $9,102M |
$18 - $20 65,800,000 |
BofA Goldman |
| US grocer operating under Albertsons, Safeway, and other banners. | |||
| Ebang International (EBON) Zhejiang, China |
$106M $721M |
$4.50 - $6.50 19,323,600 |
AMTD Global Loop Capital Markets |
| Makes equipment for cryptocurrency mining in China. | |||
| Fusion Pharmaceuticals (FUSN) Hamilton, Canada |
$125M $619M |
$14 - $16 8,350,000 |
Morgan Stanley Jefferies |
| Phase 1 biotech developing precision medicines for solid tumors. | |||
| PolyPid (PYPD) Petah Tikva, Israel |
$50M $309M |
$15 - $17 3,125,000 |
Barclays BMO |
| Phase 3 biotech developing extended-release drugs to prevent surgical site infections. | |||
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One company’s lock-up period will be expiring: Molecular Data (MKD) on Thursday, 6/25.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/18/20, the Renaissance IPO Index was up 32.0% year-to-date, while the S&P 500 was down 3.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and DocuSign (DOCU). The Renaissance International IPO Index was up 16.2% year-to-date, while the ACWX was down 10.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.
