US IPO Week Ahead: A software provider and the largest SPAC ever take the spotlight in a diverse 7 IPO week

Updated Monday, 7/20.

Following a flurry of launches on Monday (and one postponement, ACell), seven IPOs and at least two SPACs plan to raise over $5.0 billion in the week ahead, led by Jamf Holding (JAMF).

The IPO market is on a hot streak, and the IPO pipeline is filling up as filing activity remains high. Several companies could join the IPO calendar in the coming week, including leading mortgage lender Rocket Companies (RKT), Brazilian digital education spin-off Vasta Platform (VEDU.RC), and a handful of biotechs.

Acquired by Vista Equity Partners in 2017, Minneapolis-based Jamf (JAMF) plans to raise $288 million at a $2.8 billion market cap. Tiger Global and Dragoneer have indicated on $100 million of the offering. The company’s cloud-based software helps enterprises deploy and manage Apple devices. Coming to market at a discount to its SaaS peers, Jamf has achieved strong growth (+37% in MRQ) and a track record of positive EBITDA margins (9% in MRQ), though the space is becoming more competitive, including from Apple itself.

Environmental services firm Montrose Environmental Group (MEG) plans to raise $160 million at the midpoint of the filing range, where it would command a market cap of $549 million including $175 million in convertible preferred equity, for an enterprise value of $708 million. The company has made over 50 acquisitions since its 2012 inception, most recently Arkansas-based CTEH in April 2020 for $198 million. Montrose believes that its clean air and water services will see rising demand as more companies adopt Corporate Social Responsibility and ESG initiatives. Though it is profitable on EBITDA, it has a history of operating losses.

Chinese micro-cap Skillful Craftsman Education Technology (EDTK) plans to raise $15 million at a $62 million market cap. The company currently provides over 400 vocational training courses in China, and its online education platforms had 60 million registered members and 2.6 million fee-paying members as of September 30, 2019.

Oncology biotech iTeos Therapeutics (ITOS) plans to raise $151 million at a $579 million market cap. The company's lead candidate EOS-850, a highly selective small molecule antagonist of the adenosine A2a receptor (A2AR), is in an open-label Phase 1/2 clinical trial in adult patients with advanced solid tumors, with initial data expected in the 1H 2021. 

Degenerative disease biotech Annexon (ANNX) plans to raise $150 million at a $491 million market cap. The company's clinical candidates, ANX005 and ANX007, are targeting autoimmune and neurodegenerative disorders and have completed Phase 1b trials for Guillain-Barré Syndrome (GBS) and glaucoma, respectively. The company intends to advance ANX005 into a Phase 2/3 trial in GBS patients in developing countries in early 2021, and ANX007 into a Phase 2 trial in patients with geographic atrophy in 2021.

Preclinical oncology biotech Nurix Therapeutics (NRIX) plans to raise $150 million at a $635 million market cap. The company's lead protein degradation candidate is targeting relapsed or refractory B-cell malignancies, and its lead E3 ligase inhibitor candidate is targeting immuno-oncology indications. The company expects to file INDs and initiate Phase 1 trials for both candidates, but does not give an expected timeline.

Rare disease biotech Inozyme Pharma (INZY) plans to raise $75 million at a $332 million market cap. The company's lead candidate is designed to correct a defect in the mineralization pathway caused by ENPP1 and ABCC6 deficiencies. The company plans to file an IND with the FDA and CTAs with regulatory authorities in Europe for INZ-701 in the 2H20, and plans to begin two Phase 1/2 clinical trials after.

In what would be the largest SPAC offering ever, Pershing Square Tontine Holdings (PSTH.U) plans to raise $4 billion to target "Mature Unicorns," or businesses with a market cap of $10 billion or more. The SPAC has an unusual structure, and it plans to offer units at $20 rather than the traditional $10. Pershing Square Tontine Holdings is led by CEO and Chairman William Ackman, the founder and CEO of Pershing Square Capital Management, and CFO Ben Hakim, who currently serves as a Partner at Pershing Square.

Real estate SPAC Property Solutions Acquisition (PSACU) plans to raise $200 million. The company is led by Co-CEOs Jordan Vogel and Aaron Feldman, who are the co-founders and Co-Managing Partners of Benchmark Real Estate Group.

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Street research is expected for six companies on Tuesday, 7/21: Agora (API), Akouos (AKUS), Albertsons (ACI), Ebang International (EBON), Fusion Pharmaceuticals (FUSN), and PolyPid (PYPD). Blue Hat Interactive’s (BHAT) lock-up period will be expiring on Monday, 7/20.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/16/20, the Renaissance IPO Index was up 37.2% year-to-date, while the S&P 500 was down 0.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was up 22.4% year-to-date, while the ACWX was down 6.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Xiaomi and Meituan-Dianping.