Just one SPAC is scheduled for the week ahead. More SPACs may join the IPO calendar, and another wave of new filings will likely hit after Labor Day as well.
Several companies are set to launch in the shortened holiday week, including software providers Unity Software (U), Snowflake (SNOW), JFrog (FROG), Bentley Systems (BSY), and Sumo Logic (SUMO); hardware maker Corsair Gaming (CRSR); telehealth provider Amwell (AMWL); and two unicorns targeting direct listings, Asana (SANA.RC) and Palantir (PLTR).
SPAC Industrial Tech Acquisitions (ITACU) plans to raise $75 million to acquire an industrial or energy focused technology business with an enterprise value of approximately $250 million to $500 million. The company increased its deal size by 25% last month. Its management team is led by venture capitalist Scott Crist, who serves as CEO of intelligent video monitoring firm Osperity and is also a Partner at Texas Ventures.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Industrial Tech Acq. (ITACU) Houston, TX |
$75M $95M |
$10 7,500,000 |
Maxim |
| Blank check company targeting a technology business operating in an industrial or energy area. | |||
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Street research is expected for four companies. On Monday, 9/7: KE Holdings (BEKE) and NetSTREIT (NTST). On Tuesday, 9/8: CureVac (CVAC) and Duck Creek Technologies (DCT).
The lock-up period will be expiring for Imara (IMRA) on Tuesday, 9/8.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/3/20, the Renaissance IPO Index was up 54.8% year-to-date, while the S&P 500 was up 6.9%. 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 38.6% year-to-date, while the ACWX was down 4.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Xiaomi and Meituan-Dianping.
