One IPO and nine SPACs went public this past week. Thirteen IPOs and eleven SPACs submitted initial filings as the IPO market gears up for a busy September.
Canadian cloud-based POS software provider Lightspeed POS (LSPD) raised $355 million at a $3.2 billion market cap. The company priced slightly below the as-converted last close of its shares on the Toronto Stock Exchange (LSPD). Lightspeed provides omni-channel SaaS platforms for retailers, restaurants, and other SMBs globally. The company has demonstrated strong growth, though it is unprofitable, and gross margin fell in the most recent period.
Gary Cohn and Clifton Robbin’s SPAC Cohn Robbins Holdings (CRHC.U) raised $720 million. The company has not disclosed any target industries. Co-chairman, Gary Cohn, has served as Assistant to the President for Economic Policy and Director of the National Economic Council from 2017 until 2018. Co-chairman, Clifton Robbin, is the founder and CEO of hedge fund, Blue Harbour Group.
Government contractor SPAC NavSight Holdings (NSH.U) raised $200 million. Founders Robert Coleman and Jack Pearlstein plan to focus on a business providing expertise or technology to the US government in the fields of national security, intelligence, and defense.
TWC Tech Holdings II (TWCTU), the second blank check company formed by True Wind Capital targeting the tech industry, raised $525 million. CEO Adam Clammer and Chairman James Greene Jr.’s previous SPAC, Nebula Acquisition, completed its combination with auto finance analytics and service provider Open Lending (LPRO; +114% from $10 offer price) in June 2020.
Tortoise Capital’s second blank check company, Tortoise Acquisition II (SNPR.U), raised $300 million. Led by CEO and Chairman Vincent Cubbage, the company plans to target the energy transition and sustainability industry, specifically businesses that provide innovative solutions to decarbonization.
Data-centric SPAC Prime Impact Acquisition I (PIAI.U) raised $300 million. The company is led by former executives from Western Digital (Nasdaq: WDC) and plans to capitalize on the growing use and value of data by targeting a data technology business.
Activist hedge fund Starboard Value’s SPAC Starboard Value Acquisition (SVACU) upsized to raise $360 million. The company plans to focus on industries that align with its management team’s background, including technology, healthcare, consumer, industrials, and hospitality and entertainment.
Tech SPAC Industrial Tech Acquisition (ITACU) upsized to raise $75 million. Led by industry veterans, the company plans to target a technology business operating in an industrial or energy area.
Ribbit Capital’s fintech SPAC Ribbit LEAP (LEAP.U) raises $350 million. The company is led by CEO and Chairman Meyer Malka, the founder and Managing Partner of Ribbit Capital, and COO Cynthia McAdam, a Partner at Ribbit Capital.
Sun Capital Partner’s SPAC Broadstone Acquisition (BSN.U) raises $300 million. The company plans to capitalize on market dislocation caused by the coronavirus pandemic, targeting fundamentally sound but stressed businesses in the UK and Europe.
| 10 IPOs During the Week of September 7th, 2020 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 09/11 |
| Ribbit LEAP (LEAP.U) | $350M | $509M | 0% | +15% | +15% |
| Blank check company formed by Ribbit Capital targeting a fintech business. | |||||
| Tortoise Acquisition II (SNPR.U) | $300M | $363M | 0% | +5% | +5% |
| Second blank check company formed by Tortoise Capital targeting a sustainable energy business. | |||||
| TWC Tech Holdings II (TWCTU) | $525M | $656M | 0% | +1% | +1% |
| Second blank check company formed by True Wind Capital targeting the tech industry. | |||||
| Starboard Value Acq. (SVACU) | $360M | $435M | 0% | +0% | +0% |
| Blank check company formed by Starboard Value. | |||||
| NavSight Holdings (NSH.U) | $200M | $250M | 0% | +0% | +0% |
| Blank check company targeting a business that supports national security, intelligence, and defense missions. | |||||
| Cohn Robbins Holdings (CRHC.U) | $720M | $870M | 0% | +0% | +0% |
| Blank check company formed by Gary Cohn and ESG investing veteran Clifton Robbins. | |||||
| Lightspeed POS (LSPD) | $355M | $3,245M | -6% | n/a | +0% |
| Canadian cloud-based POS software provider. | |||||
| Prime Impact Acq. I (PIAI.U) | $300M | $375M | 0% | +0% | +0% |
| Blank check company targeting a data-centric technology company. | |||||
| Industrial Tech Acq. (ITACU) | $75M | $95M | 0% | +0% | +0% |
| Blank check company targeting a technology business operating in an industrial or energy area. | |||||
| Broadstone Acquisition (BSN.U) | $300M | $375M | 0% | -1% | -1% |
| Blank check company formed by Sun Capital Partners targeting a stressed business in the UK and Europe. | |||||
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Thirteen IPOs and eleven SPACs submitted initial filings.
KKR-backed sports retailer Academy Sports and Outdoors (ASO) and cancer screening developer GRAIL(GRAL), both filed for estimated $500 million IPOs. Data center operator Chindata Group (CD) filed to raise $400 million, solid tumor biotech Oncorus (ONCR) filed to raise $86 million and China’s largest pet-focused online retailer Boqii Holding (BQ) filed to raise $115 million. Cancer biotech C4 Therapeutics (CCCC), exosome biotech Codiak BioSciences (CDAK), Chinese edutainment provider iHuman (IH), and social networking and entertainment platform Yalla Group (YALA) all filed to raise $100 million. Antibody therapy biotech Immunome (IMNM) and Chinese educational service provider Lixiang Education Holding (LXEH) both filed to raise $30 million. Chinese lockset manufacturer Intelligent Living (ILAG) filed to raise $19 million and casual entertainment chain GameWorks (GMWX) filed to raise $15 million.
Altimeter Capital’s SPAC Altimeter Growth Corporation (AGC.RC) filed to raise $450 million, insurance SPAC Delwinds Insurance Acquisition (DWIN.U) filed to raise $200 million, sustainable tech SPAC Qell Acquisition (QELL.U) filed to raise $300 million, climate change-fighting SPAC CCRI Acquisition (CLII.U) filed to raise $200 million, SaaS focused SPAC Dune Acquisition (DUNEU) filed to raise $130 million, healthcare SPAC Vesper Healthcare Acquisition (VSPRU) filed to raise $400 million, and The Bancorp’s fifth SPAC FinTech Acquisition IV (FTIVU) filed to raise $200 million. AI focused SPAC Goldenbridge Acquisition (GBRG.RC) filed to raise $50 million, leisure industry focused SPAC IG Acquisition (IGACU) filed to raise $300 million, and tech SPAC Vector Acquisition (VACQU) filed to raise $300 million. Recharge Acquisition (RCHGU), formed by former MTC Technologies and Marathon Petroleum executives, filed to raise $200 million.
| 24 Filings During the Week of September 7th, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Altimeter Growth Corp. (AGC.RC) | $450M | SPAC | Citi |
| Blank check company formed by Altimeter Capital targeting the tech sector. | |||
| Delwinds Insurance Acq. (DWIN.U) | $200M | SPAC | RBC |
| Blank check company formed by The Gray Insurance Company targeting the insurance industry. | |||
| Oncorus (ONCR) | $86M | Health Care | Jefferies |
| Phase 1 biotech developing oncolytic virus therapies for solid tumors. | |||
| Qell Acquisition (QELL.U) | $300M | SPAC | JP Morgan |
| Blank check company formed by PIMCO and industry veterans targeting a sustainable tech business. | |||
| C4 Therapeutics (CCCC) | $100M | Health Care | Jefferies |
| Preclinical biotech developing small molecule protein degraders to treat cancer. | |||
| CCRI I Acquisition (CLII.U) | $200M | SPAC | Citi |
| Blank check company formed by PIMCO and industry veterans targeting climate change-fighting sectors. | |||
| Dune Acquisition (DUNEU) | $130M | SPAC | Cantor Fitz. |
| Blank check company formed by executives from delta2 Capital targeting a SaaS business. | |||
| Vesper Healthcare Acq. (VSPRU) | $400M | SPAC | Goldman |
| Blank check company formed by the former CEO of Allergan targeting the healthcare sector. | |||
| Academy Sports (ASO) | $500M | Consumer Discretionary | Credit Suisse |
| US sports and outdoor equipment retailer. | |||
| Codiak BioSciences (CDAK) | $100M | Health Care | Goldman |
| Early stage biotech developing exosome therapeutics for various diseases. | |||
| GRAIL (GRAL) | $500M | Health Care | Morgan Stanley |
| Developer of next-gen cancer screening tests for early detection. | |||
| Immunome (IMNM) | $30M | Health Care | Ladenburg |
| Preclinical biotech developing antibody therapies for cancer and infectious diseases. | |||
| Intelligent Living (ILAG) | $19M | Industrials | Network 1 |
| Chinese manufacturer of mechanical locksets and smart security systems. | |||
| Lixiang Education Holding (LXEH) | $30M | Consumer Discretionary | AMTD Global |
| Provides private primary and secondary education services in China. | |||
| Boqii Holding (BQ) | $115M | Technology | Roth Cap. |
| China's largest pet-focused online retailer. | |||
| Chindata Group (CD) | $400M | Technology | Morgan Stanley |
| Integrated data center operator focusing on Asia-Pacific emerging markets. | |||
| FinTech Acquisition IV (FTIVU) | $200M | SPAC | Cantor Fitz. |
| Fifth blank check company formed by management of The Bancorp to acquire a fintech business. | |||
| GameWorks (GMWX) | $15M | Consumer Discretionary | Maxim |
| Operates a chain of casual esports and entertainment venues. | |||
| Goldenbridge Acquisition (GBRG.RC) | $50M | SPAC | Maxim |
| Blank check company targeting the artificial intelligence industry. | |||
| IG Acquisition (IGACU) | $300M | SPAC | Cantor Fitz. |
| Blank check company formed by the co-founders of Ivory Gaming Group targeting the leisure industry. | |||
| iHuman (IH) | $100M | Technology | Credit Suisse |
| Provides edutainment products for children in China. | |||
| Recharge Acquisition (RCHGU) | $200M | SPAC | Raymond James |
| Blank check company founded by former MTC Technologies and Marathon Petroleum executives. | |||
| Vector Acquisition (VACQU) | $300M | SPAC | Deutsche Bank |
| Blank check company formed by Vector Capital targeting the tech industry. | |||
| Yalla Group (YALA) | $100M | Technology | Morgan Stanley |
| Provides a voice-centric social networking and entertainment platform in MENA. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/11/20, the Renaissance IPO Index was up 53.4% year-to-date, while the S&P 500 was up 3.4%. 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 34.6% year-to-date, while the ACWX was down 5.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Xiaomi and Meituan-Dianping.
