September activity remained high as 11 IPOs and eight SPACs went public this past week. The IPO market shows no signs of slowing with eight IPOs and 18 SPACS submitting initial filings.
Prescription drug price comparison platform GoodRx (GDRX) priced well above the range to raise $1.1 billion at a $14.2 billion market cap. The company provides one of the leading prescription discount platforms with 4.4 million monthly active customers. GoodRx offers a combination of solid growth, profitability, and strong cash flow generation. GoodRx finished up 11%.
Gaming hardware maker Corsair Gaming (CRSR) priced at the midpoint to raise $238 million at a $1.7 billion market cap. Corsair Gaming is the leading provider of high-performance gear for gamers and content creators. Benefitting from the pandemic’s social distancing, Corsair reached top-line growth of 58% and an EBITDA margin of 13% in the 2Q20. Corsair Gaming finished up 11%.
Construction software provider Bentley Systems (BSY) priced above the upwardly revised range to raise $237 million at a $6.7 billion market cap. With strong margins and cash flow, the company provides software used in the design, construction, and operation of infrastructure. Bentley Systems finished up 9%.
Precision oncology biotech PMV Pharmaceuticals (PMVP) priced at the high end to raise $212 million at an $836 million market cap. The company is early stage and has yet to begin clinical trials. PMV is initially pursuing a tumor-agnostic development strategy and submitted an IND for its lead candidate in August 2020, with a Phase 1/2 trial planned for the 2H20. PMV Pharmaceuticals finished up 108%.
Phase 1 biotech Prelude Therapeutics (PRLD) priced at the high end to raise $158 million at a $886 million market cap. The company's first clinical candidate is currently in a Phase 1 trial in select solid tumors and myeloid malignancies, and the company has observed early signs of clinical activity. It expects clinical data in the 1H21. Prelude Therapeutics finished up 38%.
Preclinical biotech Taysha Gene Therapies (TSHA) upsized and priced at the high end to raise $157 million at a $789 million market cap. This biotech is developing gene therapies to address a variety of rare, life-threatening genetic diseases. The company plans to initiate a Phase 1/2 trial for its lead candidate under a CTA in Canada by the end of 2020. Taysha Gene Therapies finished up 2%.
German display solutions provider VIA optronics (VIAO) priced at the low end to raise $94 million at a $338 million market cap. The company provides a wide range of customized display solutions, including curved display panels and solutions integrating multiple display touch assemblies under a single cover lens. Unprofitable, the company saw revenue fall in 2019 and the 1H20. VIA optronics finished down 32%.
Ocular disease biotech Graybug Vision (GRAY) upsized and priced at the midpoint to raise $90 million at a $353 million market cap. The company's lead candidate is an intravitreal injection being developed as a once-every-six months treatment for wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). The candidate is currently in a Phase 2b trial for wet AMD, with topline data expected in the 1H21. Graybug Vision finished up 3%.
Plant-based beverage producer Laird Superfood (LSF) priced at the high end of the upwardly revised range to raise $58 million at a $192 million market cap. Founded by surfers Laird Hamilton and Paul Hodge, Laird Superfood manufactures and markets differentiated plant-based and functional foods. The company has demonstrated strong growth but is unprofitable, and gross margin declined in the 1H20. Laird Superfood finished up 20%.
Amesite (AMST), which provides an AI-driven platform for developing online learning products, priced at the midpoint to raise $15 million at a $109 million market cap. The company is fast-growing but generated less than $60,000 in revenue in the FY20, and it has a short operating history in online programs. Amesite finished up 4%.
Phase 3 biotech Greenwich LifeSciences (GLSI) priced at the mid-point to raise $7 million at a $78 million market cap. The company is developing GP2, an immunotherapy designed to prevent the recurrence of breast cancer following surgery, and it is planning to commence a Phase 3 trial in 2020. Greenwich LifeSciences finished down 13%.
Eight SPACs raised $2.0 billion this past week. The pack was led by media-focused SPAC Falcon Capital Acq. (FCACU), Vector Capital’s SPAC Vector Acquisition (VACQU), and Carnealian Energy Capital’s SPAC Peridot Acquisition (PDAC.U), each of which raised $300 million.
| 19 IPOs During the Week of September 21st, 2020 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 09/25 |
| PMV Pharmaceuticals (PMVP) | $212M | $836M | 6% | +108% | +108% |
| Early stage biotech developing targeted therapies for cancer. | |||||
| Laird Superfood (LSF) | $58M | $192M | 16% | +85% | +105% |
| Manufactures plant-based packaged beverage products. | |||||
| Bentley Systems (BSY) | $237M | $6,700M | 22% | +52% | +58% |
| Provides software for construction and infrastructure projects. | |||||
| GoodRx (GDRX) | $1,142M | $14,169M | 27% | +53% | +58% |
| Operates a prescription drug price comparison platform. | |||||
| Prelude Therapeutics (PRLD) | $158M | $886M | 6% | +38% | +38% |
| Phase 1 biotech developing PRMT5 inhibitors for difficult to treat cancers. | |||||
| Taysha Gene Therapies (TSHA) | $157M | $789M | 5% | +20% | +22% |
| Preclinical biotech developing gene therapies for very rare CNS disorders. | |||||
| Amesite (AMST) | $15M | $109M | 0% | +4% | +4% |
| Provides an AI-driven platform for developing online learning products. | |||||
| FinTech Acquisition IV (FTIVU) | $200M | $275M | 0% | +3% | +3% |
| Fifth blank check company formed by management of The Bancorp to acquire a fintech business. | |||||
| Graybug Vision (GRAY) | $90M | $353M | 0% | +3% | +3% |
| Phase 2 biotech developing long-acting formulations of drugs for ocular diseases. | |||||
| Falcon Capital Acq. (FCACU) | $300M | $375M | 0% | +4% | +2% |
| Blank check company formed by Ariliam Group and Eagle Equity Partners targeting a media business. | |||||
| Corsair Gaming (CRSR) | $238M | $1,680M | 0% | -16% | +1% |
| Designs and supplies personal computer and gaming hardware components. | |||||
| ArcLight Clean Transition (ACTCU) | $250M | $313M | 0% | +0% | +0% |
| Blank check company formed by ArcLight Capital Partners targeting a renewable energy business. | |||||
| Vector Acquisition (VACQU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company formed by Vector Capital targeting the tech industry. | |||||
| Peridot Acquisition (PDAC.U) | $300M | $375M | 0% | -1% | +0% |
| Blank check company formed by Carnelian Energy Capital targeting businesses with a positive environmental impact. | |||||
| Aspirational Consumer (ASPL.U) | $225M | $281M | 0% | +0% | +0% |
| Blank check company formed by executives at LVMH and L Catterton targeting a lifestyle business. | |||||
| VPC Impact Acquisition (VIHAU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Victory Park Capital to acquire a fintech business. | |||||
| PMV Consumer Acq. (PMVC.U) | $175M | $219M | 0% | +0% | +0% |
| Blank check company formed by the Gabelli Group targeting the consumer industry. | |||||
| Greenwich LifeSciences (GLSI) | $7M | $78M | -28% | -13% | -13% |
| Phase 3 biotech developing immunotherapies for breast cancer. | |||||
| VIA optronics (VIAO) | $94M | $338M | -6% | -32% | -32% |
| German provider of sunlight readable, ultrathin display and touch solutions. | |||||
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Eight IPOs and 18 SPACs submitted initial filings. Chinese discount retailer Miniso Group Holding (MNSO) filed to raise an estimated $1 billion. Australian Phase 3 biotech Opthea (OPT) filed to raise $150 million. Solar panel mounting manufacturer Array Technologies (ARRY), medical device companies Spinal Elements Holdings (SPEL) and Eargo (EAR), and biotechs Praxis Precision Medicines (PRAX) and Aligos Therapeutics (ALGS) all filed to raise $100 million. Ophthalmology biotech Tarsus Pharmaceuticals (TARS) filed to raise $86 million.
Pacific Century and Thiel Capital’s SPAC Bridgetown Holdings (BTWNU) filed to raise $500 million. Pine Island Capital Partner’s SPAC Pine Island Acquisition (PIPP.U), Michael Klein’s fifth SPAC Churchill Capital Corp V (CCV.U), and travel SPAC Altitude Acquisition (ALTUU) all filed to raise $300 million. SPAC Supernova Partners Acquisition (SPNV.U) and digital media SPAC Tekkorp Digital Acquisition (TEKKU) both filed to raise $300 million. Riverstone’s third SPAC Decarbonization Plus Acquisition (DCRBU) and KSH Capital’s SPAC Jack Creek Investment (JCICU) both filed to raise $300 million. Sustainability SPAC Spring Valley Acquisition (SVSVU) filed to raise $250 million. Venture firm’s tech SPAC 10X Capital Venture Acquisition (VCVCU) filed to raise $220 million.
Boston Omaha’s SPAC Yellowstone Acquisition (YSU), and aviation SPAC Genesis Park Acquisition both filed to raise $200 million. Eric Rosenfeld and David Sgro’s SPAC Legato Merger (LEGOU) filed to raise $175 million, while SPAC Motion Acquisition (MOTNU) filed to raise $130 million. Mallard Capital’s SPAC Mallard Acquisition (MACUU) filed raise $100 million. SPAC 5:01 Acquisition (FVAM) filed to raise $80 million. Sports and entertainment SPAC Bull Horn Holdings (BHSEU) and growth-focused SPAC New Beginnings Acq. (NBA.U) both filed to raise $75 million.
| 24 Filings During the Week of September 21st, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| 10X Capital Venture Acq. (VCVCU) | $220M | SPAC | Cantor Fitz. |
| Blank check company formed by 10X Capital targeting a tech-enabled business. | |||
| 5:01 Acquisition (FVAM) | $80M | SPAC | BofA |
| Blank check company formed by 5AM Ventures targeting businesses in the biotech industry. | |||
| Altitude Acquisition (ALTUU) | $300M | SPAC | Cantor Fitz. |
| Blank check company targeting the travel industry. | |||
| Eargo (EAR) | $100M | Health Care | JP Morgan |
| Manufactures differentiated hearing aid systems. | |||
| Genesis Park Acquisition (GNPK.U) | $200M | SPAC | Jefferies |
| Blank check company formed by Genesis Park targeting the aviation industry. | |||
| Motion Acquisition (MOTNU) | $130M | SPAC | Barclays |
| Blank check company formed by the former CEO of Fleetmatics targeting the telematics industry. | |||
| Praxis (PRAX) | $100M | Health Care | Cowen |
| Phase 2 biotech developing genetic therapies for brain disorders. | |||
| Spring Valley Acquisition (SVSVU) | $250M | SPAC | Cowen |
| Blank check company formed by Pearl Energy Investment Management targeting the sustainability industry. | |||
| Supernova Partners Acq. (SPNV.U) | $300M | SPAC | JP Morgan |
| Blank check company formed by the co-founder of Zillow and other entrepreneur and investment veterans. | |||
| Tekkorp Digital Acq. (TEKKU) | $300M | SPAC | Jefferies |
| Blank check company formed by Tekkorp Capital targeting the digital media and leisure industries. | |||
| Yellowstone Acquisition (YSU) | $200M | SPAC | Wells Fargo |
| Blank check company formed by Boston Omaha Corp. targeting the financial and real estate sectors. | |||
| Opthea (OPT) | $150M | Health Care | Citi |
| Australian Phase 3 biotech developing VEGF inhibitors for wet AMD. | |||
| Bridgetown Holdings (BTWNU) | $500M | SPAC | UBS |
| Blank check company formed by Pacific Century and Thiel Capital targeting "new economy" sectors in Southeast Asia. | |||
| Legato Merger (LEGOU) | $175M | SPAC | EarlyBird |
| Blank check company formed by SPAC veterans Eric Rosenfeld and David Sgro targeting an industrial business. | |||
| Miniso Group Holding (MNSO) | $1,000M | Consumer Discretionary | Goldman |
| Chinese discount retailer selling branded lifestyle and home goods. | |||
| Pine Island Acquisition (PIPP.U) | $300M | SPAC | Citi |
| Blank check company formed by Pine Island Capital Partners targeting the defense industry. | |||
| Spinal Elements Holdings (SPEL) | $100M | Health Care | Credit Suisse |
| Develops medical devices for minimally invasive spinal surgery procedures. | |||
| Array Technologies (ARRY) | $100M | Industrials | Goldman |
| Manufactures ground-mounting systems used in solar energy projects. | |||
| Churchill Capital Corp V (CCV.U) | $300M | SPAC | Citi |
| Fifth blank check company founded by dealmaker and former Citi executive Michael Klein. | |||
| Decarbonization Plus Acq. (DCRBU) | $300M | SPAC | Citi |
| Third blank check company formed by Riverstone targeting businesses advancing global decarbonization. | |||
| Bull Horn Holdings (BHSEU) | $75M | SPAC | Imperial Capital |
| Blank check company targeting leading sports, entertainment, and brand companies. | |||
| Jack Creek Investment (JCICU) | $300M | SPAC | JP Morgan |
| Blank check company formed by KSH Capital targeting a food or consumer business. | |||
| Mallard Acquisition (MACUU) | $100M | SPAC | Chardan |
| Blank check company formed by Mallard Capital targeting an industrials business. | |||
| New Beginnings Acq. (NBA.U) | $75M | SPAC | Ladenburg |
| Blank check company formed by the co-founder of Crescent Heights and an executive from Alliant Insurance Services. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/17/20, the Renaissance IPO Index was up 59.7% year-to-date, while the S&P 500 was up 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 30.8% year-to-date, while the ACWX was down 6.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Xiaomi and Meituan-Dianping.
