After a fast and furious week of activity, the IPO market is slated for a brief intermission in the coming week due to the approaching presidential election. Currently, there are no regular way US IPOs scheduled for the first week of November, though it is possible we could see several SPAC pricings.
Even though the calendar is empty, the IPO market slowdown for election week is in line with historical norms. According to Renaissance Capital data, there were no IPOs during the week of the 2016 presidential election either, and only four IPOs in the entire month of November 2016. While interesting, this data may not be indicative of what we will see in the coming month, as IPO activity is expected to pick back up after the next commander-in-chief is decided.
Street research is expected for 7 companies in the week ahead. On Monday, 11/2: Aziyo Biologics (AZYO) and fuboTV (FUBO). On Tuesday, 11/3: Intrusion (INTZ), Kronos Bio (KRON), Shattuck Labs (STTK), and Spruce Biosciences (SPRB). On Wednesday, 11/4: iHuman (IH).
The lock-up periods for three companies will be expiring in the coming week as well. On Sunday, 11/1: GAN (GAN). On Wednesday, 11/4: Ayala Pharmaceuticals (AYLA) and Kingsoft Cloud (KC).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/29/20, the Renaissance IPO Index was up 71.0% year-to-date, while the S&P 500 was up 2.5%. 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 34.8% year-to-date, while the ACWX was down 6.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank Corp.
