Eight SPACs went public this past week but no IPOs, as all three scheduled deals postponed or withdrew. New filing activity picked up, led by long-awaited delivery service unicorn DoorDash (DASH), and several launches indicate increased activity in the coming weeks.
Three biotech IPOs were scheduled to go public this past week but didn’t make it to market. Cancer biotech IN8bio (INAB) and neurodegenerative disease biotech Inhibikase Therapeutics (IKT) were scheduled to raise $75 million and $15 million, respectively, but postponed their offerings. Immuno-oncology biotech Compass Therapeutics (CMPX) was scheduled to raise $50 million but postponed then withdrew its offering Friday evening.
General Catalyst’s Health Assurance Acquisition (HAAC.U) raised $500 million to partner with leading healthcare businesses leveraging technology. The sponsor only has a 5% promote, as the company offered SAIL (Stakeholder Aligned Initial Listing) securities that provide additional rewards for outsized post-merger returns. The SPAC is led by CEO and Chairman Hemant Teneja, a Managing partner at General Catalyst.
Tishman Speyer’s TS Innovation Acquisitions (TSIAU) raised $300 million to target companies in the real estate industry, including real estate adjacent businesses and technologies targeting the real estate space. The company is led by CEO and Chairman Robert Speyer and COO, CFO, and Director Paul Galiano, who serve as CEO and Senior Managing Director of Tishman Speyer, respectively.
dMY Technology Group III (DMYI.U) raised $275 million to target technology companies that are either consumer-facing or support the infrastructure of consumer apps. This is the third SPAC led by CEO Niccolo de Masi and Chairman Harry You. Previous SPACs include dMY Technology Group (DMYT) and dMY Technology Group II, which are both pending business combinations.
Northern Star Acquisition (STIC.U) raised $250 million to pursue a combination with consumer-focused businesses. The company is led by CEO and Chairperson Joanna Coles and President and COO Jonathan Ledecky. Ledecky’s previous SPACs include Pivotal Acquisition, which completed its merger with KLDiscovery (KLDI) in December 2019, and Pivotal Investment Corp II (PIC).
Cantor Fitzgerald’s third SPAC CF Finance Acquisition III (CFACU) raised $200 million and plans to target a company in financial services, healthcare, real estate services, technology, or software. The company is led by Cantor executives Howard Lutnick, Anshu Jain, and Paul Pion. Cantor's previous SPACs include CF Finance Acquisition II (CFII) and CF Finance Acquisition (CFFA).
Natural Order Acquisition (NOACU) raised $200 million and is focusing on companies that are disrupting the animal-based protein and food industry, and providing sustainable alternatives. The company is led by Chairman Sebastiano Castiglioni, CEO and Director Paresh Patel, and CFO Marc Volpe.
N*GEN Partners’ Better World Acquisition (BWACU) raised $110 million and is targeting a healthy living business with a strong ESG profile. It is led by CEO and Chairman Rosemary Ripley and CFO and Director Peter Grubstein, who are Managing Members at N*GEN partners.
Edoc Acquisition (ADOCU) raised $90 million and plans on targeting the healthcare sector in North America and Asia-Pacific. It is led by Chairman and CEO Kevin Chen and CFO and Director Christine Zhao.
| 8 IPOs During the Week of November 9th, 2020 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 11/13 |
| Natural Order Acquisition (NOACU) | $200M | $250M | 0% | +1% | +2% |
| Blank check company focusing on technologies and products related to sustainable plant-based food and beverages. | |||||
| CF Finance III (CFACU) | $200M | $255M | 0% | +1% | +1% |
| Third blank check company formed by Cantor Fitzgerald. | |||||
| dMY Technology Group III (DMYI.U) | $275M | $338M | 0% | +1% | +1% |
| Third blank check company formed by Niccolo de Masi and Harry You targeting an app business. | |||||
| Edoc Acquisition (ADOCU) | $90M | $121M | 0% | +1% | +0% |
| Blank check company targeting the healthcare industries in North America and Asia-Pacific. | |||||
| Better World Acquisition (BWACU) | $110M | $138M | 0% | +0% | +0% |
| Blank check company formed by N*GEN Partners targeting a healthy living business with a strong ESG profile. | |||||
| Health Assurance Acq. (HAAC.U) | $500M | $525M | 0% | n/a | +0% |
| Blank check company formed by General Catalyst targeting healthcare technology. | |||||
| TS Innovation Acq. (TSIAU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company formed by Tishman Speyer targeting real estate and property technology businesses. | |||||
| Northern Star Acquisition (STIC.U) | $250M | $325M | 0% | -1% | -1% |
| Blank check company targeting consumer-focused businesses. | |||||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Eleven IPOs and three SPACs submitted initial filings this past week. Restaurant delivery service DoorDash (DASH) filed to raise an estimated $2 billion and biomedical research product provider Seer (SEER) filed to raise $150 million. Biotech companies BioAtla (BCAB), Silverback Therapeutics (SBTX), Kinnate Biopharma (KNTE), and Sigilon Therapeutics (SGTX), as well as hydroponics provider Hydrofarm Holdings (HYFM), SaaS application provider C3.ai (AI), and education service provider 17 Education & Technology (YQ) all filed to raise $100 million. AdTech platform provider PubMatic (PUBM) filed to raise $75 million and soil remediation specialist Vivakor (VIVK) filed to raise $15 million.
Real estate SPAC CBRE Acquisition Holdings (CBAH.U) filed to raise $400 million, and Cohen & Company’s INSU Acquisition III (IIIIU) and tech-focused SPAC Rodgers Silicon Valley Acquisition (RSVAU) both filed to raise $200 million.
| 14 Filings During the Week of November 9th, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| 17 Education & Technology (YQ) | $100M | Consumer Discretionary | Goldman |
| Provides K-12 education services in China. | |||
| BioAtla (BCAB) | $100M | Health Care | JP Morgan |
| Phase 2 biotech developing antibody therapies for solid tumor cancers. | |||
| C3.ai (AI) | $100M | Technology | Morgan Stanley |
| Provides SaaS applications for the deployment of enterprise AI applications. | |||
| DoorDash (DASH) | $2,000M | Technology | Goldman |
| North America's largest online restaurant delivery service. | |||
| INSU Acquisition III (IIIIU) | $200M | SPAC | --- |
| Third blank check company formed by Cohen & Company targeting the insurance industry. | |||
| Kinnate Biopharma (KNTE) | $100M | Health Care | Goldman |
| Oncology biotech developing small molecule kinase inhibitors. | |||
| PubMatic (PUBM) | $75M | Technology | Jefferies |
| Provides a cloud infrastructure platform that enables advertising transactions. | |||
| Sigilon Therapeutics (SGTX) | $100M | Health Care | Morgan Stanley |
| Clinical stage biotech developing molecular therapeutics for chronic diseases. | |||
| Hydrofarm Holdings (HYFM) | $100M | Industrials | JP Morgan |
| Sells hydroponics and specialty indoor gardening supplies. | |||
| Rodgers Silicon Valley (RSVAU) | $200M | SPAC | Oppenheimer |
| Blank check company targeting a technology business in Silicon Valley. | |||
| Seer (SEER) | $150M | Health Care | JP Morgan |
| Provides a proteograph product suite for biomedical research. | |||
| Silverback Therapeutics (SBTX) | $100M | Health Care | Goldman |
| Phase 1 biotech developing targeted immunotherapies for solid tumors. | |||
| Vivakor (VIVK) | $15M | Industrials | --- |
| Provides soil remediation services focused on hydrocarbon extraction. | |||
| CBRE Acquisition Holdings (CBAH.U) | $400M | SPAC | Morgan Stanley |
| Blank check company formed by CBRE targeting growth companies. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/12/20, the Renaissance IPO Index was up 80.0% year-to-date, while the S&P 500 was up 9.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom Video (ZM). The Renaissance International IPO Index was up 36.1% year-to-date, while the ACWX was up 1.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
