The IPO market is taking a break during the shortened Thanksgiving week, with just one IPO and a few SPACs scheduled to raise at least $900 million.
Russian e-commerce company Ozon Holdings (OZON) plans to raise $750 million at a $4.4 billion market cap. Backed by private equity firm Baring Vostok and Russian conglomerate Sistema, Ozon is a direct play on the fast-growing and underpenetrated Russian e-commerce market, in which it has a growing share. While the company is unprofitable and may see reduced consumer demand in the economic fallout from COVID-19, it has achieved positive contribution margins, as well as strong GMV growth in both 2019 and the 9mo20.
Blank check company Genesis Park Acquisition (GNPK.U) plans to raise $150 million. This SPAC was formed by private equity firm Genesis Park and plans on targeting companies in the aviation and aerospace industries with enterprise values between $500 million and $1 billion. It is led by Chairman David Siegel, a Senior Advisor for Apollo Global Management, and CEO and Director Paul Hobby, a Founding Partner at Genesis Park.
Spring Valley Acquisition (SVSVU) plans to raise $200 million. Formed by Pearl Energy Investment Management, the company plans on targeting the sustainability industry. It is led by Chairman William Quinn, who is the founder and Managing Partner of Pearl Energy Investment Management.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Genesis Park Acquisition (GNPK.U) Houston, TX |
$150M $188M |
$10 15,000,000 |
Jefferies |
| Blank check company formed by Genesis Park targeting the aviation and aerospace industries. | |||
| Ozon (OZON) Moscow, Russia |
$750M $4,428M |
$22.50 - $27.50 30,000,000 |
Morgan Stanley Goldman |
| Leading Russian e-commerce platform. | |||
| Spring Valley Acquisition (SVSVU) Dallas, TX |
$200M $250M |
$10 20,000,000 |
Cowen Wells Fargo |
| Blank check company formed by Pearl Energy Investment Management targeting the sustainability industry. | |||
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Street research is expected for 11 companies. On Monday, 11/23: Absolute Software (ABST), Biodesix (BDSX), Gatos Silver (GATO), MediaAlpha (MAX), Root (ROOT), Allegro MicroSystems (ALGM), Galecto (GLTO), and Leslie's (LESL). On Tuesday, 11/24: Atea Pharmaceuticals (AVIR), Lufax (LU), and SQZ Biotechnologies (SQZ).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/19/20, the Renaissance IPO Index was up 85.4% year-to-date, while the S&P 500 was up 10.9%. 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 39.2% year-to-date, while the ACWX was up 4.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
