The IPO market remained active during the shortened holiday week, with three IPOs and seven SPACs raising total proceeds of $2.5 billion.
The week was led by Russian e-commerce platform Ozon Holdings (OZON), which upsized and priced above range to raise $990 million at a $5.4 billion market cap. Backed by private equity firm Baring Vostok and Russian conglomerate Sistema, Ozon maintains a growing share of the underpenetrated Russian e-commerce market. While unprofitable, the company boasts positive contribution margins and strong GMV growth. Ozon finished up 30%.
Canadian powerboat manufacturer Vision Marine Technologies (VMAR) upsized and priced at the high end to raise $24 million at a $79 million market cap. The company currently offers four models of electric powerboats, producing 46 in the last fiscal year. It is has yet to commercialize its electric powertrains, though it has letters of intent for 186 units. Vision Marine finished up 42%.
HF Enterprises (HFEN), a holding company with investments in real estate, tech, and healthcare, downsized and priced at the high end to raise $15 million at a $60 million market cap. The company is unprofitable and saw revenue plummet 71% in the 1H20. HF Enterprises finished down 13%.
Seven SPACS raised $1.4 billion this past week led by Apollo Global Management’s Spartan Acquisition II (SPRQU), which raised $300 million to target the energy industry in North America.
| 10 IPOs During the Week of November 23rd, 2020 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 11/27 |
| Vision Marine (VMAR) | $24M | $79M | 11% | +44% | +42% |
| Canadian manufacturer of electric powerboats and outboard powertrain systems. | |||||
| Ozon (OZON) | $990M | $5,377M | 20% | +34% | +30% |
| Leading Russian e-commerce platform. | |||||
| Forest Road Acquisition (FRX.U) | $261M | $324M | 0% | +2% | +2% |
| Blank check company formed by Forest Road targeting TMT businesses. | |||||
| Tiga Acquisition (TINV.U) | $240M | $290M | 0% | +2% | +2% |
| Blank check company formed by Tiga Investments. | |||||
| Breeze Holdings Acq. (BREZU) | $100M | $128M | 0% | +0% | +1% |
| Blank check company led by former Saddle Operating execs targeting the oil and gas industry. | |||||
| 10X Capital Venture Acq. (VCVCU) | $175M | $219M | 0% | +0% | +0% |
| Blank check company formed by 10X Capital targeting a tech-enabled business. | |||||
| Genesis Park Acquisition (GNPK.U) | $150M | $188M | 0% | +0% | +0% |
| Blank check company formed by Genesis Park targeting the aviation and aerospace industries. | |||||
| Spring Valley Acquisition (SVSVU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Pearl Energy Investment Management targeting the sustainability industry. | |||||
| Spartan Acquisition II (SPRQU) | $300M | $363M | 0% | n/a | +0% |
| Second blank check company formed by Apollo Global Management targeting the North American energy industry. | |||||
| HF Enterprises (HFEN) | $15M | $60M | 0% | +0% | -13% |
| Holdco with investments in real estate, tech, and healthcare in the US and Asia-Pacific. | |||||
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.
Two IPOs and six SPACs submitted initial filings this past week. Scientific research device provider 908 Devices (MASS) filed to raise $75 million and Chinese e-commerce platform Jowell Global (JWEL) filed to raise $26 million.
TMT SPAC Marquee Raine Acquisition (MRACU) filed to raise $325 million. Motive Partners’ fintech-focused Motive Capital (MOTV.U), Marlin Equity Partners’ tech-focused Marlin Technology Corp. (FINU), and Senior Connect Acquisition I (SNRHU), led by the founder of UnitedHealth, all filed to raise $300 million. Globis Capital Advisors’ economic globalization SPAC Globis Acquisition (GLAQU) and Roth Capital’s Roth CH Acquisition II (ROCCU) both filed to raise $100 million.
| 8 Filings During the Week of November 23rd, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Marquee Raine Acquisition (MRACU) | $325M | SPAC | Credit Suisse |
| Blank check company formed by The Raine Group and Marquee targeting the TMT industry. | |||
| 908 Devices (MASS) | $75M | Health Care | Cowen |
| Provides mass spectrometry devices for forensic and scientific research. | |||
| Motive Capital (MOTV.U) | $300M | SPAC | UBS |
| Blank check company formed by Motive Partners targeting the fintech sector. | |||
| Globis Acquisition (GLAQU) | $100M | SPAC | Chardan |
| Blank check company formed by Globis Capital Advisors and Chardan targeting economic globalization. | |||
| Marlin Technology (FINU) | $300M | SPAC | UBS |
| Blank check company formed by Marlin Equity Partners targeting the technology sector. | |||
| Roth CH Acquisition II (ROCCU) | $100M | SPAC | Roth Cap. |
| Second blank check company formed by executives at Roth Capital and Craig-Hallum. | |||
| Senior Connect Acq. I (SNRHU) | $300M | SPAC | Citi |
| Blank check company formed by the founder of UnitedHealth targeting the senior market. | |||
| Jowell Global (JWEL) | $26M | Technology | Network 1 |
| Operates an e-commerce platform for cosmetics and health products in China. | |||
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 11/25/20, the Renaissance IPO Index was up 96.3% year-to-date, while the S&P 500 was up 12.3%. 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 37.9% year-to-date, while the ACWX was up 6.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
