Four IPOs are scheduled to raise $1.8 billion in the shortened holiday week, featuring a diverse group of foreign issuers.
China’s leading e-cigarette brand RLX Technology (RLX) plans to raise $1.0 billion at a $14.0 billion market cap. RLX Technology sells e-cigarettes and related accessories through over 100,000 retail outlets throughout China. Fast growing and profitable, the company boasted a 63% share of the e-vapor market in China in 2019.
Brazilian private equity firm Patria Investments (PAX) plans to raise $400 million at a $2.0 billion market cap. One of the leading PE firms in Brazil, the company has an investment portfolio of over 55 companies and assets and has raised over $8.7 billion since 2015. As of September 30, 2020, the firm had $12.7 billion in AUM with 16 active funds. Patria plans to pay a dividend to shareholders representing approximately 85% of its distributable earnings.
Germany-based luxury fashion site MYT Netherlands (MYTE) plans to raise $266 million at a $1.5 billion market cap. Operating under the name Mytheresa, the company offers clothing, shoes and accessories from multiple luxury brands through its e-commerce platform. The company is fast growing and profitable with approximately 522,000 active users, representing a 30% customer CAGR since the FY16.
Dream Finders Homes (DFH) plans to raise $130 million at a $1.2 billion market cap. This Florida-based homebuilder is expanding nationally and has successfully completed several acquisitions. In the 9mo20, Dream Finders Homes expanded its EBITDA margins to 9%, and pro forma revenue increased 29%. Existing shareholder Boston Omaha has indicated on $25 million worth of shares in the IPO.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Dream Finders Homes (DFH) Jacksonville, FL |
$130M $1,230M |
$12 - $15 9,600,000 |
BofA RBC |
| Florida-based homebuilder expanding nationally. | |||
| Mytheresa Group (MYTE) Munich, Germany |
$266M $1,493M |
$16 - $18 15,647,059 |
Morgan Stanley JP Morgan |
| Global luxury fashion e-commerce platform. | |||
| RLX Technology (RLX) Beijing, China |
$1,049M $13,980M |
$8 - $10 116,500,000 |
Citi |
| Leading e-cigarette brand in China. | |||
| Patria Investments (PAX) São Paulo, Brazil |
$400M $2,005M |
$14 - $16 26,650,000 |
JP Morgan BofA |
| Leading private equity firm based in Brazil. | |||
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Street research is expected for Inhibikase Therapeutics (IKT) on Monday, 1/18.
Lock-up periods will be expiring for six companies. On Monday, 1/18: Jamf (JAMF). On Tuesday, 1/19: Montrose Environmental (MEG). On Wednesday, 1/20: Annexon (ANNX), Inozyme Pharma (INZY), iTeos Therapeutics (ITOS), and Nurix Therapeutics (NRIX).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/14/21, the Renaissance IPO Index was up 7.9% year-to-date, while the S&P 500 was up 1.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Peloton (PTON). The Renaissance International IPO Index was up 1.6% year-to-date, while the ACWX was up 4.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
