After a busy start to 2021, the IPO market quiets down with only one IPO scheduled for the short holiday week. With a massive backlog of blank check companies on file, it’s safe to say that a number of SPACs will also launch and price.
Cannabis finance REIT AFC Gamma (AFCG) plans to raise $119 million at a $240 million market cap. This newly-formed commercial mortgage REIT originates, structures, underwrites and manages loans for established companies operating in the cannabis industry. It plans to issue regular quarterly distributions of all or substantially all of its REIT taxable income.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| AFC Gamma (AFCG) West Palm Beach, FL |
$119M $240M |
$19 6,250,000 |
JMP Ladenburg |
| Newly-formed commercial mortgage REIT focused on the cannabis industry. | |||
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Street research is expected for six companies. On Monday, 2/15: Dream Finders Homes (DFH) and MYT Netherlands (MYTE). On Tuesday, 2/16: Huadi International Group (HUDI), Montauk Renewables (MNTK), Patria Investments (PAX), and RLX Technology (RLX).
Lock-up periods will be expiring for as many as ten companies.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/11/2021, the Renaissance IPO Index was up 18.0% year-to-date, while the S&P 500 was up 4.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom (ZM). The Renaissance International IPO Index was up 8.8% year-to-date, while the ACWX was up 6.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
