Two IPOs are scheduled to raise $1.3 billion in the week ahead.
While the IPO calendar is relatively quiet at the moment, several issuers could launch, including pool equipment supplier Hayward Holdings (HAYW) and crafts-focused companies Cricut (CRCT) and JOANN (JOAN).
Online health insurer Oscar Health (OSCR) plans to raise $1.0 billion at a $7.7 billion market cap. The company provides individual, small group, and Medicare Advantage health insurance products and services to over 529,000 members through its online platform. The company is highly unprofitable and saw its adjusted EBITDA loss nearly double in 2020, though its direct premiums increased by 73% in the same period, and it has improved its medical loss ratio.
Senior care provider InnovAge Holding (INNV) plans to raise $300 million at a $2.4 billion market cap. The company provides care to over 6,600 seniors under the Program of All-Inclusive Care for the Elderly (PACE) with 17 centers in five states. InnovAge Holding has seen steady growth with expanding EBITDA margins, despite net income swinging negative in the 1H21.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Oscar Health (OSCR) New York, NY |
$1,023M $7,745M |
$32 - $34 31,000,000 |
Goldman Morgan Stanley |
| Provides direct-to-consumer online health insurance products and services. | |||
| InnovAge Holding (INNV) Denver, CO |
$300M $2,398M |
$17 - $19 16,666,667 |
JP Morgan Barclays |
| Provides care services to high-cost dual-eligible seniors through PACE. | |||
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Street research is expected for fourteen companies. On Sunday, 2/28: ON24 (ONTF), and TELUS International (TIXT). On Monday, 3/1: Atotech (ATC), Landos Biopharma (LABP), Sana Biotechnology (SANA), and Sensei Biotherapeutics (SNSE). On Tuesday, 3/2: Angion Biomedica (ANGN), Bolt Therapeutics (BOLT), Evaxion Biotech (EVAX), Immunocore Holdings (IMCR), Lucira Health (LHDX), Pharvaris (PHVS), Terns Pharmaceuticals (TERN), and Vor Biopharma (VOR).
Lock-up periods will be expiring for six companies. On Monday, 3/1: Airbnb (ABNB). On Wednesday, 3/3: Affirm Holdings (AFRM), and Docebo (DCBO). On Thursday, 3/4: Mohawk Group Holdings (MWK), and Ondas Holdings (ONDS). On Friday, 3/5: Snowflake (SNOW).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/25/21, the Renaissance IPO Index was up 2.4% year-to-date, while the S&P 500 was up 2.0%. 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 3.8% year-to-date, while the ACWX was up 3.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
