Updated Monday, 3/8.
Seven IPOs and one direct listing are currently scheduled for the week ahead.
Korean e-commerce giant Coupang (CPNG) plans to raise $3.4 billion at a $51.0 billion market cap. A leading player in its market, the company nearly doubled revenue in 2020 and has expanded its margins in recent years. Coupang is unprofitable, and significant investments in fulfillment will weigh on cash flow in the near term.
Online gaming platform Roblox (RBLX) will be the year’s first direct listing, with an estimated market value at listing of more than $29 billion. Unprofitable with strong free cash flow, the company’s growth has been accelerated by the pandemic, though it relies on just 1% of players for all of its revenue. Roblox follows last year’s major direct listings, Palantir (PLTR; +230% from reference price) and Asana (ASAN; +46%), and precedes crypto exchange Coinbase (COIN), which filed for a direct listing on the NYSE last month.
Pool equipment supplier Hayward Holdings (HAYW) plans to raise $725 million at a $4.4 billion market cap. Hayward is an industry-leader, with an estimated 30% share of the North American residential pool market. The company’s largest customer accounted for 30% of 2020 sales, and its top five customers were 43% of sales.
Fabric and crafts retailer JOANN (JOAN) plans to raise $175 million at a $679 million market cap. The company operates a nationwide network of sewing, fabrics, and arts and crafts retail stores, leveraged by an online digital platform. JOANN is the nation’s category leader in sewing, controlling approximately one-third of the market.
Prometheus Biosciences (RXDX) plans to raise $125 million at a $652 million market cap. Prometheus' lead candidate is an IgG1 humanized monoclonal antibody that has been shown to block the TL1A, and is being developed for ulcerative colitis (UC) and Crohn's disease (CD). The candidate entered a Phase 1a trial in normal healthy volunteers in December 2020.
First High-School Education Group (FHS) plans to raise $75 million at a $289 million market cap. Originally established to provide after-school tutoring services, First High-School has since developed a network of 19 schools, becoming the third largest operator in China by student enrollment as of December 31, 2019.
Neurological disease biotech Longboard Pharmaceuticals (LBPH) plans to raise $75 million at a $265 million market cap. Formed by Arena Pharmaceuticals, Longboard's lead candidate is an oral, centrally acting, 5-HT2c superagonist being advanced in a multiple-ascending dose portion of a Phase 1 trial. The company expects to initiate a Phase 1b/2a trial for the treatment of developmental and epileptic encephalopathies in the 1Q22.
Israeli cultured meat tech developer MeaTech 3D (MITC) plans to raise $25 million at a $175 million market cap. Meat-Tech 3D is initially focused on developing cultured meat steak technology. In the 3Q20, the company successfully printed meat tissue from stem cells. Meat-Tech has not generated any revenues and does not expect to in the near term.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| MeaTech 3D (MITC) Ness Ziona, Israel |
$25M $175M |
$15.10 1,655,630 |
HC Wainwright |
| Developing cultured meat products using proprietary 3D bioprinting technology. | |||
| Coupang (CPNG) Seoul, South Korea |
$3,420M $50,978M |
$27 - $30 120,000,000 |
Goldman Allen & Co. |
| Korea's largest e-commerce site. | |||
| Roblox (RBLX) San Mateo, CA |
$8,951M $29,111M |
$45 198,917,280 |
|
| Online platform where users can develop and play video games. | |||
| Hayward Holdings (HAYW) Berkeley Heights, NJ |
$725M $4,363M |
$17 - $19 40,277,778 |
BofA Goldman |
| Leading supplier of pool equipment and systems. | |||
| JOANN (JOAN) Hudson, OH |
$175M $679M |
$15 - $17 10,937,500 |
BofA Credit Suisse |
| Multi-channel fabric and crafts retailer with about 860 stores. | |||
| First High-School Group (FHS) Kunming, China |
$75M $289M |
$9.50 - $10.50 7,500,000 |
Benchmark AMTD Global |
| Operates private high schools and provides tutoring services in China. | |||
| G&P Acquisition (GAPA.U) Newport, RI |
$200M $250M |
$10 20,000,000 |
BMO |
| Blank check company targeting the leisure, craft brewing and distilling, automotive, and distribution sectors. | |||
| Independence Holdings (ACQRU) New York, NY |
$400M $500M |
$10 40,000,000 |
Citi Deutsche Bank |
| Blank check company led by the founders of FT Partners and Sagemount targeting tech and fintech. | |||
| Longboard Pharmaceuticals (LBPH) San Diego, CA |
$75M $265M |
$14 - $16 5,000,000 |
Citi Evercore ISI |
| Phase 1 biotech formed by Arena Pharmaceuticals developing medicines for neurological diseases. | |||
| Prometheus Biosciences (RXDX) San Diego, CA |
$125M $652M |
$16 - $18 7,353,000 |
SVB Leerink Credit Suisse |
| Phase 1 biotech developing precision antibody therapies for IBD and related diseases. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/4/21, the Renaissance IPO Index was down 3.8% year-to-date, while the S&P 500 was up 0.3%. 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 down 1.6% year-to-date, while the ACWX was up 2.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
