Updated Monday, 3/15.
The IPO market starts to pick back up with 10 IPOs scheduled to raise $2.5 billion in the week ahead.
Chinese IoT platform developer Tuya (TUYA) plans to raise $806 million at a $10.4 billion market cap. Tuya’s platform offers PaaS and SaaS to over 5,000 customers for the development, management, and monetization of software-enabled devices and services. Fast growing and unprofitable, the company’s customer base includes large brands like Philips and Schneider Electric.
In its second IPO attempt, Vine Energy (VEI) plans to raise $328 million at a $1.3 billion market cap. This Blackstone-backed natural gas E&P operates in the Haynesville Basin of Northwest Louisiana with approximately 900 drilling locations and 370 net producing wells. Hard hit by the pandemic, the company saw a steep decline in revenue and net income swing negative in 2020.
Restaurant SaaS platform Olo (OLO) plans to raise $306 million at a $3.1 billion market cap. Olo provides order management software to over 400 enterprise restaurant brands to process and manage orders, payments, and deliveries. Fast growing and profitable, Olo’s platform has benefitted from stay at home orders, and it may see a slowdown post-pandemic.
The Duckhorn Portfolio (NAPA) plans to raise $300 million at a $1.8 billion market cap. This California-based company produces and sells luxury and ultra-luxury wine under a portfolio of ten brands, sourcing most of its grapes from a network of 225 growers. Despite cost fluctuations from harvest yields, Duckhorn has a track record of strong EBITDA margins and is the only pure play wine producer in the luxury segment.
Cancer biotech Instil Bio (TIL) plans to raise $250 million at a $2.5 billion market cap. Its lead candidate is being developed for the treatment of advanced melanoma. The company plans to submit an IND and initiate a Phase 2 trial in the 2H21, which the company believes could support a BLA submission in 2023.
Low-cost airline Sun Country Airlines (SNCY) plans to raise $200 million at a $1.4 billion market cap. Sun Country targets the leisure market and family travelers, but also offers charter flights to customers such as casino operators, the US DoD, and college sports teams. Despite cash flow remaining negative, Sun Country has maintained positive EBITDA.
Chinese biotech Connect Biopharma Holdings (CNTB) plans to raise $150 million at an $863 million market cap. Connect's lead candidate is currently in a Phase 2b trial for moderate-to-severe atopic dermatitis (AD) in the US, Australia, and New Zealand, with top-line results expected in the 2H21. It plans to initiate additional trials in asthma and chronic rhinosinusitis in the 1H21 and in AD patients in China in the 2H21.
Microbiome therapy biotech Finch Therapeutics Group (FNCH) plans to raise $100 million at a $751 million market cap. Its lead candidate delivers a complete microbiome and is being developed initially for the treatment of patients with recurrent Clostridioides difficile infection (CDI). In June 2020, the company reported positive topline data from its first pivotal trial in recurrent CDI, and plans to initiate a Phase 3 trial as its second and final pivotal trial in mid-2021.
Lysosomal storage disorder biotech Gain Therapeutics (GANX) plans to raise $40 million at a $129 million market cap. This preclinical biotech is developing small molecule therapies through its proprietary platform, SEE-Tx, to treat diseases caused by protein misfolding, initially focusing on lysosomal storage disorders. Gain Therapeutics expects to obtain preclinical data and start IND-enabling studies in 2021.
Chinese medicine manufacturer Universe Pharmaceuticals (UPC) plans to raise $30 million at a $126 million market cap. Universe sells Traditional Chinese Medicine that targets elderly consumers to address aging and promote well-being. Due to pandemic-driven facility shutdowns, the company saw revenue decline 8% in the latest fiscal year while EBITDA increased 5%.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Universe Pharmaceuticals (UPC) Jiangxi, China |
$30M $126M |
$5 - $7 5,000,000 |
Univest Sec. |
| Chinese pharmaceutical specializing in traditional Chinese medicine derivatives. | |||
| Waldencast Acquisition (WALDU) White Plains, NY |
$250M $313M |
$10 25,000,000 |
Credit Suisse JP Morgan |
| Blank check company formed by Waldencast Ventures and the former CFO of Anheuser-Busch InBev. | |||
| Olo (OLO) New York, NY |
$378M $3,809M |
$20 - $22 18,000,000 |
Goldman JP Morgan |
| Provides a SaaS platform to restaurants for online ordering and delivery. | |||
| Sun Country Airlines (SNCY) Minneapolis, MN |
$200M $1,384M |
$21 - $23 9,090,909 |
Barclays Morgan Stanley |
| American ultra-low-cost passenger and cargo airline. | |||
| Duckhorn (NAPA) Saint Helena, CA |
$300M $1,751M |
$14 - $16 20,000,000 |
JP Morgan Credit Suisse |
| Produces and distributes luxury wine in North America. | |||
| Gain Therapeutics (GANX) Bethesda, MD |
$40M $129M |
$10 - $12 3,636,364 |
BTIG Oppenheimer |
| Preclinical biotech developing small molecule therapies for lysosomal storage disorders. | |||
| Tuya (TUYA) Hangzhou, China |
$806M $10,356M |
$17 - $20 43,590,000 |
Morgan Stanley BofA |
| Provides an IoT cloud platform for smart devices. | |||
| Vine Energy (VEI) Plano, TX |
$328M $1,212M |
$16 - $19 18,750,000 |
Citi Credit Suisse |
| Blackstone-backed natural gas E&P operating in Louisiana's Haynesville Basin. | |||
| Connect Biopharma (CNTB) Taicang, China |
$150M $863M |
$15 - $17 9,375,000 |
Jefferies SVB Leerink |
| Chinese Phase 2 biotech developing therapies for T cell-driven inflammatory diseases. | |||
| Finch Therapeutics (FNCH) Somerville, MA |
$100M $751M |
$15 - $17 6,250,000 |
BofA Jefferies |
| Phase 3-ready biotech developing microbiome therapeutics. | |||
| Instil Bio (TIL) Dallas, TX |
$250M $2,507M |
$17 - $19 13,900,000 |
Morgan Stanley Jefferies |
| Early stage biotech developing cell therapies for cancer. | |||
| Glass Houses Acquisition (GLHAU) Dallas, TX |
$200M $250M |
$10 20,000,000 |
Jefferies |
| Blank check company targeting businesses powering the new industrial economy. | |||
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 3/11/21, the Renaissance IPO Index was up 2.5% year-to-date, while the S&P 500 was up 4.9%. 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 1.7% year-to-date, while the ACWX was up 5.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
