US IPO Week Ahead: Software, synthetic biology, and more in an 11 IPO week

Updated Monday, 4/19.

11 IPOs are scheduled to raise a total of $3.6 billion in the week ahead, led by software maker UiPath (PATH).

The largest IPO of the week, UiPath (PATH) plans to raise $990 million at a $26.0 billion market cap. The company provides software that identifies automation opportunities across organizations. Fast growing and unprofitable, the company’s nearly 8,000 customers included 80% of the Fortune 10 and 63% of the Fortune Global 500 as of 1/31/21.

Medical device management company Agiliti (AGTI) plans to raise $500 million at a $2.6 billion market cap. Agiliti provides a comprehensive suite of medical equipment management and service solutions to roughly 7,000 hospitals. The company’s business model relies on direct payment from hospital customers rather than payor reimbursement, and it has maintained profitability on an EBITDA basis.

Synthetic biology company Zymergen (ZY) plans to raise $401 million at a market cap of $3.0 billion. The company is focused on the design, discovery, and development of biologically and chemically-based innovations for a broad range of industries. Zymergen has designed four potentially breakthrough products spanning electronic films and insect repellents, though it estimates a five-year and $50 million launch process.

Swimming pool company Latham Group (SWIM) plans to raise $400 million at a $2.4 billion market cap. Latham is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Profitable with strong growth, the company holds a #1 market position in North America in every product category in which it competes.

Advertising analytics platform DoubleVerify Holdings (DV) plans to raise $340 million at a $4.3 billion market cap. DoubleVerify provides a suite of tools that enables advertisers to assess the effectiveness of the ads targeting and audience. The company is highly profitable with strong cash flow, but it faces significant competition.

Cybersecurity training platform KnowBe4 (KNBE) plans to raise $201 million at a $3.1 billion market cap. The company seeks to train and educate employees to recognize cybersecurity attacks through its training program and tests. While the company has been able to operate near breakeven with positive cash flow, revenue growth has slowed, and it operates in a competitive space.

Bunion medical device maker Treace Medical Concepts (TMCI) plans to raise $150 million at a $935 million market cap. Treace's proprietary Lapiplasty 3D Bunion Correction System is a combination of novel instruments, implants, and surgical methods designed to improve the traditional approaches to bunion surgery. More than 25,000 Lapiplasty Procedures have been performed in the US since it received 510(k) clearance in 2015.

Oncology biotech Rain Therapeutics (RAIN) plans to raise $125 million at a $457 million market cap. Rain's lead candidate is a small molecule oral inhibitor of MDM2 in-licensed in September 2020. The company anticipates commencing a pivotal Phase 3 trial in liposarcoma in the 2H21, a Phase 2 tumor-agnostic basket trial in certain solid tumors in the 2H21, and a Phase 2 trial in intimal sarcoma by early 2022.

Epilepsy medical device developer NeuroPace (NPCE) plans to raise $85 million at a $407 million market cap. Neuropace’s RNS System is the first and only commercially available neuromodulation system that delivers treatment at the seizure source. While the RNS System represents a novel approach, the epilepsy market is competitive.

CNS therapy developer Impel NeuroPharma (IMPL) plans to raise $80 million at a $316 million market cap. Impel's pipeline contains TRUDHESA (INP104) for the acute treatment of migraine, as well as two other candidates, all of which are upper nasal formulations of established drugs. In November 2020, Impel submitted an NDA for TRUDHESA. The FDA has filed and accepted the NDA for review and established a Prescription Drug User Fee Act goal date of September 6, 2021.

Semiconductor manufacturer SkyWater Technologies (SKYT) plans to raise $75 million at a $519 million market cap. The company hopes to enable disruptive design concepts for integrated circuit boards and other micro- and nanotechnology through its Advanced Technology services. Additionally, SkyWater is coming public as global economies face a chip shortage.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/15/2021, the Renaissance IPO Index was down 2.4% year-to-date, while the S&P 500 was up 11.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom Video Communications (ZM). The Renaissance International IPO Index was down 3.8% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou Technology and Nexi.