Updated Monday, 4/26.
With the end of April on the horizon, seven IPOs are currently slated to raise $2.2 billion in the week ahead. The diverse group features a home care provider, a talent agency, and more.
Home care provider Aveanna Healthcare Holdings (AVAH) plans to raise $650 million at a $3.2 billion market cap. Aveanna’s clinical model is led by its caregivers, primarily skilled nurses, who serve the full range of patient populations, from newborns to seniors. Profitable on an EBITDA basis, the company has expanded from 17 states to 30 states over the past five years, and it currently has 245 branch locations.
In its second IPO attempt, entertainment and talent agency Endeavor Group Holdings (EDR) plans to raise $501 million at a $10.3 billion market cap. Focused on premium intellectual property, content, events, and experiences, Endeavor’s portfolio includes UFC, IMG Media, and WME, among others. The company was significantly impacted by COVID-19, with revenue falling 24% in 2020, though it has since resumed activity in its operating segments.
Healthcare platform Privia Health Group (PRVA) plans to raise $351 million at a $2.2 billion market cap. Privia's platform is powered by its proprietary end-to-end, cloud-based technology solution. Profitable with positive cash flow, the company currently operates in six states and the District of Columbia, covering over 70 target metropolitan statistical areas (including 20 out of the largest 100 MSAs).
Solar tracker system provider FTC Solar (FTCI) plans to raise $350 million at a $1.9 billion market cap. The company’s tracker systems are currently marketed under the Voyager brand name, which is a next-generation two-panel in-portrait single-axis tracker. Fast growing and unprofitable, FTC is one of the largest providers of two-panel in-portrait trackers in the US, with an estimated market share of 11%.
Specialty insurer The Fortegra Group (FRF) plans to raise $133 million at a $938 million market cap. Through its US insurance business, Fortegra offers commercial programs with a particular focus on casualty lines, including professional liability, inland marine, and contractor equipment. The company has a financial strength rating of "A-" from A.M. Best and Kroll Bond Rating Agency.
UK-based immunotherapy biotech Vaccitech (VACC) plans to raise $111 million at a $614 million market cap. The company is developing a broad pipeline of both clinical and preclinical stage therapeutic and prophylactic programs, including VTP-300 for the treatment of chronic hepatitis B infection and VTP-850 for the treatment of prostate cancer. Current prophylactic programs include VTP-400 for the prevention of shingles, and VTP-500 for the prevention of Middle East respiratory syndrome.
Preclinical cancer biotech Werewolf Therapeutics (HOWL) plans to raise $100 million at a $450 million market cap. The company's lead candidates are molecules designed to selectively activate an immune response in the tumor microenvironment. Werewolf plans to file INDs for both programs in the 1H22, after which it plans to conduct Phase 1/1b trials for multiple tumor types both as a monotherapy and a combination therapy.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Aveanna Healthcare (AVAH) Atlanta, GA |
$650M $3,228M |
$16 - $18 38,236,000 |
Barclays JP Morgan |
| Provides pediatric and adult home care services. | |||
| FTC Solar (FTCI) Austin, TX |
$350M $1,899M |
$18 - $20 18,421,053 |
Barclays BofA |
| Provides advanced solar tracker systems. | |||
| Endeavor Group Holdings (EDR) Beverly Hills, CA |
$501M $10,274M |
$23 - $24 21,300,000 |
Morgan Stanley Goldman |
| Global entertainment production company and talent agency. | |||
| Fortegra (FRF) Jacksonville, FL |
$133M $938M |
$15 - $17 8,300,000 |
BofA Barclays |
| Specialty insurer focused on niche business lines and fee-based services. | |||
| Privia Health Group (PRVA) Arlington, VA |
$351M $2,190M |
$17 - $19 19,500,000 |
Goldman JP Morgan |
| Provides a value-based care platform for physicians. | |||
| Vaccitech (VACC) Oxford, United Kingdom |
$111M $614M |
$16 - $18 6,500,000 |
Morgan Stanley Jefferies |
| Develops T cell immunotherapies and vaccines for cancers, COVID-19, and other diseases. | |||
| Werewolf Therapeutics (HOWL) Cambridge, MA |
$100M $450M |
$15 - $17 6,250,000 |
Jefferies SVB Leerink |
| Preclinical biotech developing immune therapies for cancer. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/22/21, the Renaissance IPO Index was down 2.1% year-to-date, while the S&P 500 was up 10.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 2.4% year-to-date, while the ACWX was up 6.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and Kuaishou Technology.
