12 IPOs raised $3.7 billion this past week, led by software maker UiPath (PATH), which raised more than $1 billion in its public debut. The pipeline remained active, with 11 IPOs and one direct listing submitting initial filings. SPAC activity continued to decline, with no pricings for the first week ever in 2021 and just four new filings.
The largest deal of the week, UiPath (PATH) priced above the upwardly revised range to raise $1.3 billion at a $31.4 billion market cap. The software provider allows corporate users to easily identify and automate repetitive tasks. While it is historically unprofitable due to high sales and marketing spend, the company’s revenue and ARR both saw strong growth in the FY21. UiPath finished up 34%.
Biofacturing company Zymergen (ZY) upsized and priced at the high end to raise $500 million at a $3.2 billion market cap. Zymergen is using bio-based manufacturing to produce faster, cheaper, and more sustainable materials with a wide array of applications including foldable touchscreens. The company aims to produce potentially breakthrough products, though it has yet to demonstrate manufacturing at scale. Zymergen finished up 29%.
Swimming pool provider Latham Group (SWIM) priced at the low end to raise $380 million at a $2.3 billion market cap. The company is the largest US manufacturer of fiberglass residential pools, with what it believes is 50%+ share. While the residential pool industry is highly cyclical, fiberglass pools have been gaining share versus traditional concrete. Latham finished up 43%.
Medical equipment services provider Agiliti (AGTI) priced well below the range to raise $368 million at a $1.9 billion market cap. The company aims to improve patient care by providing a comprehensive suite of equipment management and service solutions. The company believes it has over $1 billion of whitespace within its existing customers, though it is highly leveraged post-IPO. Agiliti finished up 17%.
Advertising analytics company DoubleVerify Holdings (DV) priced at the high end to raise $360 million at a $4.6 billion market cap. The company offers a suite of tools that allows advertisers to measure and make insights about the performance of ads. The company is highly profitable with a sticky customer base, though it faces significant competition. DoubleVerify finished up 27%.
Medical device maker Treace Medical Concepts (TMCI) upsized and priced at the high end to raise $191 million at a $995 million market cap. Treace’s Lapiplasty 3D Bunion Correction System is designed to improve outcomes for bunion surgery patients. The company has demonstrated growth and profitability on an EBIT basis, but it faces competition from much larger players in the space. Treace finished up 50%.
Cybersecurity training platform KnowBe4 (KNBE) downsized and priced at the low end to raise $152 million at a $2.9 billion market cap. The company provides a corporate training platform that aims to enable employees to identify cybersecurity attacks. It has been able to operate near breakeven with positive cash flow, though its growth has decelerated in recent quarters. KnowBe4 finished up 44%.
Oncology biotech Rain Therapeutics (RAIN) priced at the midpoint to raise $125 million at a $457 million market cap. The company in-licensed its lead product in September 2020 based on promising Phase 1 results. It plans to initiate a Phase 3 trial in liposarcoma and a Phase 2 tumor-agnostic basket trial in certain solid tumors in the 2H21. Rain Therapeutics finished down 7%.
After a regulatory delay, epilepsy device maker NeuroPace (NPCE) upsized and priced at the high end to raise $102 million at a $445 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 is a novel approach, the epilepsy market is highly competitive. NeuroPace finished up 50%.
US semiconductor foundry SkyWater Technology (SKYT) upsized and priced at the high end to raise $97 million at a $575 million market cap. SkyWater is a pure-play foundry that offers advanced semiconductor engineering and manufacturing services. A global chip shortage may provide the company with a near-term boost, though its revenue stream is concentrated. SkyWater finished up 50%.
Migraine and CNS drug developer Impel NeuroPharma (IMPL) priced at the midpoint to raise $80 million at a $316 million market cap. The company’s contains upper nasal formulations of established drugs for the acute treatment of migraine and other indications. Impel filed an NDA for its lead candidate in November 2020, which the FDA filed and accepted. Impel finished flat.
Chinese CRM software provider Infobird (IFBD) raised $25 million at a $101 million market cap. The company provides a SaaS platform that allows companies to proactively deliver and manage end-to-end customer engagement. The company saw revenue decline in the 1H20, and its largest customer did not renew its service contract, which expired on June 30, 2020. Inforbird finished up 6%.
| 12 IPOs During the Week of April 19th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 04/23 |
| Treace Medical Concepts (TMCI) | $191M | $995M | 6% | +50% | +50% |
| Makes a medical device system for the treatment of bunions. | |||||
| SkyWater Technology (SKYT) | $97M | $575M | 8% | +27% | +50% |
| US-based semiconductor foundry offering engineering and fabrication services. | |||||
| NeuroPace (NPCE) | $102M | $445M | 6% | +47% | +50% |
| Makes a brain-responsive neuromodulation system for drug-resistant epilepsy. | |||||
| KnowBe4 (KNBE) | $152M | $2,878M | -6% | +51% | +44% |
| Provides enterprises with an employee cybersecurity training platform. | |||||
| Latham Group (SWIM) | $380M | $2,294M | -5% | +43% | +43% |
| Leading designer and manufacturer of in-ground residential swimming pools. | |||||
| UiPath (PATH) | $1,338M | $31,423M | 20% | +23% | +34% |
| Provides software for robotic process automation. | |||||
| Zymergen (ZY) | $500M | $3,184M | 5% | +21% | +29% |
| Developing biomanufacturing technologies for materials and chemicals. | |||||
| DoubleVerify (DV) | $360M | $4,569M | 6% | +33% | +27% |
| Offers a software platform that provides analytics for digital advertising. | |||||
| Agiliti (AGTI) | $368M | $1,872M | -26% | +17% | +17% |
| Provides medical equipment management, rental, and maintenance services. | |||||
| Infobird (IFBD) | $25M | $101M | 0% | +51% | +6% |
| Provides a SaaS customer engagement platform in China. | |||||
| Impel NeuroPharma (IMPL) | $80M | $316M | 0% | +0% | +0% |
| Late-stage developer of intranasal drug formulations for migraines and CNS diseases. | |||||
| Rain Therapeutics (RAIN) | $125M | $457M | 0% | -7% | -7% |
| Phase 3-ready biotech developing in-licensed therapies for cancer. | |||||
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11 IPOs and one direct listing submitted initial filings this past week. Swedish vegan food company Oatly (OTLY) filed for an estimated $1 billion US IPO. Peruvian produce supplier Camposol (CMSL) filed to raise $450 million. Dutch hearing care provider hear.com (HCG), private mortgage insurance company Genworth Mortgage (GMH.RC), German psychedelics startup ATAI Life Sciences (ATAI), Brazilian mobile payments platform PicS (PICS), UK-based biotech holding company Centessa Pharmaceuticals (CNTA), Swiss engineered protein biotech Molecular Partners (MOLN), preclinical cell therapy cancer biotech TScan Therapeutics (TCRX), and bike-sharing platform provider Hello (HLLO.RC) all filed to raise $100 million. Phase 2b immunological biotech Vera Therapeutics (VERA) filed to raise $86 million. Online job marketplace ZipRecruiter (ZIP) filed to go public in a direct listing.
Five SPACs submitted initial filings led by Wes Moore’s SPAC Focus Impact Acquisition (FIAU.RC) and Ascendant Digital Acquisition (ASNDU.RC), which both filed to raise $250 million.
| 17 Filings During the Week of April 19th, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Focus Impact Acquisition (FIAU.RC) | $250M | SPAC | Citi |
| Blank check company led by Wes Moore targeting a high-growth "social-forward" business. | |||
| Hello (HLLO.RC) | $100M | Consumer Discretionary | Credit Suisse |
| China-based provider of bike-sharing and other mobility services. | |||
| SPK Acquisition (SPKU) | $50M | SPAC | Chardan |
| Blank check company targeting an Asia-based TMT business. | |||
| TScan Therapeutics (TCRX) | $100M | Health Care | Morgan Stanley |
| Preclinical biotech developing engineered T cell cancer therapies. | |||
| Vera Therapeutics (VERA) | $86M | Health Care | Jefferies |
| Phase 2b biotech developing fusion proteins for immunological diseases. | |||
| ZipRecruiter (ZIP) | $0M | Technology | |
| Operates an online job marketplace. | |||
| Agrico Acquisition (RICOU) | $125M | SPAC | Maxim |
| Blank check company targeting agriculture, horticulture, and aquaculture. | |||
| Molecular Partners (MOLN) | $100M | Health Care | JP Morgan |
| Swiss biotech developing engineered protein therapies for COVID-19 and cancers. | |||
| Centessa Pharmaceuticals (CNTA) | $100M | Health Care | Morgan Stanley |
| Biotech holding company carved out of Medicxi. | |||
| PicS (PICS) | $100M | Technology | BTG Pactual |
| Operates a mobile payments app in Brazil. | |||
| ATAI Life Sciences (ATAI) | $100M | Health Care | Credit Suisse |
| Healthcare firm investing in psychedelics and other underused therapies for mental health. | |||
| Crescera Capital Acq. (CRCAU.RC) | $200M | SPAC | UBS |
| Blank check company formed by Crescera Capital targeting businesses in Latin America. | |||
| Ascendant Dig. Acq. III (ASNDU.RC) | $250M | SPAC | Goldman |
| Blank check company targeting digital media and entertainment. | |||
| Camposol Holding (CMSL) | $450M | Consumer Staples | BofA |
| Vertically integrated Peruvian supplier of global off-season produce. | |||
| Genworth Mortgage (GMH.RC) | $100M | Financials | JP Morgan |
| Private mortgage insurance company being spun out of Genworth Financial. | |||
| hear.com (HCG) | $100M | Health Care | Morgan Stanley |
| Hearing care services provider being spun out of WS Audiology. | |||
| Oatly (OTLY) | $1,000M | Consumer Staples | Morgan Stanley |
| Swedish vegan food company known for its oat milk. | |||
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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.
