Updated Monday, 6/7.
Nine IPOs are currently slated to raise $3.9 billion, featuring digital payments, mental health services, and more.
Payments platform Marqeta (MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.
Chinese online recruitment platform Kanzhun (BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.
Mental health services provider LifeStance Health (LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.
Israel’s monday.com (MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.
BPO vendor TaskUs (TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.
Data-driven marketing platform Zeta Global (ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.
Preclinical cancer biotech Janux Therapeutics (JANX) plans to raise $152 million at a $652 million market cap. Janux is developing next-generation therapeutics based on its proprietary Tumor Activated T Cell Engager platform technology to better treat patients suffering from cancer. The company expects to submit at least two INDs by the end of 2022, initially seeking regulatory approval for its candidates as later lines of therapy.
Online luxury goods marketplace 1stDibs (DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.
Chinese online tutoring platform Zhangmen Education (ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Zhangmen Education (ZME) Shanghai, China |
$43M $1,939M |
$11 - $13 3,623,000 |
Morgan Stanley Credit Suisse |
| Chinese online after-school tutoring platform. | |||
| Marqeta (MQ) Oakland, CA |
$1,000M $12,387M |
$20 - $24 45,454,544 |
Goldman JP Morgan |
| Provides an open API platform for card issuing and digital payments. | |||
| 1stDibs (DIBS) New York, NY |
$112M $773M |
$18 - $21 5,750,000 |
BofA Barclays |
| Online marketplace for art, jewelry, antiques, and other luxury goods. | |||
| LifeStance Health (LFST) Scottsdale, AZ |
$640M $6,085M |
$15 - $17 40,000,000 |
Morgan Stanley Goldman |
| Provides outpatient mental health services. | |||
| monday.com (MNDY) Tel Aviv, Israel |
$490M $6,781M |
$125 - $140 3,700,000 |
Goldman JP Morgan |
| Provides a project management platform for businesses and schools. | |||
| Zeta Global (ZETA) New York, NY |
$250M $2,128M |
$10 - $12 22,727,272 |
Morgan Stanley BofA |
| Offers a customer data platform with automated marketing and advertising tools. | |||
| Janux Therapeutics (JANX) La Jolla, CA |
$152M $652M |
$15 - $17 9,500,000 |
BofA Cowen |
| Preclinical biotech developing novel T cell engagers for solid tumors. | |||
| Kanzhun (BZ) Beijing, China |
$864M $8,177M |
$17 - $19 48,000,000 |
Goldman Morgan Stanley |
| Leading online recruitment platform in China. | |||
| TaskUs (TASK) New Braunfels, TX |
$304M $2,507M |
$22 - $24 13,200,000 |
Goldman JP Morgan |
| Provides outsourced customer support and content review services to tech firms. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. 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 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.
