US IPO Weekly Recap: DiDi leads a 19 IPO week, the busiest since 2004

In the US IPO market’s busiest week since 2004, 19 IPOs raised nearly $10 billion, led by Chinese ride-hailing giant DiDi Global (DIDI).

The second largest IPO of the year, DiDi (DIDI) upsized and priced at the high end to raise $4.4 billion at a $70.4 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic. It has a large accumulated deficit, and has been probed by China’s regulator for anti-trust violations. DiDi finished up 11%.

Cybersecurity platform SentinelOne (S) upsized and priced above the upwardly revised range to raise $1.2 billion at a $10.6 billion market cap. Fast growing and highly unprofitable, SentinelOne provides an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. The company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior. SentinelOne finished up 27%.

Turkish e-commerce platform D-MARKET Electronic Services & Trading (HEPS) priced at the midpoint to raise $681 million at a $3.4 billion market cap. Operating under the name Hepsiburada, the company is Turkey’s #2 e-commerce player, connecting 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. D-MARKET finished up 17%.

Legal solutions provider LegalZoom.com (LZ) priced above the range to raise $535 million at a $5.8 billion market cap. The company addresses a large market opportunity, accounting for 10% of new LLCs and 5% of new corporations formed in the US in 2020. The company has delivered solid growth, though S&M investments weighed on EBITDA margin in the 1Q21. LegalZoom finished up 39%.

Doughnut brand Krispy Kreme (DNUT) priced below the range to raise $500 million at a $2.9 billion market cap. Krispy Kreme operates through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven. Krispy Kreme finished up 12%.

Identity verification service Clear Secure (YOU) priced above the range to raise $409 million at a $4.5 billion market cap. Clear Secure's secure identity platform uses biometrics to automate the identity verification process. As of 5/31/21, its network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners. Clear Secure finished up 55%.

SaaS solutions provider EverCommerce (EVCM) priced at the midpoint to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. While it has a history of strong EBITDA margins, heavy spending on acquisitions has resulted in GAAP unprofitability. EverCommerce finished up 1%.

Xometry (XMTR) priced above the range to raise $303 million at a $2.0 billion market cap. Xometry is a leading AI-enabled marketplace for on-demand manufacturing, serving businesses ranging from self-funded start-ups to Fortune 100 companies. Unprofitable with solid growth, the company’s platform has facilitated manufacturing of over 6 million parts since its inception. Xometry finished up 58%.

Software provider Intapp (INTA) priced within the range to raise $273 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR. Intapp finished up 3%.

Integral Ad Science Holding (IAS) priced above the range to raise $270 million at a $2.8 billion market cap. The company’s technology provides solutions that enable advertisers to measure the quality and performance of their ads. The company is highly profitable, though programmatic partner costs have weighed on gross margin. Integral Ad Science finished up 4%.

Plus-sized women’s apparel brand Torrid Holdings (CURV) upsized and priced at the high end to raise $231 million at a $2.3 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The company is profitable with strong sales retention, though economic uncertainty may continue to weigh on sales. Torrid finished up 27%.

Alzheimer’s biotech Acumen Pharmaceuticals (ABOS) upsized and priced at the high end to raise $160 million at a $675 million market cap. The company's lead candidate is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers, and it entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21. Data is expected by year end 2022. Acumen finished up 27%.

Neuromodulation device provider CVRx (CVRX) upsized and priced above the range to raise $126 million at a $389 million market cap. The company states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction. CVRx finished up 41%.

Aerovate Therapeutics (AVTE) upsized and priced at the midpoint to raise $122 million at a $347 million market cap. Aerovate is developing a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21. Aerovate finished up 42%.

After slashing its deal size earlier in the week, Chinese grocery delivery platform Dingdong (DDL) priced at the low end to raise $96 million at a $5.5 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020. Dingdong finished up 23%.

Belgium-listed Nyxoah (NYXH) raised $85 million at a $768 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US. Nyxoah finished flat.

OTC-listed pet food company Better Choice (BTTR) raised $40 million at a $138 million market cap. Better Choice is an omni-channel supplier of premium pet food products under the Halo and TruDog brands. Unprofitable with strong growth, the company believes it will continue to benefit from the humanization of pets and increased consumer focus on health and wellness. Better Choice finished down 11%.

Chinese event planner Pop Culture Group (CPOP) upsized and priced at the high end to raise $37 million at a $110 million market cap. Pop Culture Group hosts entertainment events, operates hip-hop related online programs, and provides event planning and execution services and marketing services to corporate clients. After soaring more than 400% on its first day, Pop Culture finished up 790%.

The Glimpse Group (VRAR) priced at the midpoint to raise $12 million at an $84 million market cap. Glimpse Group is a hardware agnostic virtual (VR) and augmented (AR) reality platform company, comprised of a diversified group of wholly-owned and operated VR and AR companies, providing enterprise-focused software, services, and solutions. Glimpse Group finished up 78%.

13 SPACs raised $2.9 billion this past week led by Elliott Management’s Elliott Opportunity II (EOCW.U), which raised $530 million.

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21 IPOs submitted initial filings, led by stock trading app Robinhood Markets (HOOD) and vehicle batter maker Clarios International (BTRY), which we estimate could each raise up to $2 billion. Leading fruit and vegetable company Dole (DOLE) filed for an estimated $600 million IPO, and online language learning platform Duolingo (DUOL) filed for an estimated $250 million IPO. Gene editing biotech Caribou Biosciences (CRBU), pharma royalty acquirer Healthcare Royalty (HCRX), clinical trial solutions provider WCG Clinical (WCGC), drug discovery platform AbSci (ABSI), smart home tech maker Snap One Holdings (SNPO), anti-fraud firm Riskified (RSKD), content marketing platform Outbrain (OB), learning management platform Instructure (INST), Chinese home services provider Daojia (JIA), Swiss health tech company SOPHiA GENETICS (SOPH), rare disease biotech Rallybio (RLYB), and cell analysis instrument provider Cytek BioSciences (CTKB) all filed to raise $100 million. Identity verification platform Ipsidy (AUID) filed to raise $24 million, seed oil producer Huake Holding Biology (HUAK) filed to raise $20 million, imaging equipment maker ScoutCam (SCTC) filed to raise $12 million, immunotherapy biotech Eilicio Therapeutics (ELTX) filed to raise $10 million. IoT platform Minim (MINM) filed for a $29 million Nasdaq uplisting.

10 SPACs submitted initial filings, led by Deerfield Management, ARCH Venture Partners, and Section 32’s DA32 Life Science Tech Acquisition (DALS), which filed to raise $200 million.


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This past week, Renaissance Capital released its updated 2Q 2021 US IPO Market Review, exploring the second quarter’s record-breaking activity, best and worst performers, and outlook for the 3Q.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/1/21, the Renaissance IPO Index was up 1.3% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.3% year-to-date, while the ACWX was up 9.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.