Updated Monday, 8/30.
As the August lull continues, just two IPOs are currently scheduled for the week ahead. A handful of SPACs may price throughout the week as well. We also anticipate filing activity to continue steadily ahead of the IPO market’s post-Labor Day pickup.
Korean game developer DoubleDown Interactive (DDI) plans to raise $120 million at a $942 million market cap. DoubleDown is a leading developer and publisher of digital games on mobile and web-based platforms. Its games have been installed over 115 million times to date, and its flagship game has been in the top 20 grossing mobile games annually on Apple App Store since 2016. DoubleDown is profitable, though revenue growth decelerated in the 1H21.
OTC-listed sensor developer Focus Universal (FCUV) plans to raise $10 million at a $217 million market cap. The company is focused on the development, sale and installation of products using its proprietary IoT and power line communication technologies, universal smart monitors and controllers for the gardening industry, and distributed shared universal smart home products, which it plans to begin launching in the coming year.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| DoubleDown Interactive (DDI) Seoul, South Korea | $120M $942M | $18 - $20 6,316,000 | B. Riley |
| Leading developer and publisher of mobile- and web-based social casino games. | |||
| Focus Universal (FCUV) Ontario, CA | $10M $217M | $4 - $6 2,000,000 | Boustead |
| Developing smart sensors and devices for the home and other areas. | |||
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At least seven pending SPAC mergers are scheduled to hold their shareholder votes in the week ahead, including SPNV’s acquisition of real estate platform Offerpad.
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/26/2021, the Renaissance IPO Index was down 1.8% year-to-date, while the S&P 500 was up 19.0%. 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 12.1% year-to-date, while the ACWX was up 7.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.
