The IPO market was full steam ahead this past week as 11 IPOs came to market. SPAC activity remained steady with seven blank check IPOs. New filers continue to pour into the IPO pipeline, with 15 IPOs and eight SPACs submitting initial filings.
Tech consultancy Thoughtworks (TWKS) raised $774 million at a $7.0 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. Profitable with positive cash flow, Thoughtworks has a sticky customer base with 120%+ dollar-based net retention. Thoughtworks finished up 64%.
Swiss running shoe brand On (ONON) raised $746 million at a $7.5 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. This running shoe company has demonstrated growth and profitability, but it faces significant competition. On finished up 62%.
Sports betting and data firm Sportradar (SRAD) raised $513 million at an $8.0 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Despite growth and profitability, Sportradar faces growing competition and regulatory uncertainty. Sportradar finished flat.
Drive-thru coffee chain Dutch Bros (BROS) raised $484 million at a $4.0 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company. Dutch Bros finished up 89%.
Healthcare intelligence platform Definitive Healthcare (DH) raised $420 million at a $4.0 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. With robust profitability and strong cash flow, the company has a diversified customer base but is leveraged post-IPO. Definitive Healthcare finished up 81%.
Identity management platform ForgeRock (FORG) raised $275 million at a $2.3 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. ForgeRock has seen strong growth but is unprofitable with high S&M spend. ForgeRock finished up 89%.
Mortgage insurance spinoff Enact Holdings (ACT) raised $253 million at a $3.1 billion market cap. Being spun out of Genworth Financial, this company provides mortgage insurance primarily to consumers that purchase homes with less than 20% down payments. Enact Holdings finished up 5%.
Immunology biotech DICE Therapeutics (DICE) raised $204 million at a $618 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE filed a CTA for its lead candidate in July 2021 and plans to initiate a Phase 1 trial. DICE Therapeutics finished up 118%.
Oncology biotech Tyra Biosciences (TYRA) raised $173 million at a $689 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND in mid-2022. Tyra Biosciences finished up 24%.
Surgical robotics developer PROCEPT BioRobotics (PRCT) raised $164 million at a $1.2 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. Highly unprofitable, PROCEPT BioRobotics saw revenue increase more than sixfold in the 1H21. PROCEPT BioRobotics finished up 60%.
Micro-cap gas delivery service EzFill Holdings (EZFL) raised $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market. EzFill Holdings finished up 14%.
Seven blank check companies raised $1.2 billion this past week led by former Stericycle CEO-led Sierra Lake Acquisition (DWACU), which raised $300 million.
| 18 IPOs During the Week of September 13th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/17 |
| DICE Therapeutics (DICE) | $204M | $618M | 6% | +117% | +118% |
| Phase 1-ready biotech developing oral small molecule therapies for immunologic diseases. | |||||
| Dutch Bros (BROS) | $484M | $3,977M | 21% | +59% | +89% |
| Owns and franchises drive-thru coffee shops in the Western US. | |||||
| ForgeRock (FORG) | $275M | $2,317M | 11% | +46% | +89% |
| Provides security identity management software to enterprises. | |||||
| Definitive Healthcare (DH) | $420M | $4,000M | 20% | +60% | +81% |
| Provides a healthcare intelligence platform for go-to-market sales strategies. | |||||
| Thoughtworks (TWKS) | $774M | $7,011M | 11% | +40% | +64% |
| Provides digital consulting and software development services. | |||||
| On (ONON) | $746M | $7,525M | 26% | +46% | +62% |
| Swiss running shoe and athletic apparel brand. | |||||
| PROCEPT BioRobotics (PRCT) | $164M | $1,195M | 9% | +68% | +60% |
| Makes a surgical robotic system for minimally-invasive urologic surgery. | |||||
| Tyra Biosciences (TYRA) | $173M | $689M | 7% | +63% | +24% |
| Preclinical biotech developing FGFR kinase inhibitors for solid tumors. | |||||
| EzFill Holdings (EZFL) | $25M | $104M | 0% | +14% | +14% |
| Provides an on-demand fuel delivery service in Florida via mobile app. | |||||
| Enact Holdings (ACT) | $253M | $3,094M | -14% | +8% | +5% |
| Private mortgage insurance company being spun out of Genworth Financial. | |||||
| SOAR Technology Acq. (FLYA.U) | $200M | $267M | 0% | +2% | +2% |
| Blank check company led by travel entrepreneur Joe Poulin targeting tech-enabled businesses. | |||||
| WinVest Acquisition (WINVU) | $100M | $125M | 0% | +1% | +1% |
| Blank check company formed by Trefis targeting the financial services industry. | |||||
| CIIG Capital Partners II (CIIGU) | $250M | $313M | 0% | +1% | +1% |
| Second blank check company formed by industry veterans targeting TMT. | |||||
| Aesther Healthcare Acq. (AEHAU) | $100M | $125M | 0% | +1% | +1% |
| Blank check company led by TRxADE Health executives targeting the pharma and medical device sectors. | |||||
| Pacifico Acquisition (PAFOU) | $50M | $65M | 0% | +1% | +1% |
| Blank check company targeting the new energy, biotech, and education sectors in Asia. | |||||
| Sportradar (SRAD) | $513M | $8,044M | 2% | -7% | +0% |
| Provides software and data to the sports betting industry. | |||||
| Sierra Lake Acquisition (SIERU) | $300M | $375M | 0% | -1% | -1% |
| Blank check company led by the former CEO of Stericycle and others with industrial, consumer, and finance experience. | |||||
| Endurance Acquisition (EDNCU) | $200M | $250M | 0% | -2% | -1% |
| Blank check company formed by Antarctica Capital targeting space and technology. | |||||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
15 IPOs submitted initial filings this past week. Telecom tower giant IHS Holding (IHS) filed for an estimated $1.5 billion IPO. Software development platform GitLab (GTLB) filed for an estimated $750 million IPO. Home furnishing maker Keter Group (KETR) filed for an estimated $400 million IPO. Solid tumor biotech Theseus Pharmaceuticals (THRX), fitness chain Life Time Group Holding (LTH), drug developer AEON Biopharma (AEON), business payments firm AvidXchange (AVDX), tumor biotech Pyxis Oncology (PYXO), and investment management software provider Enfusion (ENFN) all filed to raise $100 million. Blood glucose testing device maker Intuity Medical (POGO) filed to raise $75 million. Touchscreen maker WeTouch Technology (WETH) filed to raise $62 million. Allogeneic T cell biotech MiNK Therapeutics (INKT) and Canadian bank VersaBank (VBNK) both filed to raise $50 million. Oncology biotech Immix Biopharma (IMMX), and tennis ball launcher brand Slinger Bag (SLBG.RC) both filed to raise $25 million.
Eight SPACs submitted initial filings, led by real estate-focused MELI Kaszek Pioneer (MEKA), which filed to raise $250 million.
| 23 Filings During the Week of September 13th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| AEON Biopharma (AEON) | $75M | Health Care | Wells Fargo |
| Phase 2 biotech developing a botulinum toxin therapy for neuro and gastroenterology indications. | |||
| AvidXchange (AVDX) | $100M | Technology | Goldman |
| Provides a billing and payments software platform to mid-market businesses. | |||
| Enfusion (ENFN) | $100M | Technology | Morgan Stanley |
| Provides cloud-based investment management software. | |||
| GitLab (GTLB) | $750M | Technology | Goldman |
| Provides software development and collaboration tools for programmers. | |||
| IHS Holding (IHS) | $1,500M | Communication Services | Goldman |
| Africa's largest independent telecom towers operator. | |||
| Immix Biopharma (IMMX) | $25M | Health Care | ThinkEquity |
| Phase 1b/2a biotech developing tissue-specific therapies for solid tumors. | |||
| Intuity Medical (POGO) | $75M | Health Care | Goldman |
| Makes an automated self-contained blood glucose monitor. | |||
| Pyxis Oncology (PYXO) | $100M | Health Care | BofA |
| Preclinical biotech developing antibody therapies for solid and hematologic tumors. | |||
| IX Acquisition (IXAQU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting the TMT and ICT industries in Europe and emerging markets. | |||
| Keter (KETR) | $400M | Consumer Discretionary | Goldman |
| Makes resin-based indoor and outdoor home furnishings. | |||
| Rose Hill Acquisition (ROSEU) | $125M | SPAC | Cantor Fitz. |
| Blank check company targeting fast-growing and profitable sectors in Latin America. | |||
| Theseus Pharmaceuticals (THRX) | $100M | Health Care | Jefferies |
| Preclinical biotech developing pan-variant kinase inhibitors for solid tumors. | |||
| ARC Bioholdings I (ARCKU) | $150M | SPAC | Cantor Fitz. |
| Blank check company backed by Rapha Capital Management and RNA Capital Advisors targeting biopharmas. | |||
| Compass Digital Acq. (CDAQU) | $200M | SPAC | Citi |
| Blank check company led by the former CEO of Wipro targeting the tech sector. | |||
| MiNK Therapeutics (INKT) | $50M | Health Care | Evercore ISI |
| Phase 1 biotech developing allogeneic NK T cells for cancer and other diseases. | |||
| Renewable Energy Acq. (REAIU) | $75M | SPAC | Maxim |
| Blank check company targeting renewable energy related industries globally (ex-China). | |||
| Deep Medicine Acquisition (DMAQU) | $100M | SPAC | I-Bankers |
| Blank check company targeting the healthcare industry. | |||
| Life Time (LTH) | $100M | Consumer Discretionary | Goldman |
| Premium US health and fitness chain. | |||
| MELI Kaszek Pioneer Corp (MEKA) | $250M | SPAC | BofA |
| Blank check company formed by MercadoLibre and Kaszek targeting tech in Latin America. | |||
| Phoenix Biotech Acq. (PBAXU) | $155M | SPAC | Cantor Fitz. |
| Blank check company targeting healthcare in the US and Europe. | |||
| Slinger Bag (SLBG.RC) | $25M | Consumer Discretionary | Spartan Securities |
| Makes a portable tennis ball launcher. | |||
| VersaBank (VBNK) | $50M | Financials | Raymond James |
| Canadian digital bank. | |||
| Wetouch Technology (WETH) | $62M | Technology | Craft Cap. Mgmt. |
| Makes medium to large sized projected capacitive touchscreens. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/16/2021, the Renaissance IPO Index was up 7.8% year-to-date, while the S&P 500 was up 19.1%. 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 14.8% year-to-date, while the ACWX was up 9.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.
