The IPO market is expected to pick up in the week ahead with four IPOs scheduled to raise $3.7 billion.
Buffett-backed Nu Holdings (NU) plans to raise $2.5 billion at a $41.1 billion market cap. Operating as Nubank, this Brazilian online-only bank was formed in 2013 to launch a no-fees credit card offering with a mobile-first customer experience, but has since expanded to offer various other financial products. Nu has grown rapidly since its inception, with a current base of nearly 50 million customers, though revenue per customer has been falling as its base grows.
Cloud infrastructure platform HashiCorp (HCP) plans to raise $1.1 billion at a $14.0 billion market cap. This VC-backed company provides a suite of solutions that standardize and automate the provisioning, securing, connecting, and running of cloud infrastructure at scale. While it has demonstrated rapid growth and a sticky customer base, HashiCorp is highly unprofitable due to S&M spend.
Cannabis finance REIT Chicago Atlantic Real Estate Finance (REFI) plans to raise $106 million at a $296 million market cap. This newly-formed REIT is focused on originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its current portfolio consists of senior loans to state-licensed operators in the cannabis industry.
Canadian gold exploration company Austin Gold (AUST) plans to raise $15 million at a $64 million market cap. This Canadian gold exploration company currently has interests in four properties located in the state of Nevada, with just one property that it considers material at this time. Austin Gold has not generated any operating revenues to date.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Chicago Atlantic REF (REFI) Chicago, IL | $106M $296M | $16 - $18 6,250,000 | JMP Compass Point |
| Newly-formed commercial mortgage REIT focused on the cannabis industry. | |||
| HashiCorp (HCP) San Francisco, CA | $1,071M $14,022M | $68 - $72 15,300,000 | Morgan Stanley Goldman |
| Provides cloud infrastructure and data center management solutions. | |||
| Nu Holdings (NU) São Paulo, Brazil | $2,458M $41,060M | $8 - $9 289,150,560 | Morgan Stanley Goldman |
| Leading digital bank operating in Brazil, Mexico, and Colombia. | |||
| Austin Gold (AUST) Vancouver, Canada | $15M $64M | $4 - $6 3,000,000 | Roth Cap. |
| Canadian gold exploration company with four properties in Nevada. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/2/21, the Renaissance IPO Index was down 7.0% year-to-date, while the S&P 500 was up 21.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Snowflake (SNOW). The Renaissance International IPO Index was down 26.7% year-to-date, while the ACWX was up 5.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
