The IPO market saw an uptick in activity this past week with six IPOs raising $919 million, led by IoT solutions developer Samsara (IOT). 14 SPACs also went public. The pipeline got a boost, with six IPOs and three SPACs submitting initial filings.
Samsara (IOT) priced at the high end to raise $805 million at a $12.4 billion market cap. This "internet-of-things" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22. Samsara finished down 3%.
Italian solid tumor biotech Genenta Science (GNTA) upsized and priced at the midpoint to raise $36 million at a $208 million market cap. Genenta’s lead candidate, Temferon, is currently in a Phase 1/2a dose-escalation trial in newly diagnosed glioblastoma multiforme patients with unmethylated MGMT gene promoters. The company anticipates completing patient enrollment and treatment by the 2Q22. Genenta finished down 4%.
Wine brand Fresh Vine Wine (VINE) priced at the high end to raise $22 million at a $122 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico. Fresh Vine Wine finished down 43%.
Micro-cap Immix Biopharma (IMMX) priced at the low end to raise $21 million at a $71 million market cap. Immix Biopharma is developing a novel class of tissue-specific therapies in oncology and inflammation. Its lead candidate, IMX-110, is currently in Phase 1b/2a trials for solid tumors in the US and Australia. Immix finished down 20%.
Australia-listed Bionomics (BNOX) raised $20 million at an $89 million market cap. Bionomics’ lead candidate, BNC210, is expected to begin its Phase 2 PREVAIL trial for social anxiety disorder by the end of 2021, with topline data anticipated by the end of 2022, and has already started its Phase 2b ATTUNE trial for PTSD, with topline data anticipated in the 1H23. Bionomics finished up 5%.
Micro-cap satellite developer Sidus Space (SIDU) priced at the midpoint to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21. Sidus Space finished up 133%.
14 SPACs went public led by electrification-focused Battery Future Acquisition (BFAC.U) and Investcorp’s Investcorp Europe Acquisition I (IVCBU), which both raised $300 million.
| 20 IPOs During the Week of December 13th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/17 |
| Sidus Space (SIDU) | $15M | $81M | 0% | +144% | +133% |
| Provides satellite and space services and defense manufacturing. | |||||
| Bionomics (BNOX) | $20M | $89M | 0% | +19% | +5% |
| Australian Phase 2 biotech developing allosteric ion channel modulators for CNS disorders. | |||||
| Kairous Acquisition (KACLU) | $75M | $98M | 0% | +1% | +1% |
| Blank check company led by the founder of Kairous Capital targeting businesses in Asia. | |||||
| CF Acquisition VII (CFFSU) | $175M | $223M | 0% | +0% | +0% |
| Seventh blank check company formed by Cantor Fitzgerald. | |||||
| Investcorp Europe Acq. I (IVCBU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company formed by Investcorp targeting businesses in Europe. | |||||
| AP Acquisition (APCAU) | $150M | $188M | 0% | n/a | +0% |
| Blank check company targeting the decarbonization and renewable energy sectors. | |||||
| Spree Acquisition (SHAPU) | $175M | $227M | 0% | n/a | +0% |
| Blank check company targeting mobility-related technology businesses. | |||||
| FTAC Emerald Acquisition (EMLDU) | $220M | $305M | 0% | n/a | +0% |
| Blank check company led by SPAC veteran Betsy Cohen targeting sustainable businesses. | |||||
| Ault Disruptive Tech (ADRTU) | $100M | $125M | 0% | n/a | +0% |
| Blank check company backed by Ault Global targeting disruptive technology. | |||||
| Ahren Acquisition (AHRNU) | $275M | $344M | 0% | +0% | +0% |
| Blank check company formed by Ahren Innovation Capital targeting deep science and deep tech. | |||||
| Battery Future Acq. (BFAC.U) | $300M | $375M | 0% | +0% | +0% |
| Blank check company targeting electrification transition. | |||||
| EVe Mobility Acquisition (EVE.U) | $220M | $304M | 0% | +0% | +0% |
| Blank check company led by NXCR executives targeting the mobility-related ecosystem. | |||||
| Alpha Star Acquisition (ALSAU) | $100M | $128M | 0% | +1% | +0% |
| Blank check company targeting businesses with a connection to the Asian market. | |||||
| Pearl Holdings Acq. (PRLHU) | $175M | $219M | 0% | +0% | +0% |
| Blank check company targeting global consumer-focused industries. | |||||
| Revelstone Capital Acq. (RCACU) | $150M | $188M | 0% | -1% | -1% |
| Blank check company led by the founders of Revelstone Capital. | |||||
| Swiftmerge Acquisition (IVCPU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company formed by IVEST Consumer Partners targeting disruptive consumer businesses. | |||||
| Samsara (IOT) | $805M | $12,415M | 7% | +7% | -3% |
| Develops fleet management and other Internet of Things solutions for businesses. | |||||
| Genenta Science (GNTA) | $36M | $208M | 0% | -4% | -4% |
| Italian Phase 1/2 biotech developing stem cell gene therapies for solid tumors. | |||||
| Immix Biopharma (IMMX) | $21M | $71M | -9% | -27% | -20% |
| Phase 1b/2a biotech developing tissue-specific therapies for solid tumors. | |||||
| Fresh Vine Wine (VINE) | $22M | $122M | 5% | -30% | -43% |
| Produces low carb, low calorie premium wines in the US. | |||||
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Six IPOs submitted initial filings led by leading PE firm TPG (TPG), which filed for an estimated $1.5 billion IPO. ALS biotech Amylyx Pharmaceuticals (AMLX), software firm Justworks (JW), and hypertension biotech CinCor Pharma (CINC) all filed to raise $100 million. Chinese food and beverage supplier Fortune Valley Treasures (FVTI) filed to raise $25 million, and cybersecurity services provider Cerberus Cyber Sentinel (CISO) filed to raise $10 million.
Three SPACs submitted initial filings led by Sagansky and Sloan’s Screaming Eagle Acquisition (SCRMU), which filed to raise $750 million.
| 9 Filings During the Week of December 13th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| CinCor Pharma (CINC) | $100M | Health Care | Morgan Stanley |
| Phase 2 biotech developing oral treatments for hypertension and cardio-renal diseases. | |||
| Constitution Acquisition (USSCU) | $200M | SPAC | Cowen |
| Blank check company formed by Old Ironsides targeting the natural gas value chain in North America. | |||
| Amylyx Pharmaceuticals (AMLX) | $100M | Health Care | Goldman |
| Phase 3 biotech developing therapies to treat ALS. | |||
| Fortune Valley Treasures (FVTI) | $25M | Consumer Staples | Joseph Stone |
| Food and beverage supply chain company in China. | |||
| Justworks (JW) | $100M | Technology | Goldman |
| Provides a cloud-based human capital management platform for SMBs. | |||
| Mindset Growth Opp. I (MSVAU) | $175M | SPAC | Citi |
| Blank check company targeting disruptive agriculture and food technologies. | |||
| TPG (TPG) | $1,500M | Financials | JP Morgan |
| Global alternative asset manager. | |||
| Screaming Eagle Acq. (SCRMU) | $750M | SPAC | Goldman |
| Ninth blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan. | |||
| Cerberus Cyber Sentinel (CISO) | $10M | Technology | Boustead |
| Provides tailored security solutions through consulting and related services. | |||
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Renaissance Capital recently released its Annual Review for the US market, exploring the year’s record-breaking activity, best and worst performers, and outlook for 2022.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
