Updated Monday, 6/26.
Six IPOs are currently scheduled to debut in the week ahead, four of which plan to raise $100+ million.
Mexico-listed Vesta Real Estate (VTMX) plans to raise $401 million at a $2.6 billion market cap. Focused on industrial properties, Vesta is a fully-integrated, internally managed real estate company, with a portfolio of 202 buildings across fifteen Mexican states. The company will be leveraged post-IPO.
Natural gas compression firm Kodiak Gas Services (KGS) plans to raise $328 million at a $1.5 billion market cap. Kodiak’s compression assets are primarily deployed in the Permian Basin and Eagle Ford Shale, serving blue-chip upstream and midstream customers. While its business is highly capital-intensive, the company is profitable on EBITDA, and its fixed revenue contracts provide visibility and steady cash flows.
The largest for-profit thrift store chain in North America, Savers Value Village (SVV) plans to raise $300 million at a $2.8 billion market cap. The company operates a total of 317 stores under various banners, offering a range of goods with an average unit retail under $5. Savers Value Village has delivered strong post-COVID growth, though it will be leveraged post-IPO at 2.5x net debt to LTM EBITDA.
Bermuda-based Fidelis Insurance (FIHL) plans to raise $298 million at a $2.1 billion market cap. Fidelis provides specialty insurance and property reinsurance, with operations in Bermuda, Ireland, and the UK. Bolstered by experienced management and underwriting teams, the company grew gross premiums written at a double-digit CAGR from 2017 to 2022. Fidelis currently relies heavily on a related party for origination, underwriting, and claims management.
Holdover GEN Restaurant Group (GENK) plans to raise $33 million at a $352 million market cap. GEN's restaurants offer Korean and Korean-American food at 34 locations across California, Arizona, Nevada, Hawaii, Texas, New York, and Florida. Profitable and growing, the company believes its concept could more than 250 locations in the US. GEN’s restaurants are currently concentrated in California, with two-thirds of its locations in the state.
OTC-listed Alliance Entertainment Holding (AENT) plans to raise $5 million at a $154 million market cap. Alliance is a global wholesaler, direct-to-consumer distributor, and e-commerce provider for the entertainment industry, acting as a gateway between branded manufacturers of entertainment content and retailers. The company is large with a diverse customer base, though it is exposed to significant inventory risk.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Alliance Entertainment (AENT) Plantation, FL | $5M $154M | $3 1,666,667 | ThinkEquity |
| Wholesaler and distributor of entertainment products. | |||
| Fidelis Insurance (FIHL) Pembroke, Bermuda | $298M $2,055M | $16 - $19 17,000,000 | JP Morgan Barclays |
| Global provider of specialty insurance and property reinsurance. | |||
| Kodiak Gas Services (KGS) Montgomery, TX | $328M $1,538M | $19 - $22 16,000,000 | Goldman JP Morgan |
| Provides natural gas compression services in the US. | |||
| Savers Value Village (SVV) Bellevue, WA | $300M $2,764M | $15 - $17 18,750,000 | JP Morgan Jefferies |
| Largest for-profit thrift store operator in the US and Canada. | |||
| Vesta Real Estate (VTMX) Mexico City, Mexico | $401M $2,622M | $32.07 12,500,000 | Citi BofA |
| Owns and operates industrial real estate properties in Mexico. | |||
| GEN Restaurant Group (GENK) Cerritos, CA | $33M $352M | $10 - $12 3,000,000 | Roth Cap. |
| Korean BBQ restaurant chain with 34 locations in the US. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/22/2023, the Renaissance IPO Index was up 27.1% year-to-date, while the S&P 500 was up 15.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 10.4% year-to-date, while the ACWX was up 9.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
