The IPO calendar is empty thanks to Easter and Passover, but not for long. Six companies become free to launch their roadshows in the week ahead. Six others appear poised to move forward as well.
Those should kick off a very active May, which we expect to surpass the prior year period's 21 offerings, becoming the most active May since 2013 (30).
Several deals can launch next Monday and price the week of April 29, including social gaming spinoff SciPlay ( SCPL ), fast growing device maker TransMedics ( TMDX ), and neurological biotech Trevi Therapeutics ( TMDX ).
Chinese plastic surgery marketplace So-Young International ( SY ) can set terms for its $150 million IPO on Tuesday; the company grew 138% in 2018 ($92 million) with positive EBITDA ($12 million). Small-cap Louisiana bank Red River Bancshares (RRBI) can go on Thursday.
Uber (UBER) becomes free to launch its roadshow this Friday . IPOs more commonly set terms on Monday, but Friday launches allow a company to market the deal in Asia on Monday.
Plant-based burger maker Beyond Meat (BYND)) and postal REIT Postal Realty Trust (PSTL) also look ready to launch roadshows, along with a four potential billion-dollar IPOs, Chinese e-commerce site Yunji (YJ), radio station giant iHeartMedia (IHRT.RC), revenue cycle software provider Change Healthcare (CHNG), and laboratory supplies company Avantor (AVTR).
IPO Market Snapshot
| 12 IPOs Look Ready to Launch the Week of April 22nd, 2019 |
|Est. Deal |
|Sector ||Lead |
| Uber (UBER) ||$10,000M ||Technology ||Morgan Stanley |
| Operates the world's largest on-demand ridesharing network. |
| Change Healthcare (CHNG) ||$2,000M ||Technology ||Barclays |
| Provides healthcare revenue cycle management software and services. |
| iHeartMedia (IHRT.RC) ||$1,500M ||Comm. Services ||Goldman |
| Restructured radio station operator with the US's largest footprint. |
| Avantor (AVTR) ||$1,500M ||Materials ||Deutsche Bank |
| LBO'd provider of laboratory supplies and services. |
| Yunji (YJ) ||$1,000M ||Technology ||Morgan Stanley |
| Chinese e-commerce site that uses a social platform to promote its products. |
| SciPlay ( SCPL ) ||$200M ||Technology ||BofA ML |
| Scientific Games' social gaming unit offering casino-style mobile games. |
| So-Young International ( SY ) ||$150M ||Technology ||Deutsche Bank |
| China-based online marketplace for plastic surgery services. |
| Postal Realty Trust (PSTL) ||$115M ||Real Estate ||Stifel |
| Recently-formed REIT that manages and leases properties to the USPS. |
| Beyond Meat (BYND) ||$100M ||Consumer Stap. ||Goldman |
| Makes plant-based meat products for groceries. |
| Trevi Therapeutics (TRVI) ||$86M ||Health Care ||SVB Leerink |
| Clinical stage biotech developing therapies for neurological disorders. |
| TransMedics ( TMDX ) ||$86M ||Health Care ||Morgan Stanley |
| Medical device company that provides a system for organ transplants. |
| Red River Bancshares (RRBI) ||$30M ||Financials ||FIG Partners |
| Louisiana commercial bank with 24 locations across the state. |
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/11/19, the Renaissance IPO Index was up 30.6% year-to-date, while the S&P 500 had a gain of 16.4%. Renaissance Capital's IPO ETF ( IPO
) tracks the index, and top ETF holdings include Elanco (ELAN) and VICI Properties (VICI). The Renaissance International IPO Index was up 13.7% year-to-date, while the ACWX was up 14.1%. Renaissance Capital's International IPO ETF ( IPOS
) tracks the index, and top ETF holdings include SoftBank and Xiaomi.
The article US IPO Week Ahead: No IPOs but these 12 deals can hop back in after Easter
originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com. Investment Disclosure:
The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO)
, Renaissance International ETF (symbol: IPOS)
, or separately managed institutional accounts may have investments in securities of companies mentioned.