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US IPO Week Ahead: Unicorn Qualtrics leads pre-Thanksgiving feast of 8 IPOs


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As many as eight IPOs could price in the week ahead. Software unicorn Qualtrics  should dominate investor attention. Coming with a $4.8 billion proposed valuation, the company offers both fast growth and over a decade of generating positive cash flow. 

While eight deals may sound like a busy week, two are blank check companies, one is a newly-formed investment vehicle for uranium, one is a 100% pre-sold Chinese deal, and one has been on the IPO calendar for a month (Alzheon). The market's recent volatility is still hurting issuance, and we'll need to see new initial filings before we can expect a more active December.

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
Alzheon ( ALZH )
Framingham, MA
$30M
$82M
$4 - $6
6,000,000
ThinkEquity
HC Wainwright
Phase 3 biotech developing small molecule therapies for Alzheimer's disease.
Vapotherm ( VAPO )
Exeter, NH
$60M
$254M
$14 - $16
4,000,000
BofA ML
William Blair
Provides noninvasive breathing aids to treat respiratory distress.
Centrexion Therapeutics ( CNTX )
Boston, MA
$75M
$354M
$14 - $16
5,000,000
BofA ML
Leerink Partners
Developing non-opioid therapies for chronic pain.
Qualtrics International (XM)
Provo, UT
$400M
$4,812M
$18 - $21
20,512,820
Morgan Stanley
Goldman
Provides software used to analyze and improve user experience.
Weidai (WEI)
Hangzhou, China
$45M
$700M
$9 - $11
4,500,000
Morgan Stanley
Citi
Provides an auto-secured loan platform for small businesses in China.
AMCI Acquisition (AMCIU)
Greenwich, CT
$200M
$250M
$10
20,000,000
Jefferies
Blank check company formed by coal industry veteran Hans Mende.
FinTech Acquisition III (FTACU)
Philadelphia, PA
$275M
$355M
$10
27,500,000
Cantor Fitz.
Blank check company formed by management of The Bancorp to acquire a financial technology business.
Uranium Trading (UTC)
El Segundo, CA
$50M
$54M
$10 - $12
4,545,455
B. Riley FBR
Newly-formed vehicle investing in the civil uranium market.


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Qualtrics International (XM), which provides software used to analyze and improve user experience, plans to raise $400 million by offering 20.5 million shares at a price range of $18.00 to $21.00. At the midpoint of the proposed range, it would command a market value of $4.8 billion. Qualtrics, which was founded in 2002, booked $372 million in sales over the last 12 months. The Provo, UT-based company plans to list on the Nasdaq under the symbol XM. Morgan Stanley, Goldman Sachs, Barclays and RBC Capital Markets are the joint bookrunners on the deal.

Centrexion Therapeutics ( CNTX ), which is developing non-opioid therapies for chronic pain, plans to raise $75 million by offering 5.0 million shares at a price range of $14.00 to $16.00. Insiders intend to purchase up to $30 million of the IPO (40% of the deal). At the midpoint of the proposed range, it would command a market value of $354 million. Founded in 2013, the Boston, MA-based company plans to list on the Nasdaq under the symbol CNTX. BofA Merrill Lynch, Leerink Partners and Evercore ISI are the joint bookrunners on the deal. 

Vapotherm ( VAPO ), which provides noninvasive breathing aids to treat respiratory distress, plans to raise $60 million by offering 4.0 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, it would command a market value of $254 million. Vapotherm, which was founded in 1993, booked $41 million in sales over the last 12 months. The Exeter, NH-based company plans to list on the NYSE under the symbol VAPO. BofA Merrill Lynch and William Blair are the joint bookrunners on the deal.

Weidai (WEI), which provides an auto-secured loan platform for small businesses in China, plans to raise $45 million by offering 4.5 million shares at a price range of $9.00 to $11.00. Outside investors have indicated an interest in buying up to $50 million of the IPO (111% of deal). At the midpoint of the proposed range, it would command a market value of $700 million. Weidai, which was founded in 2011, booked $3.9 billion in sales over the last 12 months. The Hangzhou, China-based company plans to list on the NYSE under the symbol WEI. Morgan Stanley and Citi are the joint bookrunners on the deal.

Uranium Trading Corp. (UTC), a newly-formed vehicle investing in the civil uranium market, plans to raise roughly $50 million by offering about 4.5 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, it would command a market value of $54 million. Uranium Trading Corp., which was formed in 2018, has not booked revenue. The El Segundo, CA-based company plans to list on the NYSE American under the symbol UTC. B. Riley FBR is the lead bookrunner on the deal.

Alzheon  ( ALZH ), a Phase 3 biotech developing small molecule therapies for Alzheimer's disease, plans to raise $30 million by offering 6.0 million shares at a price range of $4.00 to $6.00. At the $5.00 midpoint, Alzheon would command a market value of $82 million. The Framingham, MA-based company was founded in 2013 and plans to list on the Nasdaq under the symbol ALZH. ThinkEquity and H.C. Wainwright are the joint bookrunners on the deal.

AMCI Acquisition (AMCIU), a blank check company formed by coal industry veteran Hans Mende, plans to raise $200 million by offering 20 million units at a price of $10. Each unit will consist of one share of common stock and one warrant to purchase one share at $11.50. At the proposed price, AMCI Acquisition would command a market value of $250 million. The Greenwich, CT-based company was founded in 2018 and plans to list on the Nasdaq under the symbol AMCIU. Jefferies is the sole bookrunner on the deal.

FinTech Acquisition III (FTACU), a blank check company formed by management of The Bancorp to acquire a financial technology business, plans to raise $275 million by offering 27.5 million units at $10. Each unit will consist of one share of common stock and one half of one warrant to purchase one share of common stock at $11.50. At $10, FinTech Acquisition III would command a market value of $355 million. The Philadelphia, PA-based company was founded in 2017 and plans to list on the Nasdaq under the symbol FTACU. Cantor Fitzgerald is the sole bookrunner on the deal.

Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/8/18, the Renaissance IPO Index was down 3.3% year-to-date, while the S&P 500 had a gain of 6.7%. Renaissance Capital's IPO ETF ( IPO ) tracks the index, and top ETF holdings include VICI Properties (VICI) and  Spotify (SPOT). The Renaissance International IPO Index was down 14.4% year-to-date, while the ACWX was down 8.1%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include Siemens Healthineers  and innogy .

The article US IPO Week Ahead: Unicorn Qualtrics leads pre-Thanksgiving feast of 8 IPOs 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: News Headlines , IPOs
Referenced Symbols: IPO , IPOS , ALZH , VAPO , CNTX



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