There we no IPOs during the shortened holiday week. However, we expect a number of new launches in the coming week .
This past week, eight IPOs joined the IPO pipeline , including four aiming to raise $100 million or more, as well as one SPAC. Thoma Bravo's software management platform Dynatrace (DT) was the most notable, filing to raise $300 million. Traded in Lima, Peruvian financial services firm Intercorp Financial (IFS) was the largest filer, aiming to raise $423 million in a NYSE listing. Other filers included Canadian cannabis grower Sundial Growers (SNDL), Latin American E&P Vista Oil & Gas ( VIST ) and small sushi chain spinoff Kura Sushi USA ( KRUS ).
Signalling that they are moving forward with their IPOs, Chinese e-sports streaming company DouYu ( DOYU ) and oil and gas E&P Riley Exploration Permian (REPX) updated their financials and added new underwriters.
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| 9 Filings During the Week of July 1st, 2019 |
|Sector ||Lead |
| Dynatrace (DT) ||$300M ||Technology ||Goldman |
| Provides a software intelligence platform for the enterprise cloud. |
| RAPT Therapeutics (RAPT) ||$86M ||Health Care ||BofA ML |
| Phase 1 biotech developing therapies for cancer and inflammatory diseases. |
| Sundial Growers (SNDL) ||$100M ||Consumer Discretionary ||Cowen |
| Early-stage Canadian cannabis producer. |
| Annovis Bio (ANVS) ||$12M ||Health Care ||ThinkEquity |
| Phase 2 biotech developing therapies for neurodegenerative diseases. |
| Glucose Biosensor Systems (GBSG) ||$23M ||Health Care ||Aegis Cap. |
| Developing a saliva-based glucose monitoring system for diabetes in China. |
| Intercorp Financial (IFS) ||$423M ||Financials ||BofA ML |
| Leading banking, insurance, and wealth management services provider in Peru. |
| Kura Sushi USA ( KRUS ) ||$58M ||Consumer Discretionary ||BMO |
| Operates 22 Japanese restaurants in the US featuring revolving sushi bars. |
| Vista Oil & Gas ( VIST ) ||$100M ||Energy ||Citi |
| Oil and gas E&P operating in Mexico and Argentina. |
| Switchback Energy Acq. (SBE.U) ||$300M ||SPAC ||Goldman |
| Blank check company formed by NGP and former RSP Permian executives to acquire an energy firm. |
The Renaissance IPO Index, tracker for the IPO ETF, rose 1.7% this past week. As we noted in last Friday's Week Ahead article, Street research for Revolve Group
(RLV) came out Tuesday; the stock traded up 6% on Tuesday and continued higher by Friday. The year's IPOs
now average return of 28% from the offer price, mostly from first-day trading. IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/319, the Renaissance IPO Index was up 39.0% year-to-date, while the S&P 500 had a gain of 20.8%. 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 14.4% year-to-date, while the ACWX was up 15.2%. Renaissance Capital's International IPO ETF ( IPOS
) tracks the index, and top ETF holdings include SoftBank and Xiaomi.
The article US IPO Weekly Recap: Dynatrace and 7 others join the IPO pipeline
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.