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US IPO Weekly Recap: Revolve tops a two-IPO week with an 89% first day return


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Two companies joined the public markets this week raising a total of $420 million, led by  Revolve Group  ( RVLV ), which posted a 89% gain. Two SPACs also came public raising a combined $500 million.

Revolve Group  ( RVLV ), an online women's fashion retailer, raised $212 million by offering 11.8 million shares at $18, the high end of the range. The company boasted an 89% pop on its first day, the year's third best.

GSX Techedu  ( GSX ), which provides online after-school tutoring to K-12 students in China, raised $208 million by offering 19.8 million ADSs. Following in the footsteps of its Chinese education peers, which have traded down in the last month, GSX ended the week with a 5% decline.

Consumer-focused SPAC  Haymaker Acquisition  ( HYACU ) raised $350 million by offering 35 million units, 5 million more than previously anticipated, and TMT SPAC  GigCapital2  (GIX.U) raised $150 million by offering 15 million units, 2 million more than anticipated.


4 IPOs During the Week of June 3rd, 2019
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 06/07
Revolve Group ( RVLV ) $212M $1,292M 6% +89% +89%
Online women's fashion retailer focused on millennial and Gen Z consumers.
Haymaker Acquisition II ( HYACU ) $350M $425M 0% +1% +1%
The second consumer-focused SPAC created by the former CEO of Starwood Hotels.
GigCapital2 (GIX.U) $150M $188M 0% +0% +0%
Blank check company formed by semiconductor veteran Avi Katz to acquire a TMT business.
GSX Techedu ( GSX ) $208M $2,638M 0% +0% -5%
Provides K-12 online after-school tutoring in China.


Three companies submitted initial filings this past week, led by global sporting events owner

3 Filings During the Week of June 3rd, 2019
Issuer
Business
Deal
Size
Sector Lead
Underwriter
Pivotal Investment II (PIC.U) $200M SPAC
Blank check company founded by New York Islanders co-owner Jonathan Ledecky.
Wanda Sports (WSG) $500M Communication Services Morgan Stanley
Sports events, media, and marketing platform of China's Wanda Group.
Inhibrx (INBX) $75M Health Care Evercore ISI
Using protein engineering to develop targeted therapies for cancer and rare diseases.

IPO Market Snapshot 
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/6/19, the Renaissance IPO Index was up 32.0% year-to-date, while the S&P 500 had a gain of 14.5%. Renaissance Capital's IPO ETF ( IPO ) tracks the index, and top ETF holdings include Elanco (ELAN) and Okta (OKTA). The Renaissance International IPO Index was up 9.8% year-to-date, while the ACWX was up 9.3%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include SoftBank and Xiaomi.


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The article US IPO Weekly Recap: Revolve tops a two-IPO week with an 89% first day return 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 , RVLV , GSX , HYACU



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