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 |
|Market Cap |
|Price vs. |
|First Day |
| 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
IPO Market Snapshot
| 3 Filings During the Week of June 3rd, 2019 |
|Sector ||Lead |
| 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. |
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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:
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