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US IPO Weekly Recap: The calm before the IPO storm


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It was a light week for pricings as we gear up for the much anticipated group of companies slated to IPO starting next week.

The one IPO of the week, Trine Acquisition (TRNE.U), a media and communications SPAC led by Leo Hindery raised $261 milllion in an upsized IPO on Thursday. That brings this year's total to 13 SPACs, which have raised $2.9 billion, compared to 14 other IPOs raising $1.4 billion. While 2019 IPO proceeds are down -88% from this point last year, 2019 SPACs have raised nearly 50% more than the YTD-2018 group, and 2018 was a 10-year record for SPACs.

Despite there only being one IPO, there were a number of filings this week. 

On Tuesday we saw Jumia Technologies ( JMIA ), which is an African e-commerce platform backed by MTN and Rocket Internet that hopes to capitalize on economic growth in Africa and the massive potential of the untapped e-commerce, payments, and logistics market.

On Friday, there were three filings, including  PagerDuty  (PD), which is backed by Andressen Horowitz and provides a SaaS-based operations management platform for IT teams, Change Healthcare ( CHNG ), which provides healthcare revenue and payment cycle management software, and Palomar Holdings (PLMR), a specialty property insurance provider backed by Genstar Capital. 

Keeping with the theme of the year two SPACs, B. Reilly Principal Merger (BRPM.U) and Replay Acquisition (RPLA.U) also filed this week. 

Also notable this week given the excitement surrounding the anticipated IPOs of ridesharing giants Lyft ( LYFT ) and Uber, it was announced that SoftBank and Toyota are in late-stage stalks to invest $1 billion or more in Uber's self-driving unit, which would help the company make its pitch to investors ahead of its IPO. 

1 IPO During the Week of March 11th, 2019
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 03/15
Trine Acquisition (TRNE.U) $261M $324M 0% +0% +0%
SPAC led by Leo Hindery targeting the media and communications industries.


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IPO Market Snapshot

6 Filings During the Week of March 11th, 2019
Issuer
Business
Deal
Size
Sector Lead
Underwriter
Change Healthcare ( CHNG ) $100M Technology Barclays
Provides healthcare revenue and payment cycle management software.
PagerDuty (PD) $100M Technology Morgan Stanley
Provides a SaaS-based operations management platform for IT teams.
Palomar Holdings (PLMR) $50M Financials Barclays
Specialty property insurance provider backed by Genstar Capital.
Replay Acquisition (RPLA.U) $250M SPAC Credit Suisse
Blank check company formed to acquire a business in Argentina or Brazil.
B. Riley Principal Merger (BRPM.U) $125M SPAC B. Riley FBR
SPAC backed by diversified financial services firm B. Riley Financial.
Jumia ( JMIA ) $500M Technology Morgan Stanley
African e-commerce platform backed by MTN and Rocket Internet.


Sign up for a free trial of our premium platform, IPO Pro . Follow us on Twitter ( @IPOtweet ) and register for our updates on the IPO market.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/14/19, the Renaissance IPO Index was up 30.6% year-to-date, while the S&P 500 had a gain of 12.6%. 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 up 8.8% year-to-date, while the ACWX was up 9.8%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include SoftBank and China Tower.

The article US IPO Weekly Recap: The calm before the IPO storm 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 , JMIA , CHNG , LYFT




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