IPOs

US IPO Week Ahead: IPO market slows during short holiday week

There are no companies scheduled to price next week, though two micro-cap IPOs may price on a day-to-day basis: Chinese healthcare training platform Zhongchao (ZCMD) and flooring roll-up F5 Finishes (FLRZ). A number of IPOs may launch on Tuesday, including preclinical gene therapy developer Passage Bio (PASG). Renaissance Capital's IPO Index is up 11.2%, indicating new filing activity should also pick up in the week ahead.

Zhongchao, a Chinese internet platform for medical information, education, and training, plans to raise $15 million by offering 3.5 million shares at a price range of $4.00 to $4.50. At the midpoint, Zhongchao’s market cap would be $107 million. The company grew sales by 35% in the first half of 2019 to $7 million with net income of $1.7 million and it plans to use IPO proceeds of the offering to expand the business and upgrade platform technology.

F5 Finishes, a California-based commercial flooring roll-up, plans to raise $20 million by offering 4 million shares at a price of $5 per share. The company has lowered the price range twice; initially filing at a range of $9 to $11, then $7 to $8 before lowering to the current proposed price. 

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
F5 Finishes (FLRZ)
Livermore, CA
$20M
$47M
$5
4,000,000
Maxim
Zelman
A roll-up of commercial flooring providers.
Zhongchao (ZCMD)
Shanghai, China
$15M
$107M
$4 - $4.50
3,500,000
Network 1
Chinese internet platform providing medical information, education, and training.


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IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/6/20, the Renaissance IPO Index was up 11.2% year-to-date, while the S&P 500 had a gain of 4.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Spotify (SPOT). The Renaissance International IPO Index was up 5.7% year-to-date, while the ACWX was down 0.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Adyen and Xiaomi.
The article US IPO Week Ahead: IPO market slows during short holiday week 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.

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