IPOs

US IPO Week Ahead: The IPO market shutdown continues with another quiet week

There are no IPOs scheduled for the week ahead as the IPO market shutdown continues. Two SPACs may price on a day-to-day basis.

Renaissance Capital will be releasing its 1Q20 Quarterly Reviews for both the US and the Global IPO markets. Our Quarterly Reviews provide an in-depth analysis of IPO activity, highlighting the quarter’s largest deals, most active sectors, best-performing IPOs, and more.

Social Capital Hedosophia II (IPOB.U) and Social Capital Hedosophia III (IPOC.U), blank check companies targeting US and non-US tech businesses may price in the week ahead. Formed by Chamath Palihapitiya’s Social Capital and Ian Osborne’s Hedosophia, the pair hope to replicate the success of their first SPAC, which acquired Richard Branson's human spaceflight company Virgin Galactic (SPCE; $11.23) in October 2019. The SPACs amended their unit offerings this past week from quarter-warrants to third-warrants, a sign of the challenging environment.

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
Social Hedosophia II (IPOB.U)
Palo Alto, CA
$300M
$375M
$10
30,000,000
Credit Suisse
Second blank check company formed by Social Capital and Hedosophia targeting a US tech business.
Social Hedosophia III (IPOC.U)
Palo Alto, CA
$600M
$750M
$10
60,000,000
Credit Suisse
Third blank check company formed by Social Capital and Hedosophia targeting a non-US tech business.


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On Tuesday 3/24, Oportun Financial’s (OPRT) lock-up period is expiring, and Street research will be released for Passage Bio (PASG).

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/19/20, the Renaissance IPO Index was down 25.4% year-to-date, right in line with the S&P 500’s loss of 25.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Uber (UBER). The Renaissance International IPO Index was down 21.7% year-to-date, while the ACWX was down 31.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Adyen.
The article US IPO Week Ahead: The IPO market shutdown continues with another quiet 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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