IPOs

US IPO Week Ahead: Tradeweb is the hot trade in a 4-IPO week

Four IPOs are scheduled to raise nearly $1.0 billion in the week ahead.

Electronic trading platform Tradeweb Markets (TW) is the week's largest deal, accounting for about 70% of the week's proceeds. The other three offer growth potential, but Tradeweb combines strong growth (+22% y/y) with profits (23% net margin), throwing off $235 million in free cash flow during 2018. 

Silk Road Medical (SILK) could see a lot of interest, based on its fast growth (+142% in 2018 on $35mm of sales) and the returns of recent IPO device maker ShockWave Medical (SWAV; +100% from IPO).

Ruhnn Holding (RUHN) calls itself the "largest internet key opinion leader (KOL) facilitator in China." It identifies online influencers and allows them to monetize their fame through online stores. The company is not yet profitable, and sales grew 14% in the nine months ended December 31, 2018.

NGM Biopharmaceuticals (NGM) is the latest billion-dollar biotech, attempting tor raise $100 million at a valuation of $1.1 billion. Like this past week's Genfit (GNFT), NGM is targeting NASH, among other diseases.

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
Ruhnn Holding (RUHN)
Hangzhou, China
$125M
$1,034M
$11.50 - $13.50
10,000,000
Citi
UBS
E-commerce platform used by Chinese internet celebrities to sell fashion items.
NGM Biopharmaceuticals (NGM)
South San Francisco, CA
$100M
$1,069M
$14 - $16
6,666,667
Goldman
Citi
Phase 2 biotech developing therapies for NASH and Type 2 diabetes.
Silk Road Medical (SILK)
Sunnyvale, CA
$75M
$513M
$15 - $17
4,687,500
JP Morgan
BofA ML
Sells medical devices to treat carotid artery disease.
Tradeweb Markets (TW)
New York, NY
$682M
$5,645M
$24 - $26
27,268,768
JP Morgan
Citi
Electronic trading platform backed by Blackstone and Thomson Reuters.

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NGM Biopharmaceuticals

Ruhnn Holding

Silk Road Medical

Tradeweb Markets

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US IPO Week Ahead: Tradeweb is the hot trade in a 4-IPO week

Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.