IPOs

US IPO Week Ahead: Robinhood’s billion-dollar deal headlines a 25 IPO week

Updated Monday, 7/26.

After another week of record activity, the IPO market is expected to remain hot with 25 IPOs scheduled for the week ahead. If all scheduled IPOs begin trading as expected, it would be the busiest week for the US IPO market in more than two decades.

Long-awaited retail brokerage Robinhood Markets (HOOD) plans to raise $2.2 billion at a $36.8 billion market cap. The company offers a no-commission retail brokerage platform with over 18 million MAUs. Despite triple-digit revenue growth in the 1Q21, the platform is dependent on trading volumes, and the recent retail trading boom may be unsustainable.  

Vehicle battery maker Clarios International (BTRY) plans to raise $1.7 billion at a $9.7 billion market cap. The company manufactures low-voltage vehicles batteries globally, stating that it has the number one market position in the Americas and EMEA. Profitable on an EBIT basis, Clarios saw revenue growth accelerate in the 1H FY21 after turning negative in the FY20 due to COVID.  

Altice’s ad-tech platform Teads (TEAD) plans to raise $751 million at a $4.6 billion market cap. Teads operates a cloud-based programmatic digital advertising platform for advertisers and publishers. Profitable with solid growth, Teads provides monetization services to about 3,100 publishers.  

Education software provider PowerSchool Holdings (PWSC) plans to raise $750 million at a $3.7 billion market cap. The company provides an education platform for teachers to manage classroom activities such as collecting work and grading assignments. Serving over 12,000 customers in over 90 countries globally, PowerSchool turned profitable on a net income basis in the 1Q21.  

After withdrawing its IPO attempt in 2018, Dole (DOLE) plans to raise $559 million at a $2.0 billion market cap. This leading fruit and vegetable company offers over 300 products sourced from over 30 countries to over 80 countries globally. Slow growing and profitable, Dole's offering is being made in connection with its merger with Total Produce.  

Language learning platform Duolingo (DUOL) plans to raise $460 million at a $4.1 billion market cap. Duolingo provides an online platform for over 300 million users to learn over 30 new languages. Benefiting from a COVID-related boost in demand, Duolingo posted triple-digit growth in 2020.  

Traeger (COOK) plans to raise $400 million at a $2.2 billion market cap. This company makes premium backyard wood pellet grills with a tech feature, allowing owners to program, monitor, and control their grill through the Traeger app. Traeger is a category leader of the wood pellet grill, growing revenue at a 28% CAGR from 2017 to 2020.   

Israeli anti-fraud firm Riskified (RSKD) plans to raise $333 million at a $3.1 billion market cap. This company provides e-commerce fraud protection for enterprises. Growing but unprofitable, Riskified saw its free cash flow swing positive in the 1Q21.  

Financial software provider MeridianLink (MLNK) plans to raise $300 million at a $2.1 billion market cap. MeridianLink offers a cloud-based digital lending and account opening platform for mid-market community banks and credit unions. Although business is cyclical, the company saw double-digit organic growth in the FY20 due to strong mortgage activity.  

Smart home integration system Snap One Holdings (SNPO) plans to raise $270 million at a $1.5 billion market cap. This company provides smart home technology products to over 16,000 professional integrators. Snap One has demonstrated solid growth and was profitable on an EBIT basis in the 1Q21.  

Specialty funding solutions provider Preston Hollow Community Capital (PHCC) plans to raise $200 million at a $2.3 billion market cap. This company is a market leader in providing specialized impact financing solutions for projects of significant social and economic importance to local communities in the US. It serves a variety of areas, including infrastructure, education, healthcare, and housing.  

Oncology biotech Nuvalent (NUVL) plans to raise $151 million at an $835 million market cap. Nuvalent's lead candidate, NVL-520, is a brain-penetrant ROS1-selective inhibitor and is expected to begin clinical trials in patients with ROS1-positive non-small cell lung cancer and other advanced solid tumors in the 2H21, pending the acceptance of its IND.

AIM-listed cell engineering platform MaxCyte (MXCT) plans to raise $150 million at a $1.3 billion market cap. MaxCyte's Flow Electroporation technology facilitates the complex engineering of a variety of cells. Its flagship product, the ExPERT platform, can be used across the continuum of the rapidly-expanding cell therapy sector. 

Vaccine biotech Icosavax (ICVX) plans to raise $150 million at a $590 million market cap. This clinical stage biotech is initially focused on developing vaccines against infectious respiratory diseases using its virus-like particle platform technology. Its most advanced candidate is currently in a Phase 1/2 trial for SARS-CoV-2.

Heart disease biotech Tenaya Therapeutics (TNYA) plans to raise $150 million at a $585 million market cap. The company's multi-modality drug discovery platform targets both genetic and non-genetic forms of heart disease, and consists of a gene therapy program, a cellular regeneration program, and a precision medicine program. The company plans to submit INDs for its gene therapy and precision medicine platforms in 2022.

Gene therapy biotech Omega Therapeutics (OMGA) plans to raise $126 million at an $866 million market cap. Omega's pipeline consists of preclinical programs that span regenerative medicine, multigenic diseases including immunology, oncology, and select monogenic diseases. The company has conducted in vivo preclinical studies in hepatocellular carcinoma, non-small cell lung cancer, and acute respiratory distress syndrome.

Intraocular lens platform RxSight (RXST) plans to raise $125 million at a $477 million market cap. RxSight markets its RxSight Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens and the RxSight Light Delivery Device, to offers the first and only commercially available intraocular lens technology that enables doctors to customize and optimize visual acuity for patients after cataract surgery.

Oncology biotech Immuneering (IMRX) plans to raise $105 million at a $391 million market cap. Immuneering's lead program, IMM-1-104, is a highly selective dual-MEK inhibitor being developed for the treatment of advanced solid tumor patients harboring RAS mutant tumors. The company plans to submit an IND for IMM-1-104 in the 1Q22 and anticipates filings at least two additional INDs for its other programs in each of 2023 and 2024.

Oral capsule developer Rani Therapeutics (RANI) plans to raise $100 million at a $724 million market cap. Rani is a clinical stage biotherapeutics company advancing technologies to enable the development of orally administered biologics. The company has developed the RaniPill capsule, a novel, proprietary, and patented platform technology, intended to replace subcutaneous or IV injection of biologics with oral dosing.

Cancer biotech Candel Therapeutics (CADL) plans to raise $85 million at a $398 million market cap. Candel's most advanced candidate is currently in a Phase 3 trial in combination with prodrug valacyclovir for newly diagnosed localized prostate cancer with an intermediate or high-risk for progression. The company expects to complete enrollment in the 3Q21 with a final data readout in 2024.  

Rare disease biotech Rallybio (RLYB) plans to raise $81 million at a $465 million market cap. This clinical stage biotech is developing antibody therapies for rare diseases. Its lead program is currently being evaluated to treat fetal and neonatal alloimmune thrombocytopenia in a Phase 1/2 trial.  

Ocean Biomedical (OCEA) plans to raise $50 million at a $506 million market cap. The company is currently pursuing preclinical programs in oncology, fibrosis, infectious disease, and inflammation that have been licensed directly or indirectly from Brown University, Stanford University, and Rhode Island Hospital.  

After postponing in November 2020, IN8bio (INAB) plans to raise $44 million at a $215 million market cap. This Phase 1 biotech is developing allogeneic gamma-delta T cell therapies to treat solid tumors. Although gamma-delta T cells could potentially treat solid tumors, the company is very early stage and has dosed a limited number of patients.  

Chinese fertilizer producer Muliang Viagoo (MULG) plans to raise $40 million at a $194 million market cap. This company manufactures and sells organic fertilizer under the brand names “Zongbao,” “Fukang,” and “Muliang”. While the company is profitable, it saw a 26% decrease in revenue in the 9mo20.

Female cancer biotech Context Therapeutics (CNTX) plans to raise $20 million at a $93 million market cap. Context is developing treatments for female cancers, such as breast, ovarian, and endometrial cancer. The company’s lead candidate is currently in Phase 2 trials for ovarian and endometrial cancer, with preliminary results expected in the 2H21 and the 1H22.

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
Candel Therapeutics (CADL)
Needham, MA
$72M
$248M
$8
9,000,000
Jefferies
Credit Suisse
Phase 3 biotech developing oncolytic viral immunotherapies for cancer.
Context Therapeutics (CNTX)
Philadelphia, PA
$20M
$93M
$12 - $14
1,500,000
ThinkEquity
Phase 2 biotech developing therapeutics for female cancers.
DA32 Life Sci Tech Acq. (DALS)
New York, NY
$200M
$257M
$10
20,000,000
JP Morgan
Cowen
Blank check company formed by Deerfield Management, ARCH Venture Partners, and Section 32.
Dole (DOLE)
Dublin, Ireland
$559M
$1,973M
$20 - $23
26,000,000
Goldman
Deutsche Bank
Leading global branded fruit and vegetable company.
Duolingo (DUOL)
Pittsburgh, PA
$498M
$4,408M
$95 - $100
5,106,113
Goldman
Allen & Co.
Online language learning platform.
MeridianLink (MLNK)
Costa Mesa, CA
$300M
$2,116M
$24 - $26
12,000,000
BofA
Credit Suisse
Provides a digital lending platform to mid-market financial institutions.
Muliang Viagoo (MULG)
Shanghai, China
$40M
$194M
$4
10,000,000
Boustead
Chinese manufacturer and distributor of organic fertilizer and agricultural products.
PowerSchool (PWSC)
Folsom, CA
$750M
$3,727M
$18 - $20
39,473,685
Goldman
Barclays
Provides an education platform for teachers to collect work, grade, and manage classroom activity.
Snap One Holdings (SNPO)
Charlotte, NC
$270M
$1,469M
$18 - $21
13,850,000
Morgan Stanley
JP Morgan
Provides a suite of smart home technology products to professional integrators.
Icosavax (ICVX)
Seattle, WA
$150M
$590M
$14 - $16
10,000,000
Jefferies
Cowen
Phase 1 biotech developing vaccines for respiratory diseases.
Nuvalent (NUVL)
Cambridge, MA
$151M
$835M
$16 - $18
8,900,000
JP Morgan
Cowen
Preclinical oncology biotech developing small molecule kinase inhibitors.
Preston Hollow Comm. Cap. (PHCC)
Dallas, TX
$200M
$2,261M
$18 - $20
10,526,316
JP Morgan
Barclays
Provides specialized financing for social and economic projects.
Rallybio (RLYB)
New Haven, CT
$81M
$465M
$13 - $15
5,750,000
Jefferies
Cowen
Phase 1/2 biotech developing antibody therapies for rare diseases.
Riskified (RSKD)
Tel Aviv, Israel
$333M
$3,126M
$18 - $20
17,500,000
Goldman
JP Morgan
Provides e-commerce fraud protection for enterprises.
Robinhood (HOOD)
Menlo Park, CA
$2,200M
$36,786M
$38 - $42
55,000,000
Goldman
JP Morgan
Offers a no-commission retail brokerage platform.
Traeger (COOK)
Salt Lake City, UT
$400M
$2,210M
$16 - $18
23,529,411
Morgan Stanley
Jefferies
Makes premium backyard wood pellet grills.
Clarios (BTRY)
Milwaukee, WI
$1,674M
$9,673M
$17 - $21
88,080,495
BofA
JP Morgan
Global manufacturer of low-voltage vehicle batteries.
Immuneering (IMRX)
Cambridge, MA
$105M
$391M
$14 - $16
7,000,000
Morgan Stanley
Jefferies
Preclinical biotech targeting signaling pathways to treat cancer and neurological diseases.
IN8bio (INAB)
New York, NY
$44M
$215M
$10 - $12
4,000,000
B. Riley
Phase 1 oncology biotech developing allogeneic gamma-delta T cell therapies.
MaxCyte (MXCT)
Gaithersburg, MD
$150M
$1,307M
$11.50 - $13.50
12,000,000
Cowen
Stifel
Provides cell engineering devices and services.
Omega Therapeutics (OMGA)
Cambridge, MA
$126M
$866M
$16 - $18
7,400,000
Goldman
Jefferies
Preclinical biotech developing gene therapies for oncology and other diseases.
Rani Therapeutics (RANI)
San Jose, CA
$100M
$724M
$14 - $16
6,666,667
BofA
Stifel
Develops ingestible capsules for oral dosing of medication.
RxSight (RXST)
Aliso Viejo, CA
$125M
$477M
$16 - $18
7,350,000
JP Morgan
BofA
Commercial-stage provider of post-cataract intraocular lens platform.
Teads (TEAD)
Amsterdam, Netherlands
$751M
$4,643M
$18 - $21
38,500,000
Goldman
Morgan Stanley
Spin-off of Altice's programmatic ad platform for advertisers and publishers.
Tenaya Therapeutics (TNYA)
South San Francisco, CA
$150M
$585M
$14 - $16
10,000,000
Morgan Stanley
Cowen
Preclinical biotech developing multiple therapies to treat heart disease.
Ocean Biomedical (OCEA)
Providence, RI
$50M
$288M
$7 - $9
6,250,000
Berenberg
Oppenheimer
Preclinical biotech developing therapies for cancer, infections, and other diseases.


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Street research is expected for 19 companies, and lock-up periods will be expiring for as many as 11 companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/22/2021, the Renaissance IPO Index was down 1.0% year-to-date, while the S&P 500 was up 16.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 3.0% year-to-date, while the ACWX was up 8.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.

The article US IPO Week Ahead: Robinhood’s billion-dollar deal headlines a 25 IPO 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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