IPOs

US IPO Weekly Recap: Revolve tops a 2-IPO week with an 89% first day return

Two companies joined the public markets this week raising a total of $420 million, led by Revolve Group (RVLV), which posted an 89% gain. Two SPACs also came public raising a combined $500 million.

Revolve Group (RVLV), an online women's fashion retailer, raised $212 million by offering 11.8 million shares at $18, the high end of the range. The company boasted an 89% pop on its first day, the year's third best.

GSX Techedu (GSX), which provides online after-school tutoring to K-12 students in China, raised $208 million by offering 19.8 million ADSs. Following in the footsteps of its Chinese education peers, which have traded down in the last month, GSX ended the week with a 5% decline.

Consumer-focused SPAC Haymaker Acquisition (HYACU) raised $350 million by offering 35 million units, 5 million more than previously anticipated, and TMT SPAC GigCapital2 (GIX.U) raised $150 million by offering 15 million units, 2 million more than anticipated.

Three companies submitted initial filings this past week, led by global sporting events owner Wanda Sports (WSG).

IPO Market Snapshot 
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/6/19, the Renaissance IPO Index was up 32.0% year-to-date, while the S&P 500 had a gain of 14.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Elanco (ELAN) and Okta (OKTA). The Renaissance International IPO Index was up 9.8% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Xiaomi.

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The article US IPO Weekly Recap: Revolve tops a 2-IPO week with an 89% first day return 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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