IPOs

US IPO Weekly Recap: The IPO market takes its annual February break in a 1 IPO week

The IPO market took a break this week, with just one issuer raising $44 million. Blank check activity remained robust with 16 SPACs raising $3.4 billion. New filers continued to build the IPO pipeline, with 10 IPOs and 45 SPACs submitting initial filings.

Blockchain-based application developer GreenBox POS (GBOX) raised $44 million at a $407 million market cap in its Nasdaq uplisting. Unprofitable with lumpy growth, the company develops blockchain-based payment solutions for a range of industries with five current products. GreenBox finished up 36%.

16 blank check companies raised $3.4 billion this past week. The group was led by HGGC and Industry Ventures’ SPAC Pathfinder Acquisition (PFDRU), real estate firm’s Simon Property Group Acquisition (SPGS.U), tech-focused Tailwind International Acquisition (TWNI.U), and Cantor Fitzgerald’s sixth SPAC CF Acquisition VI (CFVIU), all of which raised $300 million.

17 IPOs During the Week of February 15th, 2021
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 02/19
GreenBox POS (GBOX) $44M $407M 0% +36% +36%
Developing blockchain-based payment solutions.
Figure Acquisition I (FACA.U) $250M $357M 0% +15% +15%
Blank check company formed by Figure Technologies targeting fintech and financial services.
New Vista Acquisition (NVSAU) $240M $300M 0% +6% +14%
Blank check company led by ex-Boeing CEO Dennis Muilenburg targeting emerging tech and aerospace and defense.
FinServ Acquisition II (FSRXU) $265M $339M 0% +12% +11%
Second blank check company led by finance veterans targeting the fintech industry.
FS Development II (FSII) $175M $224M 0% +8% +10%
Second blank check company formed by Foresite Capital targeting a healthcare business.
Simon Property Acq. (SPGS.U) $300M $375M 0% +10% +10%
Blank check company formed by Simon Property Group.
B. Riley Principal 150 (BRPMU) $150M $192M 0% +8% +8%
Third blank check company formed by diversified financial services firm B. Riley Financial.
CF Acquisition VI (CFVIU) $300M $382M 0% +7% +7%
Sixth blank check company formed by Cantor Fitzgerald.
Moringa Acquisition (MACAU) $100M $130M 0% +7% +6%
Blank check company targeting an Israel-related technology business.
Tailwind Intl. Acq. (TWNI.U) $300M $375M 0% +5% +5%
Second blank check company co-formed by Casper CEO Philip Krim targeting international technology.
Pathfinder Acquisition (PFDRU) $300M $375M 0% +5% +5%
Blank check company formed by HGGC and Industry Ventures targeting technology.
Alpha Capital Acquisition (ASPCU) $200M $250M 0% +5% +5%
Blank check company targeting technology businesses in Latin America.
ABG Acquisition I (ABGI) $131M $168M 0% +3% +4%
Blank check company formed by Ally Bridge Group targeting the healthcare sector.
Medicus Sciences Acq. (MSACU) $80M $101M 0% +3% +3%
Blank check company targeting the medical technology sector.
SportsTek Acquisition (SPTKU) $150M $188M 0% +3% +3%
Blank check company targeting the sports and related sectors.
Kismet Acquisition Two (KAIIU) $200M $255M 0% +2% +2%
Second blank check company led by the former CEO of Russia's MegaFon targeting a European business.
Kismet Acquisition Three (KIIIU) $250M $318M 0% +2% +2%
Third blank check company led by the former CEO of Russia's MegaFon targeting a European business.


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10 IPOs submitted initial filings this past week. Pool equipment supplier Hayward Holdings (HAYW) filed for an estimated $500 million IPO. Fabric and crafts retailer JOANN (JOAN) filed for an estimated $400 million IPO. Precision medicine biotech Prometheus Biosciences (RXDX) filed to raise $125 million. Crafting machine producer Cricut (CRCT) and software startup Olo (OLO) both filed to raise $100 million. Neurological disease biotech Longboard Pharmaceuticals (LBPH) filed to raise $86 million. Food packaging producer Karat Packaging (KRT) filed to raise $75 million. Cancer biotech Gain Therapeutics (GANX) filed to raise $40 million. 3D meat printing technology developer Meat-Tech 3D (MITC) filed to raise $29 million. Merchant software provider AppTech (APCX) filed to raise $15 million.

45 SPACs submitted initial filings led by Elliott Management's first and second SPACs Elliott Opportunity I (EOIU.RC) and Elliott Opportunity II (EOIIU.RC), which filed to raise $1 billion and $500 million respectively. 

55 Filings During the Week of February 15th, 2021
Issuer
Business
Deal
Size
Sector Lead
Underwriter
B Capital Technology Opp. (BCTAU) $300M SPAC Credit Suisse
Blank check company formed by B Capital Group targeting transformational tech.
Bannix Acquisition (BANXU.RC) $100M SPAC I-Bankers
Blank check company targeting a B2B enterprise software business.
CF Acquisition VII (CFFSU) $175M SPAC Cantor Fitz.
Seventh blank check company formed by Cantor Fitzgerald.
CF Acquisition VIII (CFFEU) $200M SPAC Cantor Fitz.
Eighth blank check company formed by Cantor Fitzgerald.
Elliott Opportunity I (EOIU.RC) $1,000M SPAC Credit Suisse
Blank check company formed by Elliott Management targeting technology.
Elliott Opportunity II (EOIIU.RC) $500M SPAC Credit Suisse
Second blank check company formed by Elliott Management targeting technology.
Fortress Value Acq. IV (FVIV.U) $600M SPAC Deutsche Bank
Fifth blank check company formed by executives at Fortress Investment Group.
Gain Therapeutics (GANX) $40M Health Care BTIG
Preclinical biotech developing small molecule therapies for lysosomal storage disorders.
Longboard Pharmaceuticals (LBPH) $86M Health Care Citi
Phase 1 biotech formed by Arena Pharmaceuticals developing medicines for neurological diseases.
MSD Acquisition (MSDAU) $500M SPAC Goldman
Blank check company formed by MSD Partners.
Ocelot Acquisition (OACAU) $250M SPAC BMO
SPAC focused on the e-commerce, transportation & logistics industries.
Olo (OLO) $100M Technology Goldman
Provides a SaaS platform to restaurants for online ordering and delivery.
Pine Technology Acq. (PTOC.U) $300M SPAC Cantor Fitz.
Blank check company formed by past and present AmTrust Financial executives and Stone Point Capital.
Plum Acquisition I (PLMIU) $300M SPAC Goldman
Blank check company formed by former VEON and Xerox CEO.
Prometheus Biosciences (RXDX) $125M Health Care SVB Leerink
Phase 1 biotech developing precision antibody therapies for IBD and related diseases.
TPB Acquisition (TPBAU) $250M SPAC Barclays
Blank check company formed by venture foundry The Production Board targeting sustainable businesses.
TradeUP Acquisition (UPTDU) $40M SPAC Tiger Brokers
Blank check company targeting technology businesses operating in various sectors.
Forest Road Acq. II (FRXB.U) $300M SPAC Morgan Stanley
Second blank check company formed by Forest Road targeting TMT businesses.
Frontier Acquisition (FRONU) $200M SPAC Credit Suisse
Blank check company targeting the biotechnology sector.
Karat Packaging (KRT) $75M Materials Stifel
Produces single-use food packaging.
Meat-Tech 3D (MITC) $29M Consumer Staples HC Wainwright
Developing cultured meat products using proprietary 3D bioprinting technology.
Northern Genesis III (NGC.U) $150M SPAC Morgan Stanley
Blank check company targeting sustainability and societal infrastructure.
Soar Technology Acq. (FLYA.U) $250M SPAC JP Morgan
Blank check company led by travel entrepreneur Joe Poulin targeting tech-enabled businesses.
Software Acquisition III (SWAGU) $200M SPAC Jefferies
Third blank check company led by former Ooyala officers targeting a software company.
Supernova Partners III (STRE.U) $250M SPAC JP Morgan
Third blank check company formed by a Zillow co-founder and other entrepreneur and investment veterans.
Trine II Acquisition (TRAQ.U) $425M SPAC Morgan Stanley
Second SPAC led by Leo Hindery targeting the TMT industries.
Twist Investment (TWIC.U) $175M SPAC Deutsche Bank
Blank check company formed by the founder of Twist Capital targeting the tech sector.
VIDA FLaSH Acquisitions (FLSHU) $175M SPAC Goldman
Blank check company targeting the US healthcare industry.
Advancit Acquisition I (AACOU) $350M SPAC Citi
Blank check company targeting media and technology.
Alpha Partners Tech (APTMU) $250M SPAC Citi
Blank check company targeting technology.
dMY Technology Group IV (DMYQ.U) $250M SPAC Goldman
Fourth blank check company formed by Niccolo de Masi and Harry You targeting an app business.
European Biotech Acq. (EBAU.RC) $100M SPAC Credit Suisse
Blank check company formed by LSP targeting the life sciences industry in Europe.
FG New America Acq. II (FGNB.U) $225M SPAC ThinkEquity
Blank check company led by former TD Ameritrade Chairman Joseph Moglia.
Forum Merger IV (FMIVU) $300M SPAC Jefferies
Fourth blank check company formed by SPAC veterans David Boris and Marshall Kiev.
Glenfarne Merger (GGMCU) $250M SPAC Mizuho
Blank check company formed by Glenfarne Group targeting energy transition and electrification.
Hayward Holdings (HAYW) $500M Consumer Discretionary BofA
Leading supplier of pool equipment and systems.
InterPrivate II Acq. (IPVA.U) $200M SPAC Morgan Stanley
Second blank check company backed by merchant bank InterPrivate and led by founder Ahmed Fattouh.
InterPrivate III (IPVF.U) $200M SPAC Morgan Stanley
Third blank check company backed by InterPrivate targeting financial services.
InterPrivate IV (IPVIU) $250M SPAC Morgan Stanley
Fourth blank check company backed by InterPrivate targeting technology, media, and telecom.
Sandbridge X2 (SBII.U) $200M SPAC Citi
Second blank check company formed by Sandbridge Capital targeting a consumer business.
Shelter Acquisition (SHQAU) $200M SPAC Citi
Blank check company targeting real estate technology or proptech.
Stratim Cloud Acquisition (SCAQ.U) $250M SPAC BofA
Blank check company led by the founder of SonicWALL targeting software.
Tailwind Two Acquisition (TTAU.RC) $300M SPAC Jefferies
Third blank check company formed by Casper CEO Philip Krim targeting a technology business.
Warburg Pincus Cap. I-A (WPCA.U) $250M SPAC Citi
Blank check company formed by Warburg Pincus.
Warburg Pincus Cap. I-B (WPCB.U) $500M SPAC Citi
Second blank check company formed by Warburg Pincus.
Aldel Financial (ADF.U) $200M SPAC ThinkEquity
Blank check company formed by Fortress Investment Group co-founder Robert Kauffman.
AppTech (APCX) $15M Technology ---
Provides merchant services software to SMBs.
Cricut (CRCT) $100M Consumer Discretionary Goldman
Makes smart machines used for crafting and DIY.
JOANN (JOAN) $400M Consumer Discretionary BofA
Multi-channel fabric and crafts retailer with about 860 stores.
Just Another Acquisition (JAAC) $60M SPAC Ladenburg
Blank check company formed by the Managing Partner of Broadband Capital Partners.
M3-Brigade Acquisition II (MBAC.U) $300M SPAC Cantor Fitz.
Second blank check company formed by turnaround veteran Mohsin Meghji.
Maquia Capital Acq. (MAQCU) $200M SPAC Kingswood Cap. Mkts.
Blank check company targeting tech-focused middle market and emerging growth businesses in North America.
SilverSPAC (SLVR.U) $250M SPAC Goldman
Blank check company targeting the proptech and fintech sectors.
Spring Valley Acq. II (SVIIU) $200M SPAC Citi
Second blank check company formed by Pearl Energy Investment Management targeting the sustainability industry.
Vector Acquisition II (VAQCU) $400M SPAC Deutsche Bank
Second blank check company formed by Vector Capital targeting the tech industry.


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IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/18/2021, the Renaissance IPO Index was up 12.8% year-to-date, while the S&P 500 was up 4.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom Video Communications (ZM). The Renaissance International IPO Index was up 8.5% year-to-date, while the ACWX was up 6.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and TeamViewer.

The article US IPO Weekly Recap: The IPO market takes its annual February break in a 1 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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