Updated Monday, 12/14.
Six IPOs and five SPACs are scheduled to raise $2.8 billion in the week ahead as the IPO market starts to slow down before the holidays.
Bargain e-commerce platform Wish (WISH) plans to raise $1.1 billion at a $16.4 billion market cap. The company provides an e-commerce platform that connects primarily China-based merchants with value-conscious customers mostly in Europe and North America. Despite accelerating growth and a large market opportunity, Wish is highly unprofitable and has had issues with counterfeit and fraudulent goods.
Lending platform Upstart (UPST) plans to raise $252 million at a $1.9 billion market cap. The company believes its AI-powered lending models better predict credit risk. Upstart has achieved strong growth and profitability in the year-to-date period, but depends heavily on partnerships for traffic and a majority of originations.
Solid tumor biotech BioAtla (BCAB) plans to raise $150 million at a $527 million market cap. This biotech is developing a novel class of specific and selective antibody therapies. Its two latest stage antibody-drug conjugate candidates are currently in Phase 2 trials for multiple cancer indications, with interim data expected in 2021.
Research device developer 908 Devices (MASS) plans to raise $100 million at a $463 million market cap. The company provides handheld and desktop mass spectrometry devices. Since its inception, it has sold more than 1,200 handheld and desktop devices to over 300 customers in 32 countries, including 18 of the top 20 pharmas by 2019 revenue.
OTC-listed Midwest Holding (MDWT) plans to raise $72 million at a $269 million market cap. The company develops and distributes insurance products through third-party IMOs. Midwest turned profitable on an EBITDA basis in the 9mo20, though it has limited operating history under its current business plan.
Chinese online food retailer Wunong Net Technology (WNW) plans to raise $30 million at a $125 million market cap. The company currently offers a portfolio of 352 products from a network of suppliers. It plans to open franchise restaurants throughout China where customers can rent its facilities to cook and serve food purchased from the company.
Five SPACs are currently on the calendar led by Michael Klein's Churchill Capital Corp V (CCV.U), which plans to raise $400 million to target industries with compelling long-term growth prospects, opportunities to affect valuation improvements, attractive competitive dynamics, and consolidation opportunities.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Wunong Net Technology (WNW) Shenzhen, China |
$30M $125M |
$4 - $6 5,999,911 |
Boustead BN Securities |
| Operates an online food retail store and franchise restaurants in China. | |||
| BioAtla (BCAB) San Diego, CA |
$150M $527M |
$15 - $17 9,400,000 |
JP Morgan Jefferies |
| Phase 2 biotech developing selective antibody therapies for solid tumors. | |||
| Churchill Capital Corp V (CCV.U) New York, NY |
$400M $500M |
$10 40,000,000 |
Citi Goldman |
| Fifth blank check company founded by dealmaker and former Citi executive Michael Klein. | |||
| Upstart (UPST) San Mateo, CA |
$252M $1,874M |
$20 - $22 12,015,690 |
Goldman BofA |
| Operates an online consumer lending platform connecting banks and individuals. | |||
| Wish (WISH) San Francisco, CA |
$1,058M $16,427M |
$22 - $24 46,000,000 |
Goldman JP Morgan |
| Provides an e-commerce platform for ultra-bargain unbranded merchandise. | |||
| Dune Acquisition (DUNEU) West Palm Beach, FL |
$130M $163M |
$10 13,000,000 |
Cantor Fitz. Needham |
| Blank check company formed by executives from delta2 Capital targeting a SaaS business. | |||
| Midwest Holding (MDWT) Lincoln, NE |
$72M $269M |
$70 - $74 1,000,000 |
Piper Sandler |
| Underwrites and markets life insurance products in the US. | |||
| 908 Devices (MASS) Boston, MA |
$100M $463M |
$15 - $17 6,250,000 |
Cowen SVB Leerink |
| Provides mass spectrometry devices for forensic and scientific research. | |||
| MedTech Acquisition (MTACU) New York, NY |
$200M $250M |
$10 20,000,000 |
Raymond James |
| Blank check company targeting a US medical technology business. | |||
| Americas Technology Acq. (ATA.U) Dallas, TX |
$100M $126M |
$10 10,000,000 |
EarlyBird |
| Blank check company targeting the technology, media, and telecommunications sectors. | |||
| Marquee Raine Acquisition (MRACU) New York, NY |
$325M $406M |
$10 32,500,000 |
Credit Suisse |
| Blank check company formed by The Raine Group and the Chicago Cubs' owner targeting the TMT industry. | |||
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Street research is expected for six companies. On Monday, 12/14: Neogames (NGMS), Olema Pharmaceuticals (OLMA), Telos (TLS), and Yatsen Holding (YSG). On Tuesday, 12/15: Maravai LifeSciences (MRVI) and Sotera Health (SHC).
Lock-up periods will be expiring for eight companies. On Sunday, 12/13: Royalty Pharma (RPRX). On Tuesday, 12/15: JFrog (FROG) and Snowflake (SNOW). On Wednesday, 12/16: Forma Therapeutics (FMTX), Genetron Holdings (GTH), NuZee (NUZE), and Repare Therapeutics (RPTX). On Thursday, 12/17: Progenity (PROG).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/10/20, the Renaissance IPO Index was up 115.3% year-to-date, while the S&P 500 was up 13.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Uber (UBER). The Renaissance International IPO Index was up 41.1% year-to-date, while the ACWX was up 8.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
The article US IPO Week Ahead: The IPO market makes a holiday WISH in a 6 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.
