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.
