US IPO Weekly Recap: IPO launches and filings abound in the post-Labor Day frenzy

US IPO Weekly Recap: IPO launches and filings abound in the post-Labor Day frenzy

One IPO and nine SPACs went public this past week. Thirteen IPOs and eleven SPACs submitted initial filings as the IPO market gears up for a busy September. 

Canadian cloud-based POS software provider Lightspeed POS (LSPD) raised $355 million at a $3.2 billion market cap. The company priced slightly below the as-converted last close of its shares on the Toronto Stock Exchange (LSPD). Lightspeed provides omni-channel SaaS platforms for retailers, restaurants, and other SMBs globally. The company has demonstrated strong growth, though it is unprofitable, and gross margin fell in the most recent period.

Gary Cohn and Clifton Robbin’s SPAC Cohn Robbins Holdings (CRHC.U) raised $720 million. The company has not disclosed any target industries. Co-chairman, Gary Cohn, has served as Assistant to the President for Economic Policy and Director of the National Economic Council from 2017 until 2018. Co-chairman, Clifton Robbin, is the founder and CEO of hedge fund, Blue Harbour Group. 

Government contractor SPAC NavSight Holdings (NSH.U) raised $200 million. Founders Robert Coleman and Jack Pearlstein plan to focus on a business providing expertise or technology to the US government in the fields of national security, intelligence, and defense. 

TWC Tech Holdings II (TWCTU), the second blank check company formed by True Wind Capital targeting the tech industry, raised $525 million. CEO Adam Clammer and Chairman James Greene Jr.’s previous SPAC, Nebula Acquisition, completed its combination with auto finance analytics and service provider Open Lending (LPRO; +114% from $10 offer price) in June 2020.

Tortoise Capital’s second blank check company, Tortoise Acquisition II (SNPR.U), raised $300 million. Led by CEO and Chairman Vincent Cubbage, the company plans to target the energy transition and sustainability industry, specifically businesses that provide innovative solutions to decarbonization. 

Data-centric SPAC Prime Impact Acquisition I (PIAI.U) raised $300 million. The company is led by former executives from Western Digital (Nasdaq: WDC) and plans to capitalize on the growing use and value of data by targeting a data technology business. 

Activist hedge fund Starboard Value’s SPAC Starboard Value Acquisition (SVACU) upsized to raise $360 million. The company plans to focus on industries that align with its management team’s background, including technology, healthcare, consumer, industrials, and hospitality and entertainment. 

Tech SPAC Industrial Tech Acquisition (ITACU) upsized to raise $75 million. Led by industry veterans, the company plans to target a technology business operating in an industrial or energy area. 

Ribbit Capital’s fintech SPAC Ribbit LEAP (LEAP.U) raises $350 million. The company is led by CEO and Chairman Meyer Malka, the founder and Managing Partner of Ribbit Capital, and COO Cynthia McAdam, a Partner at Ribbit Capital. 

Sun Capital Partner’s SPAC Broadstone Acquisition (BSN.U) raises $300 million. The company plans to capitalize on market dislocation caused by the coronavirus pandemic, targeting fundamentally sound but stressed businesses in the UK and Europe.

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Thirteen IPOs and eleven SPACs submitted initial filings. 

KKR-backed sports retailer Academy Sports and Outdoors (ASO) and cancer screening developer GRAIL(GRAL), both filed for estimated $500 million IPOs. Data center operator Chindata Group (CD) filed to raise $400 million, solid tumor biotech Oncorus (ONCR) filed to raise $86 million and China’s largest pet-focused online retailer Boqii Holding (BQ) filed to raise $115 million. Cancer biotech C4 Therapeutics (CCCC), exosome biotech Codiak BioSciences (CDAK), Chinese edutainment provider iHuman (IH), and social networking and entertainment platform Yalla Group (YALA) all filed to raise $100 million. Antibody therapy biotech Immunome (IMNM) and Chinese educational service provider Lixiang Education Holding (LXEH) both filed to raise $30 million. Chinese lockset manufacturer Intelligent Living (ILAG) filed to raise $19 million and casual entertainment chain GameWorks (GMWX) filed to raise $15 million. 

Altimeter Capital’s SPAC Altimeter Growth Corporation (AGC.RC) filed to raise $450 million, insurance SPAC Delwinds Insurance Acquisition (DWIN.U) filed to raise $200 million, sustainable tech SPAC Qell Acquisition (QELL.U) filed to raise $300 million, climate change-fighting SPAC CCRI Acquisition (CLII.U) filed to raise $200 million, SaaS focused SPAC Dune Acquisition (DUNEU) filed to raise $130 million, healthcare SPAC Vesper Healthcare Acquisition (VSPRU) filed to raise $400 million, and The Bancorp’s fifth SPAC FinTech Acquisition IV (FTIVU) filed to raise $200 million. AI focused SPAC Goldenbridge Acquisition (GBRG.RC) filed to raise $50 million, leisure industry focused SPAC IG Acquisition (IGACU) filed to raise $300 million, and tech SPAC Vector Acquisition (VACQU) filed to raise $300 million. Recharge Acquisition (RCHGU), formed by former MTC Technologies and Marathon Petroleum executives, filed to raise $200 million. 

24 Filings During the Week of September 7th, 2020
Issuer
Business
Deal
Size
Sector Lead
Underwriter
Altimeter Growth Corp. (AGC.RC) $450M SPAC Citi
Blank check company formed by Altimeter Capital targeting the tech sector.
Delwinds Insurance Acq. (DWIN.U) $200M SPAC RBC
Blank check company formed by The Gray Insurance Company targeting the insurance industry.
Oncorus (ONCR) $86M Health Care Jefferies
Phase 1 biotech developing oncolytic virus therapies for solid tumors.
Qell Acquisition (QELL.U) $300M SPAC JP Morgan
Blank check company formed by PIMCO and industry veterans targeting a sustainable tech business.
C4 Therapeutics (CCCC) $100M Health Care Jefferies
Preclinical biotech developing small molecule protein degraders to treat cancer.
CCRI I Acquisition (CLII.U) $200M SPAC Citi
Blank check company formed by PIMCO and industry veterans targeting climate change-fighting sectors.
Dune Acquisition (DUNEU) $130M SPAC Cantor Fitz.
Blank check company formed by executives from delta2 Capital targeting a SaaS business.
Vesper Healthcare Acq. (VSPRU) $400M SPAC Goldman
Blank check company formed by the former CEO of Allergan targeting the healthcare sector.
Academy Sports (ASO) $500M Consumer Discretionary Credit Suisse
US sports and outdoor equipment retailer.
Codiak BioSciences (CDAK) $100M Health Care Goldman
Early stage biotech developing exosome therapeutics for various diseases.
GRAIL (GRAL) $500M Health Care Morgan Stanley
Developer of next-gen cancer screening tests for early detection.
Immunome (IMNM) $30M Health Care Ladenburg
Preclinical biotech developing antibody therapies for cancer and infectious diseases.
Intelligent Living (ILAG) $19M Industrials Network 1
Chinese manufacturer of mechanical locksets and smart security systems.
Lixiang Education Holding (LXEH) $30M Consumer Discretionary AMTD Global
Provides private primary and secondary education services in China.
Boqii Holding (BQ) $115M Technology Roth Cap.
China’s largest pet-focused online retailer.
Chindata Group (CD) $400M Technology Morgan Stanley
Integrated data center operator focusing on Asia-Pacific emerging markets.
FinTech Acquisition IV (FTIVU) $200M SPAC Cantor Fitz.
Fifth blank check company formed by management of The Bancorp to acquire a fintech business.
GameWorks (GMWX) $15M Consumer Discretionary Maxim
Operates a chain of casual esports and entertainment venues.
Goldenbridge Acquisition (GBRG.RC) $50M SPAC Maxim
Blank check company targeting the artificial intelligence industry.
IG Acquisition (IGACU) $300M SPAC Cantor Fitz.
Blank check company formed by the co-founders of Ivory Gaming Group targeting the leisure industry.
iHuman (IH) $100M Technology Credit Suisse
Provides edutainment products for children in China.
Recharge Acquisition (RCHGU) $200M SPAC Raymond James
Blank check company founded by former MTC Technologies and Marathon Petroleum executives.
Vector Acquisition (VACQU) $300M SPAC Deutsche Bank
Blank check company formed by Vector Capital targeting the tech industry.
Yalla Group (YALA) $100M Technology Morgan Stanley
Provides a voice-centric social networking and entertainment platform in MENA.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/11/20, the Renaissance IPO Index was up 53.4% year-to-date, while the S&P 500 was up 3.4%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was up 34.6% year-to-date, while the ACWX was down 5.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Xiaomi and Meituan-Dianping.
The article US IPO Weekly Recap: IPO launches and filings abound in the post-Labor Day frenzy 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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