Coming off a strong end to the third quarter, October is set to get off to a quick start with seven deals on the calendar in the week ahead.
Investors will undoubtedly be paying close attention to the next notable tech deal, Coupa Software (COUP), which comes on the heels of strong third quarter performance for tech deals (+66% on average) and Nutanix's (NTNX) 131% pop on Friday. Coupa offers high growth as a leading provider of spend management software, a large market. While it has secured major enterprise customers (e.g. Sanofi, Toyota), the unprofitable company will face stiff competition from competitors SAP and Oracle.
The week ahead will also see serial entrepreneur and reality TV star Marcus Lemonis' Camping World Holdings (CWH) come public. Camping World is the largest RV retailer in the US and recently demonstrated strong comp store sales growth, but operates in a highly cyclical industry.
Two PE-backed issuers in defensive sectors are also scheduled for the week ahead. Both boast long-term contracts with large customers, but also have relatively high debt and capex requirements. Advanced Disposal Services (ADSW), the week's largest IPO, provides municipalities with waste management services. It postponed an IPO in February. AquaVenture Holdings (WAAS), which is backed by Element Partners (last IPO was TPI Composites; TPIC), provides US corporations with purified water and Caribbean islands with desalinated water.
| Renaissance Capital's IPO Calendar - Week of 10/3/2016 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size $mil |
Price Range Shares Filed |
Lead Manager(s) |
| Advanced Disposal Services Ponte Vedra, FL |
ADSW NYSE |
$375 | $18.00 - $21.00 19,250,000 |
Deutsche Bank Credit Suisse |
| Vertically integrated provider of solid waste collection and disposal services. | ||||
| Camping World Holdings Lincolnshire, IL |
CWH NYSE |
$250 | $21.00 - $23.00 11,363,636 |
Goldman Sachs J.P. Morgan |
| Largest RV retailer in the US with 120 stores and a membership platform. | ||||
| AquaVenture Holdings Tampa, FL |
WAAS NYSE |
$124 | $18.00 - $20.00 6,500,000 |
Citi Deutsche Bank |
| Operates nine desalination plants and rents water purification systems. | ||||
| Coupa Software San Mateo, CA |
COUP Nasdaq |
$101 | $14.00 - $16.00 6,700,000 |
Morgan Stanley J.P. Morgan |
| Provides cloud-based software that helps enterprises manage their spend. | ||||
| Obalon Therapeutics Carlsbad, CA |
OBLN Nasdaq |
$75 | $14.00 - $16.00 5,000,000 |
UBS Investment Bank Canaccord Genuity |
| Commercializing an intragastric balloon device designed to assist with weight loss. | ||||
| Everspin Technologies Chandler, AZ |
MRAM Nasdaq |
$45 | $11.00 - $13.00 3,750,000 |
Stifel Needham & Co. |
| Provides magnetoresistive random access memory (MRAM) chips. | ||||
| Full Spectrum Sunnyvale, CA |
FMAX Nasdaq |
$15 | $7.00 - $9.00 1,875,000 |
Joseph Gunnar & Co. |
| Develops and sells products used to create private cellular networks. | ||||
Follow us on Twitter (@IPOtweet) for IPO news as it happens and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 2% year-to-date, while the S&P 500 is up 8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Alibaba (BABA) and Citizens Financial Group (CFG). The Renaissance International IPO Index is down 1% year-to-date, compared to +5% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Recruit Holdings and Cheil Industries. To find out if this is the best ETF for you, visit our IPO Investing page.
