Ten deals are on the IPO calendar to raise a combined $1.5 billion in the week ahead. Meal-kit delivery service Blue Apron Holdings (APRN) headlines the group, aiming to raise $480 million; five biotechs, two banks, a SPAC and an enterprise storage provider are also on deck.
| IPO Calendar | Link to Global Calendar | |||
| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Bookrunners |
| Avenue Therapeutics New York, NY |
ATXI Nasdaq |
$30 $55 |
$5.00 - 7.00 5,000,000 |
Oppenheimer & Co. |
| Fortress Biotech spinoff developing an IV formulation of the opioid tramadol. | ||||
| Esquire Financial Holdings Jericho, NY |
ESQ Nasdaq |
$35 $106 |
$14.00 - 16.00 2,363,873 |
Sandler O'Neill |
| Commercial bank providing attorney-related loans with over $400 million in assets. | ||||
| Mersana Therapeutics Cambridge, MA |
MRSN Nasdaq |
$75 $380 |
$14.00 - 16.00 5,000,000 |
J.P. Morgan Cowen & Company |
| Early-stage biotech developing antibody drug conjugate therapies for cancers. | ||||
| TPG Pace Holdings Fort Worth, TX |
TPGH.U NYSE |
$400 $500 |
$10.00 40,000,000 |
Deutsche Bank Goldman Sachs |
| TPG-backed blank check company formed by Hotwire.com founder Karl Peterson. | ||||
| Aileron Therapeutics Cambridge, MA |
ALRN Nasdaq |
$60 $250 |
$15.00 - 17.00 3,750,000 |
BofA Merrill Jefferies |
| Biotech targeting a range of cancers using stapled peptides. | ||||
| Blue Apron Holdings New York, NY |
APRN NYSE |
$480 $3,136 |
$15.00 - 17.00 30,000,000 |
Goldman Sachs Morgan Stanley |
| Leading meal-kit delivery service in the US. | ||||
| Byline Bancorp Chicago, IL |
BY NYSE |
$114 $573 |
$19.00 - 21.00 5,700,000 |
BofA Merrill Keefe Bruyette |
| Chicago bank with 56 branches and $3.3 billion in assets. | ||||
| Dova Pharmaceuticals Durham, NC |
DOVA Nasdaq |
$65 $415 |
$15.00 - 17.00 4,062,500 |
J.P. Morgan Jefferies |
| Commercializing an acquired drug candidate for low blood platelets. | ||||
| Tintri Mountain View, CA |
TNTR Nasdaq |
$100 $389 |
$10.50 - 12.50 8,700,000 |
Morgan Stanley BofA Merrill |
| Sells all-flash arrays and software to create enterprise clouds. | ||||
| Akcea Therapeutics Cambridge, MA |
AKCA Nasdaq |
$125 $692 |
$12.00 - 14.00 9,620,000 |
Cowen & Company Stifel |
| Late-stage biotech developing therapies for rare lipid disorders. | ||||
Cooking up an IPO: Blue Apron targets $480 million
Blue Apron Holdings (APRN) plans to raise $480 million at a market cap of $3.1 billion, above its most recent private valuation. While the Bessemer-backed meal-kit unicorn has become unprofitable due to increased spending on customer acquisition, its combination of size ($1 billion in run-rate) and high growth (targeting 25%+ in the near term) make it an intriguing play for investors. We note that the average VC-backed tech IPO is up 21% year-to-date.
What's in store for Tintri
Enterprise storage provider Tintri (TNTR) is scheduled to raise $100 million. The Mountain View, CA-based company has raised $260 million privately and was most recently valued at $785 million. While the IPO will value the company at $389 million, we note that post-IPO, the company will have raised a total of $360 million in funding. Like storage provider peers Pure Storage (PSTG) and Nutanix (NTNX), Tintri has racked up massive losses, but it has failed to reach the same scale ($133 million) and growth (42%).
Five biotechs coming up
Mersana Therapeutics (MRSN), Aileron Therapeutics (ALRN), Dova Pharmaceuticals (DOVA), Akcea Therapeutics (AKCA) and Avenue Therapeutics (ATXI) are set to price next week. All of the deals are marked by high insider buying. Akcea, an Ionis Pharmaceuticals spinoff, is expected to raise $125 million inthe largest deal of the group. Fortress Biotech spinoff Avenue Therapeutics, the week's smallest deal, cut its IPO range on Friday by 40%.
Banks raising money
Esquire Financial Holdings (ESQ), a Jericho, NY-based commercial bank providing attorney-related loans, is aiming to raise $35 million, downsized from an original $38 million. Byline Bancorp (BY), a Chicago bank with 56 branches and $3.3 billion in assets aims to raise $114 million.
A blank check and cloud storage
After three SPACs priced last week, another blank check company TPG Pace Holdings (TPGH.U) is scheduled for the week ahead. The TPG-backed firm was formed by Hotwire.com founder Karl Peterson and plans to raise $400 million.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 21.9% year-to-date, ahead of the S&P 500, which is up 8.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Ferrari (RACE) and First Data (FDC). The Renaissance International IPO Index is up 15.2% year-to-date, while the ACWX is up 13.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Covestro and Worldpay. To find out if this is the best ETF for you, visit our IPO Investing page.
Find out why institutional investors rely on Renaissance Capital's Pre-IPO Research for these IPOs. Follow us on Twitter (@IPOtweet) for IPO news as it happens and register for our updates on the IPO market.
