US IPO Weekly Recap: 5 new filings while summer slowdown in full effect

No US IPOs priced this week. Filing activity remained muted with one Chinese luxury e-commerce company, two micro-cap healthcare deals, and two tech-focused SPACs joining the pipeline, while another mico-cap biotech withdrew. With the "active pipeline" at just 32 IPOs, the mounting backlog of pre-IPO companies (including those in our PCW) continue to delay plans to go public. 

This year, 92 IPOs have raised a combined $22.2 billion; 63% are trading above issue. YTD performance improved this past week as 2017 aftermarket returns turned positive to +1.3% and generated an average total return of +11.2% from the offer price. Performance is even stronger for the 30 IPOs that priced over the last 90 days, which are up an average of +16.3% from the IPO price, including +4.6% in aftermarket gains. 

5 Filings During the Week of August 21, 2017
Issuer Business	Deal Size ($mm)	Sector	Lead Underwriter
Draper Oakwood Technology  Acquisition (DOTAU)	$50	SPAC	EarlyBirdCapital
Blank check company formed by Draper Oakwood to acquire a venture-backed tech company
Social Capital Hedosophia (IPOA.U)	$500	SPAC	Credit Suisse
Blank check company formed to acquire private technology companies
Secoo Holding (SECO)	$100	Technology	Jefferies
Chinese online retailer offering pre-owned luxury brands.
Krystal Biotech (KRYS)	$35	Health Care	Ladenburg Thalmann
Preclinical gene therapy biotech focused on dermatological diseases.
Celcuity (CELC)	$15	Health Care	Craig-Hallum Capital
Developing live cell diagnostic tests for cancer patients.

Chinese e-commerce luxury retailer Secoo (SECO) filed to raise $100 million. Preclinical gene therapy developer Krysal Biotech (KRYS) filed to raise $35 million, followed by cancer diagnostics company Celcuity (CELC), which filed to raise $15 million. Blank check company Social Capital Hedosophia (IPOA.U) grabbed headlines when it filed to raise $500 million. Led by Chamath Palihapitiya, a former Facebook executive and founder of Social Capital, this SPAC highlights the burdens of a traditional IPO, and plans to provide a backdoor listing for one of Silicon Valley's many private tech unicorns. Blank check company Draper Oakwood Technology Acquisition (DOTAU) plans to raise $50 million and has a similar objective of acquiring a venture-backed tech company. After multiple IPO attempts this year, biotech Accelerated Pharma (ACCP) withdrew its $8 million IPO. 

Updated Filings
Albertsons Companies (ABS), the third-largest US grocer, reported financial results for its first fiscal quarter. Identical store sales were negative for the third consecutive quarter, casting doubt over any near-term IPO plans. Oasis Midstream Partners LP (OMP), an MLP spun out of Oasis Petroleum (NYSE: OAS), also updated its financials for the 1H17. Revenue grew +38% to $78 million due to new operating infrastructure that came online in the 2H16. After postponing its IPO in May, hydraulic fracker, Liberty Oilfield Services (BDFC) disclosed 1H17 financial results. Revenue skyrocketed over 400% to $599 million. Zai Lab (ZLAB) also updated its filing, indicating a likely September IPO. 

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up +24.5% year-to-date, ahead of the S&P 500, which is up +9.1%. 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 +23.3% year-to-date, while the ACWX is up +17.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include ABN AMRO Group and Worldpay. To find out if this is the best ETF for you, visit our IPO Investing page.