US IPO Week Ahead: Tech, tech, and more tech with 11 US IPOs planned for this coming week

11 IPOs are expected to price this week, making it another busy one, and totaling $3.4 billion in combined proceeds. A whopping six tech deals are pricing, including three from China. Chinese e-commerce giant Pinduoduo is the week's largest deal, raising $1.5 billion. US cybersecurity play Tenable should get the most attention--almost every enterprise software IPO with its profile has been a homerun. Bloom Energy's long-anticipated IPO is expected to price this week. Berry Petroleum, aims to be the first E&P IPO in over a year. Biotechs are still hitting the market, with two expected to price this week. 

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Aquestive Therapeutics (AQST), a drug manufacturer developing oral film formulations of CNS disease therapies, plans to raise $60 million by offering 4.0 million shares at a price range of $14.00 to $16.00. Insiders intend to purchase $20 million of the IPO (33% of deal). At the midpoint of the proposed range, Aquestive Therapeutics would command a market value of $362 million. Aquestive Therapeutics, which was founded in 2004, booked $74 million in sales over the last 12 months. The Warren, NJ-based company plans to list on the Nasdaq under the symbol AQST. BMO Capital Markets and RBC Capital Markets are the joint bookrunners on the deal.

Aurora Mobile (JG), which offers targeted mobile marketing campaigns and various app services in China, plans to raise $114 million by offering 12.0 million shares at a price range of $8.50 to $10.50. Insiders intend to purchase $35 million of the IPO (30% of deal). At the midpoint of the proposed range, Aurora Mobile would command a market value of $1.4 billion. Aurora Mobile, which was founded in 2012, booked $379 million in sales over the last 12 months. The Guangdong, China-based company plans to list on the Nasdaq under the symbol JG. Goldman Sachs (Asia), Credit Suisse and Deutsche Bank are the joint bookrunners on the deal.
 
Berry Petroleum (BRY), a California-based onshore oil production company, plans to raise $300 million by offering 18.8 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Berry Petroleum would command a market value of $1.4 billion. Berry Petroleum, which was founded in 1909, booked $357 million in sales over the last 12 months. The Bakersfield, CA-based company plans to list on the Nasdaq under the symbol BRY. Goldman Sachs, Wells Fargo Securities, BMO Capital Markets and Evercore ISI are the joint bookrunners on the deal.

Bloom Energy (BE), which sells clean energy power generators based on solid oxide fuel cell technology, plans to raise $252 million by offering 18.0 million shares at a price range of $13.00 to $15.00. Insiders intend to purchase up to $50 million of the IPO (20% of deal). At the midpoint of the proposed range, Bloom would command a market value of $1.7 billion. Bloom Energy, which was founded in 2001, booked $473 million in sales over the last 12 months. The Sunnyvale, CA-based company plans to list on the NYSE under the symbol BE. J.P. Morgan, Morgan Stanley, Credit Suisse and KeyBanc Capital Markets are the joint bookrunners on the deal.

Cango (CANG), an online car marketplace for businesses and consumers in China, plans to raise $138 million by offering 12.5 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Cango would command a market value of $1.8 billion. Cango, which was founded in 2010, booked $1.3 billion in sales over the last 12 months. The Shanghai, China-based company plans to list on the NYSE under the symbol CANG. Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) are the joint bookrunners on the deal.

Endava (DAVA), which provides outsourced IT development services, plans to raise $101 million by offering 5.6 million shares at a price range of $17.00 to $19.00. A corporate business partner intends to purchase $10 million of the IPO (10$ of deal). At the midpoint of the proposed range, Endava would command a market value of $987 million. Endava, which was founded in 2000, booked $199 million in sales over the last 12 months. The London, United Kingdom-based company plans to list on the NYSE under the symbol DAVA. Morgan Stanley, Citi, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal.

Focus Financial Partners (FOCS), which operates a national network of more than 50 independent wealth managers, plans to raise $600 million by offering 16.2 million shares at a price range of $35.00 to $39.00. At the midpoint of the proposed range, it would command a market value of $2.5 billion. Focus Financial Partners, which was founded in 2004, booked $724 million in sales over the last 12 months. The New York, NY-based company plans to list on the Nasdaq under the symbol FOCS. Goldman Sachs, BofA Merrill Lynch, KKR and BMO Capital Markets are the joint bookrunners on the deal.

Liquidia Technologies (LQDA), which is developing engineered formulations of therapies for PAH and pain, plans to raise $50 million by offering 4.5 million shares at a price range of $10.00 to $12.00. Insiders intend to purchase $30 million of the IPO (60% of deal). At the midpoint of the proposed range, it would command a market value of $175 million. Liquidia Technologies, which was founded in 2004, booked $7 million in sales over the last 12 months. The Morrisville, NC-based company plans to list on the Nasdaq under the symbol LQDA. Jefferies and Cowen are the joint bookrunners on the deal.

Opera Limited (OPRA), a leading provider of web browsers and digital content discovery platforms, plans to raise $106 million by offering 9.6 million shares at a price range of $10.00 to $12.00. Bitmain and IDG have agreed to invest $60 million in a concurrent private placement. At the midpoint of the proposed range, it would command a market value of $1.3 billion. Opera Limited, which was founded in 1995, booked $148 million in sales over the last 12 months. The Oslo, Norway-based company plans to list on the Nasdaq under the symbol OPRA. CICC and Citi are the joint bookrunners on the deal.

Pinduoduo (PDD), which operates an e-commerce mobile app centered on group buying in China, plans to raise $1.5 billion by offering 85.6 million shares at a price range of $16.00 to $19.00. Insiders intend to purchase $500 million of the IPO (33% of deal). At the midpoint of the proposed range, Pinduoduo would command a market value of $21.9 billion. Pinduoduo, which was founded in 2015, booked $3.1 billion in sales over the last 12 months. The Shanghai, China-based company plans to list on the Nasdaq under the symbol PDD. Credit Suisse, Goldman Sachs (Asia) and CICC are the joint bookrunners on the deal.

Tenable Holdings (TENB), which provides analytics-based vulnerability management software to enterprises, plans to raise $166 million by offering 9.2 million shares at a price range of $17.00 to $19.00. Insiders intend to purchase $1.2 million of the IPO (<1% of deal). At the midpoint of the proposed range, Tenable would command a market value of $1.8 billion. Tenable, which was founded in 2002, booked $206 million in sales over the last 12 months. The Columbia, MD-based company plans to list on the Nasdaq under the symbol TENB. Morgan Stanley, J.P. Morgan, Allen & Company and Deutsche Bank are the joint bookrunners on the deal.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 9.6% year-to-date, while the S&P 500 is up 6.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and SNAP (SNAP). The Renaissance International IPO Index is up 5.5% year-to-date, while the ACWX is up 5.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.

Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.