The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.
Utah-based digital bank FinWise Bancorp (FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.
Alabama bank Southern States Bancshares (SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| FinWise Bancorp (FINW) Murray, UT |
$58M $183M |
$13 - $15 4,129,459 |
Piper Sandler |
| Utah-based digital bank that offers loan and deposit services across the US. | |||
| Southern States Bank (SSBK) Anniston, AL |
$40M $174M |
$19 - $21 2,000,000 |
KBW Truist Securities |
| Alabama bank with 15 branches in Alabama and Georgia. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/5/2021, the Renaissance IPO Index was up 0.7% year-to-date, while the S&P 500 was up 17.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.6% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.
