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US IPO Weekly Recap: 6 IPO filings signal a more active December
Analyst IPO Market Commentary
Sandwiched between the election and Thanksgiving, the US IPO market had another slow week for new offerings. Meanwhile, recent news and a string of initial filings signals that companies are preparing for IPOs in December and early 2017. Those plans are supported by the S&P 500's two-week rally of +4.7%; during the same time, year-to-date performance for 2016 IPOs has surged from +16% to +31%.
2 IPOs priced
this past week: A micro-cap biotech and a SPAC
), which is developing antibiotics for drug-resistant bacteria, raised $17 million in a US IPO (as much as 50% from insider Invesco), or $25 million including a European placement. Listed on London's AIM market (MTFB), the late-stage biotech launched its IPO in July when shares traded at $12.42, priced the IPO with warrants at $6.98, and slid 20% to $5.59 on its debut.
Hunter Maritime Acquisition
), a blank check company led by members of Belgium's Saverys shipping family, raised $150 million and finished Friday down 0.5%. It targets drybulk shipping companies, which have been under pressure for most of the year. However, in the past two weeks, Scorpio Bulkers (NYSE: SALT) and Navios Maritime (NYSE: NM) have skyrocketed over 50% each. Morgan Stanley was lead left on the deal, its first time in that role for a SPAC IPO in at least ten years. We do not include SPACs in our IPO stats.
6 IPOs Filed During the Week of November 14th, 2016
Ardagh Group (ARD)
Global provider of metal and glass containers for consumer packaged goods.
Online global hotel search aggregator being spun out of Expedia.
Cyber security services provider formed from Accuvant and FishNet merger.
Developing a cancer therapy to combat the loss of white blood cells.
Ichor Holdings (ICHR)
Provides fluid delivery subsystems for semiconductor equipment manufacturers.
China Gewang Biotech (CGWB)
Wholesale distributor of nutritional supplements in China.
March of the unicorns
The IPO market's big news this past week was
reported confidential filing; the IPO could value the social media platform at as much as $25 billion in a 1Q17 IPO. The CEO of
told Wired that an IPO could be in the cards in 2017. Meanwhile,
ratchet should encourage it to move forward as well.
6 initial filings
signal IPO pickup on the horizon
), a global metal and glass container company, shelved plans for an IPO of its metal can subsidiary (Oressa;
) in favor of a US IPO that we estimate could raise $1.5 billion as soon as February.
The other five filings come from IPOs that could arrive in December. Fast-growing hotel search provider
) filed for a $400 million IPO as Expedia (Nasdaq: EXPE) seeks to complete a spin-off four years after it bought the company. Blackstone-backed cyber security firm
) filed to raise $100 million. Semiconductor equipment company
), backed by Francisco Partners, filed to raise $86 million.
), owned by its founding China-based CEO, filed to raise $100 million, and nutritional supplement distributor
) filed with a $12 million deal size.
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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 0.3% year-to-date, while the S&P 500 is up 6.7%. Renaissance Capital's
(NYSE: IPO) tracks the index, and
top ETF holdings
include Alibaba (
) and Citizens Financial Group (
). The Renaissance International IPO Index is down 5.8% year-to-date, compared to -0.6% for ACWX. Renaissance Capital’s International
(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
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