There are eight IPOs scheduled for the week ahead, which would tie the most active week of 2016.
Software provider AppDynamics (APPD) leads the pack; as the first unicorn of the year to IPO it sets the tone for other VC-backed tech names to follow.
| Renaissance Capital's IPO Calendar - Week of 1/23/2017 | ||||
| Issuer Business |
Symbol Exchange |
Deal Size $mil |
Price Range Shares Filed |
Lead Manager(s) |
| Jagged Peak Energy Denver, CO |
JAG NYSE |
$650 | $16.00 - $18.00 38,225,000 |
Citi Credit Suisse J.P. Morgan |
| Oil and gas E&P operating in the Delaware Basin in West Texas. | ||||
| JELD-WEN Holding Charlotte, NC |
JELD NYSE |
$550 | $21.00 - $23.00 25,000,000 |
Barclays Citi Credit Suisse |
| Global manufacturer of doors, windows and treated composite trim and panels. | ||||
| REV Group Milwaukee, WI |
REVG NYSE |
$250 | $19.00 - $21.00 12,500,000 |
Goldman Sachs Morgan Stanley Baird |
| Leading manufacturer of emergency and specialty vehicles. | ||||
| AppDynamics San Francisco, CA |
APPD Nasdaq |
$132 | $10.00 - $12.00 12,000,000 |
Morgan Stanley Goldman Sachs J.P. Morgan |
| Provides application performance management software for large enterprises. | ||||
| ObsEva Geneva, Switzerland |
OBSV Nasdaq |
$97 | $14.00 - $16.00 6,450,000 |
Credit Suisse Jefferies Leerink Partners |
| Clinical-stage biotech developing therapies for women's reproductive health. | ||||
| Jounce Therapeutics Cambridge, MA |
JNCE Nasdaq |
$75 | $13.00 - $15.00 5,360,000 |
J.P. Morgan Cowen & Company |
| Early-stage biotech developing T cell immuno-oncology therapies with Celgene. | ||||
| AnaptysBio San Diego, CA |
ANAB Nasdaq |
$60 | $14.00 - $16.00 4,000,000 |
Credit Suisse Stifel |
| Early-stage biotech developing antibodies for severe peanut allergy and asthma. | ||||
| Visterra Cambridge, MA |
VIST Nasdaq |
$50 | $12.00 - $14.00 3,850,000 |
Leerink Partners Stifel |
| Developing targeted vaccines for influenza and other drug-resistant infectious diseases. | ||||
Four big deals
AppDynamics, REV Group, JELD-WEN and Jagged Peak Energy are each set to raise over $100 million at valuations above $1 billion. AppDynamics (APPD) offers a platform that enables enterprises to actively monitor, analyze and optimize the performance of business-critical software applications and IT infrastructures in real time. It has grown rapidly, but has an accumulated deficit of $477 million. PE-backed REV Group (REVG), which designs and manufactures specialty vehicles such as fire trucks, ambulances, street sweepers and RVs, is looking to raise $250 million. Global door manufacturer JELD-WEN (JELD) is hoping to open the door on a $550 million IPO, the first from an LBO this year. Quantum Energy Partners' Permian Basin E&P Jagged Peak (JAG) is set to raise $650 million in the largest deal of the month.
Four biotechs
AnaptysBio (ANAB), ObsEva (OBSV), Jounce Therapeutics (JNCE) and Visterra (VIST) are each set to complete their offerings in the next week and raise a total of $282 million for their clinical trials. These biotechs are ready to start the sector off quicker than last year, when the first biotech did not IPO until February 3, and only eight completed offerings the entire first quarter.
Three more potential launches
Invitation Homes (INVH), the Blackstone REIT that owns the largest portfolio of single-family homes in the US, will be eligible to launch its estimated $1.5 billion offering on Monday. Also on Monday, oil and gas mineral interest owner Kimbell Royalty Partners (KRP) will be able to set terms for its $100 million offering. Metallurgical coal producer Ramaco Resources (METC), is on file for a $100 million IPO, is another possible IPO launch.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 4.9% year-to-date, while the S&P 500 is up 1.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include First Data (FDC) and TransUnion (TRU). The Renaissance International IPO Index is up 1.7% year-to-date, while the ACWX is up 2.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Aena and ABN Amro.
