There are no IPOs scheduled for the upcoming week as we continue with the annual two-week February lull as companies prepare full year 2016 numbers. Snap (SNAP) and alternative asset manager Hamilton Lane (HLNE) have queued up for IPOs in the beginning of March.
Snap set terms on Thursday and launched its roadshow this Friday as it plans to price its $3 billion on March 1. It is targeting a fully diluted market valuation between $20 and $22 billion, which would place it closer to Twitter ($18 B) than Facebook ($104 B) at their IPOs.
Although the next week is bare, the pipeline is filling with companies that could launch in the coming weeks. These include filings from the 4Q16 and more recent JOBS Act filers including high profile and large deals such as $1,000 parka-maker Canada Goose (GOOS), meat processor JBS Foods (JBS) and a trio of fracking companies Liberty Oilfield Services (BDFC), FTS International (FTSI) and ProPetro (PUMP).
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| Recent IPO Filers - Potential Launches in February and March |
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| Issuer Business |
Symbol | Estimated Deal Size($m) |
Earliest Launch Date |
Top 3 Bookrunners |
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| Presidio New York, NY |
PSDO | $400 | Able to Launch |
JP Morgan Citi Barclays |
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| Provides IT infrastructure services to middle-market businesses. |
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| Hess Midstream Partners Houston, TX |
HESM |
$250 | Able to Launch |
Goldman Sachs Morgan Stanley |
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| MLP formed by Hess and GIP to own pipeline and storage assets in the Bakken. |
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| Ardagh Group United Kingdom |
ARD | $1,500 | Able to Launch | Citi | ||
| Global provider of metal and glass containers for consumer packaged goods. |
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| ProPetro Midland, TX |
PUMP | $345 | Late February | Goldman Sachs Barclays Credit Suisse |
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| Provides hydraulic fracturing services for the oil and gas industry. |
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| FTS International Fort Worth, TX |
FTSI | $1,000 | Late February | Credit Suisse Morgan Stanley |
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| Provides hydraulic fracturing services for the oil and gas industry. |
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| Floor & Decor Smyrna, GA |
FND | $150 | Late February |
BofA Barclays Credit Suisse |
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| Hard surface flooring and accessories retailer with 71 warehouse-format stores. |
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| J.Jill Quincy, MA |
JILL |
$150 | Late February |
BofA Morgan Stanley Jefferies |
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| Makes and sells trendy, high-end down-filled parkas. |
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| JBS Foods International Greeley, CO |
JBS | $2,500 | Late February | TBA | ||
| World's leading processor of beef, poultry, lamb and other meat proteins. |
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| Liberty Oilfield Services Denver, CO |
BDFC |
$300 | Early March |
Morgan Stanley Goldman Sachs |
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| Provides hydraulic fracturing services for the oil and gas industry. |
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| Canada Goose Canada |
GOOS |
$300 | Early March |
CIBC Credit Suisse Goldman Sachs |
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| Makes and sells trendy, high-end down-filled parkas. |
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| Schneider National Green Bay, WI |
SNDR | $1,000 | Mid March | Morgan Stanley UBS BofA |
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| Leading US trucking company with over 11,000 vehicles. |
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| Klöckner Pentaplast Luxembourg |
KP |
$300 | Mid March | Citi Credit Suisse Goldman Sachs |
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| Global manufacturer of plastic films for packaging. |
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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 9.4% year-to-date, while the S&P 500 is up 5.0%. 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 5.0% year-to-date, while the ACWX is up 5.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Aena and ABN Amro. To find out if this is the best ETF for you, visit our IPO Investing page.
