Four deals, each representing a different sector, are on the IPO calendar for the week ahead looking to raise a combined $454 million. Redfin, which headlines the group, is the biggest name to IPO since Blue Apron in June, and its reception could be a signal for potential unicorns looking to IPO this year.
| IPO Calendar | |||||
| U.S. Calendar | |||||
| Issuer Business |
Symbol Exchange |
Deal Size($m) Market Cap($m) |
Price Range Shares Filed |
Pricing Date |
Top 2 Bookrunners |
| RBB Bancorp San Gabriel, CA |
RBB Nasdaq |
$69 $373 |
$22.00 - 24.00 3,000,000 |
Wk of 7/24 | Sandler O'Neill, Keefe Bruyette |
| California commercial bank focused on serving first generation Asian immigrants. | |||||
| Industrea Acquisition New York, NY |
INDUU Nasdaq |
$200 $250 |
$10.00 - 10.00 20,000,000 |
Wk of 7/24 |
FBR Capital, B. Riley |
| Blank check company formed by Argand Partners to acquire an industrial business. | |||||
| Sienna Biopharmaceuticals Westlake Village, CA |
SNNA Nasdaq |
$65 $317 |
$14.00 - 16.00 4,333,333 |
Wk of 7/24 |
J.P. Morgan, Cowen & Company |
| Clinical-stage biotech developing topical therapies for dermatological conditions. | |||||
| Redfin Seattle, WA |
RDFN Nasdaq |
$120 $1,129 |
$12.00 - 14.00 9,231,000 |
Wk of 7/24 |
Goldman Sachs, Allen & Company |
| Internet-driven discount real estate brokerage. | |||||
Find out why institutional investors rely on Renaissance Capital's Pre-IPO Research for these IPOs. Follow us on Twitter (@IPOtweet) for IPO news as it happens and register for our updates on the IPO market.
Redfin (RDFN) is headlining the week, targeting a $1.1 billion valuation with a $120 million deal. Redfin has grown revenue over 40% per year as it seeks to disrupt the real estate brokerage industry by lowering commissions to drive higher volumes and efficiency. Though it is not yet profitable, Redfin has significant tailwinds from a recovering US housing market and strong trading from peers.
RBB Bancorp (RBB), a commercial bank focused on Asian immigrants, is seeking $69 million as it hopes investors will give credit to its increasing margins and look past its weak loan volume in the first quarter.
Sienna Biopharmaceuticals (SNNA), a clinical-stage biotech developing topical dermatology therapies, is looking to raise $65 million at a market cap of $317 million. It hopes to lure investors with a combination of late-stage acne and hair removal product candidates that could provide cash in the short run, while two candidates are targeting the $5 billion global psoriasis market.
Potential upcoming launches
While filings have been light, as expected thanks to the SEC's new confidential filing rules, we expect that a number of companies already on file could launch in the week ahead. This includes plus-size women's fashion retailer Torrid (CURV), fruit and vegetable producer Dole (DOLE), building materials distributor LBM Holdings (LBM) and titanium dioxide product manufacturer Venator Materials (VNTR).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 24.2% year-to-date, ahead of the S&P 500, which is up 10.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Ferrari (RACE) and First Data (FDC). The Renaissance International IPO Index is up 20.2% year-to-date, while the ACWX is up 16.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include ABN AMRO Group and Worldpay. To find out if this is the best ETF for you, visit our IPO Investing page.
