The long-awaited IPO of rideshare giant Lyft (LYFT) will finally hit the market in the week ahead. In total, three IPOs plan to raise roughly $2.3 Billion in the IPO market, a further signal of an IPO market continuing to heat up after roughly $858 million was raised last week led by Levi Strauss (LEVI). A blank check company is also expected to list this week.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Genfit (GNFT) Loos, France |
$132M $955M |
$26.33 5,000,000 |
Leerink Barclays |
| Phase 3 French biotech developing therapies for NASH. | |||
| 8i Enterprises Acq. (JFKKU) |
$50M $65M |
$10 5,000,000 |
Chardan |
| Blank check company backed by 8i Capital and targeting a high-growth business in Asia. | |||
| Precision BioSciences (DTIL) Durham, NC |
$126M $870M |
$15 - $17 7,900,000 |
JP Morgan Goldman |
| Early stage biotech developing off-the-shelf CAR T cell cancer therapies. | |||
| Lyft (LYFT) San Francisco, CA |
$2,000M $21,927M |
$62 - $68 30,770,000 |
JP Morgan Credit Suisse |
| Operates an on-demand ridesharing app that connects riders and drivers. | |||
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Lyft plans to raise $2 billion by offering shares at $62-68; at the midpoint it would be valued at $21.9 billion. That makes it the largest IPO of the year by both deal size and market value. Lyft is coming to market after posting 103% revenue growth in 2018 and a market share of 39%, up from 22% in 2016. That said, it remains highly unprofitable with losses approaching $900 million in 2018. Lyft's IPO will be a bellwether for other large tech IPOs expected this year, most notably its rideshare rival Uber.
Genfit (GNFT), a Phase 3 NASH biotech, plans to raise $132 million at $26.33 in its US debut. At that price, it would be valued at $955 million. The company is listed on the Euronext Paris and has been trading well year-to-date along with its NASH peers.
Precision BioSciences (DTIL, an early stage cancer biotech, plans to raise $126 million at $15-$17; at the midpoint it would be valued at $870 million. Harpoon (HARP), another early stage gene therapy biotech, priced its IPO in February. The company has traded down 24% since its IPO.
Also expected this week is 8i Enterprises (JFKKU), a blank check company backed by 8i capital targeting a high-growth Asian business.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/21/19, the Renaissance IPO Index was up 34.4% year-to-date, while the S&P 500 had a gain of 13.88%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include VICI Properties (VICI) and Spotify (SPOT). The Renaissance International IPO Index was up 9.4% year-to-date, while the ACWX was up 11.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and China Tower.
