Uber (UBER) is now on the IPO calendar. Pricing the week of May 6, the most notable US unicorn plans to raise $8.5 billion at a diluted market cap of $85.7 billion. After Lyft's disappointing debut, Uber chose to set the midpoint of its range ($44-50) below its last private round. Even at the low end, it will be the third-largest US IPO by market cap.
Eight other companies also launched, ensuring an active May in the IPO market. Following Easter and Passover, just one company priced this past week, a SPAC.
| 1 IPO During the Week of April 22nd, 2019 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 04/26 |
| Act II Global Acquisition (ACTTU) | $261M | $324M | 0% | +1% | +1% |
| Blank check company led by former Hain Celestial executives targeting "better-for-you" food and restaurant brands. | |||||
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Several joined the pipeline with initial filings, most notably Slack Technologies (SK), which submitted paperwork for a direct listing that should value the company at more than $10 billion. High-growth Chinese companies Luckin Coffee (LK) and DouYu International (DOYU) also filed.
| 9 Filings During the Week of April 22nd, 2019 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Bicycle Therapeutics (BCYC) | $86M | Health Care | Goldman |
| Phase 1 biotech developing novel oncology medicines based on bicyclic peptides. | |||
| GX Acquisition (GXGXU) | $250M | SPAC | Cantor Fitz. |
| Blank check company led by the managing partners of Trimaran Capital Partners. | |||
| IDEAYA Biosciences (IDYA) | $70M | Health Care | JP Morgan |
| Phase 1 biotech developing targeted therapies for cancer. | |||
| Peloton Therapeutics (PLTX) | $115M | Health Care | JP Morgan |
| Phase 2 biotech developing small-molecule HIF-2a inhibitors to treat kidney cancer. | |||
| Proficient Alpha Acq. (PAACU) | $100M | SPAC | I-Bankers |
| Blank check company targeting a financial services business in China. | |||
| Slack (SK) | $0M | Technology | |
| Provides a workplace messaging application. | |||
| SeqLL (SQL) | $8M | Health Care | WallachBeth |
| Provides a genetic sequencing platform for researching the makeup of diseases. | |||
| DouYu International (DOYU) | $500M | Technology | Morgan Stanley |
| Tencent-backed live e-sports streaming platform. | |||
| Luckin Coffee (LK) | $250M | Consumer Discretionary | Credit Suisse |
| Chinese coffee retailer offering pick-up and delivery via a mobile app. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/25/19, the Renaissance IPO Index was up 32.3% year-to-date, while the S&P 500 had a gain of 17.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Elanco (ELAN) and VICI Properties (VICI). The Renaissance International IPO Index was up 14.2% year-to-date, while the ACWX was up 12.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Xiaomi.
