Two companies joined the public markets this week raising a total of $420 million, led by Revolve Group (RVLV), which posted an 89% gain. Two SPACs also came public raising a combined $500 million.
Revolve Group (RVLV), an online women's fashion retailer, raised $212 million by offering 11.8 million shares at $18, the high end of the range. The company boasted an 89% pop on its first day, the year's third best.
GSX Techedu (GSX), which provides online after-school tutoring to K-12 students in China, raised $208 million by offering 19.8 million ADSs. Following in the footsteps of its Chinese education peers, which have traded down in the last month, GSX ended the week with a 5% decline.
Consumer-focused SPAC Haymaker Acquisition (HYACU) raised $350 million by offering 35 million units, 5 million more than previously anticipated, and TMT SPAC GigCapital2 (GIX.U) raised $150 million by offering 15 million units, 2 million more than anticipated.
| 4 IPOs During the Week of June 3rd, 2019 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 06/07 |
| Revolve Group (RVLV) | $212M | $1,292M | 6% | +89% | +89% |
| Online women's fashion retailer focused on millennial and Gen Z consumers. | |||||
| Haymaker Acquisition II (HYACU) | $350M | $425M | 0% | +1% | +1% |
| The second consumer-focused SPAC created by the former CEO of Starwood Hotels. | |||||
| GigCapital2 (GIX.U) | $150M | $188M | 0% | +0% | +0% |
| Blank check company formed by semiconductor veteran Avi Katz to acquire a TMT business. | |||||
| GSX Techedu (GSX) | $208M | $2,638M | 0% | +0% | -5% |
| Provides K-12 online after-school tutoring in China. | |||||
Three companies submitted initial filings this past week, led by global sporting events owner Wanda Sports (WSG).
| 3 Filings During the Week of June 3rd, 2019 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Pivotal Investment II (PIC.U) | $200M | SPAC | |
| Blank check company founded by New York Islanders co-owner Jonathan Ledecky. | |||
| Wanda Sports (WSG) | $500M | Communication Services | Morgan Stanley |
| Sports events, media, and marketing platform of China's Wanda Group. | |||
| Inhibrx (INBX) | $75M | Health Care | Evercore ISI |
| Using protein engineering to develop targeted therapies for cancer and rare diseases. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/6/19, the Renaissance IPO Index was up 32.0% year-to-date, while the S&P 500 had a gain of 14.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Elanco (ELAN) and Okta (OKTA). The Renaissance International IPO Index was up 9.8% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Xiaomi.
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
