While there were no pricings this past week, six companies joined the IPO pipeline.
LBO’d contract research organization PPD (PPD) filed for an IPO that we estimate could raise $1 billion. Phase 3 dermatology biotech Arcutis Biotherapeutics (ARQT), mattress retail unicorn Casper (CSPR), and life sciences software maker Schrödinger (SDGR) all filed to raise $100 million. Florida bank Professional Holding Corp (PFHD) filed to raise $75 million. InterPrivate Acquisition (IPV.U), a blank check company formed by private equity firm InterPrivate, filed to raise $175 million.
| 6 Filings During the Week of January 6th, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Casper (CSPR) | $100M | Consumer Discretionary | Morgan Stanley |
| Mattress and sleep-related goods retailer. | |||
| Schrödinger (SDGR) | $100M | Health Care | Morgan Stanley |
| Provides a software platform for life sciences and materials research. | |||
| PPD (PPD) | $1,000M | Health Care | Barclays |
| LBO'd contract research organization that provides drug development services. | |||
| InterPrivate Acquisition (IPV.U) | $175M | SPAC | EarlyBird |
| Blank check company led by the founder of private equity firm InterPrivate. | |||
| Arcutis Biotherapeutics (ARQT) | $100M | Health Care | Goldman |
| Phase 3 biotech developing topical therapies for common skin diseases. | |||
| Professional Holding Corp (PFHD) | $75M | Financials | Stephens |
| Florida bank with nine locations across the Miami-Dade MSA. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/9/20, the Renaissance IPO Index was up 4.5% year-to-date, while the S&P 500 had a gain of 1.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Spotify (SPOT). The Renaissance International IPO Index was up 1.3% year-to-date, while the ACWX was up 0.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.
