Just two SPACs priced this week. A chinese issuer and two SPACs
submitted initial filings
Targeting the cybersecurity sector, SCVX Corp (SCVX.U) raised $200 million at a market cap of $250 million. The Gores Group's fourth SPAC Gores Holdings IV (GHIVU) raised $400 million at a market cap of $500 million.
| 2 IPOs During the Week of January 20th, 2020 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 01/24 |
| Gores Holdings IV (GHIVU) | $400M | $500M | 0% | +5% | +5% |
| Fourth blank check company formed by The Gores Group. | |||||
| SCVX Corp. (SCVX.U) | $200M | $250M | 0% | n/a | +0% |
| Blank check company led by industry veterans targeting the cybersecurity sector. | |||||
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Chinese construction consulting and design services company Goxus (GOX) filed for a $14 million US IPO. Internet services SPAC UTXO Aquisition filed to raise $50 million and CITIC Capital's SPAC CITIC Capital Aquisition filed for $200 million.
| 3 Filings During the Week of January 20th, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| CITIC Capital Aquisition (CCAC.U) | $200M | SPAC | Credit Suisse |
| Blank check company formed by CITIC Capital targeting the energy efficiency and technology businesses in China. | |||
| Goxus (GOXS) | $14M | Industrials | Network 1 |
| Property management consulting and design services firm in China. | |||
| UTXO Acquisition (UTXOU) | $50M | SPAC | Univest Securities |
| Blank check company targeting the internet services industry in North America or Asia. | |||
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The US IPO calendar is full, led by consumer staples provider Reynolds (REYN), health clinic chain OneMedical (ONEM), wellness company Avadim Health AHI, oncology biotech Black Diamond Therampeutics BDTX, dermatology biotech Arcutis Biotherapeutics ARQT), and SPAC InterPrivate Acquisition (IPV.U).
For an in depth look at venture capital activity in the 2019 IPO market, read Renaissance Capital's 2019 VC Review.
In case you missed it, Renaissance Capital released its reports on the top Auditors and the top Law Firms of the 2019 IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/24/20, the Renaissance IPO Index was up 8.6% year-to-date, while the S&P 500 had a gain of 2.9%. 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 4.1% 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 Adyen and Xiaomi
