The first week of the December IPO market saw eight IPOs and ten SPACs raise $3.9 billion, led by Chinese education technology group 17 Education (YQ). Filing activity continued to slow as we near the end of 2020, with one IPO and eight SPACs submitting initial filings.
Chinese education technology group 17 Education & Technology Group (YQ) priced at the midpoint to raise $288 million at a $2.2 billion market cap. The company provides online K-12 tutoring services and smart classroom solutions. Although COVID-19 has accelerated growth and the adoption of online education tools, the surge may not be sustainable in the long term. 17 Education finished up 1%.
Oncology biotech Silverback Therapeutics (SBTX) upsized and priced above the range to raise $242 million at a $758 million market cap. This HER+-focused biotech is developing tissue targeted therapeutics that pair proprietary payloads with monoclonal antibodies. Its sole clinical candidate recently began a Phase 1 trial, with interim data expected in the 2H21. Silverback finished up 19%.
Preclinical biotech Kinnate Biopharma (KNTE) upsized and priced above the range to raise $240 million at a $933 million market cap. Kinnate is developing small molecule kinase inhibitors for difficult-to-treat cancers. Its lead candidate is a RAF inhibitor for the treatment of patients with solid tumors, and the company expects to file an IND for the candidate in the 1H21. Kinnate finished up 117%.
Protein analysis tool developer Seer (SEER) upsized and priced above the range to raise $175 million at a $1.3 billion market cap. Seer provides protein analysis testing for biomedical research through its proprietary engineered nanoparticle technology. The company has yet to generate product revenue, though it expects to begin commercialization in 2021/2022. Seer finished up 197%.
Chronic disease biotech Sigilon Therapeutics (SGTX) upsized and priced at the midpoint to raise $126 million at a $598 million market cap. Sigilon's lead candidate is designed to prevent bleeding episodes in patients with Hemophilia A. The candidate takes the form of a surgically implanted sphere and recently began a Phase 1/2 trial. Sigilon finished up 93%.
Two companies completed uplistings on the Nasdaq. Radio system provider Ondas (ONDS) raised $30 million at a $386 million market cap and finished up 3%. Ammunition manufacturer AMMO Inc. (POWW) raised $18 million at a $124 million market cap and finished up 20%.
Canadian SaaS platform Docebo (DCBO) upsized to raise $144 million at a $1.5 billion market cap in its Nasdaq cross-listing. Currently listed on the Toronto Stock Exchange (DCBO), Docebo provides software for professional training to over 2,000 companies across North America and Europe. It finished up 4%.
Ten blank check companies raised $2.6 billion this past week led by former NYSE President Tom Farley’s second SPAC Far Peak Acquisition (FPAC.U), which raised $550 million to acquire a fintech business.
| 18 IPOs During the Week of November 30th, 2020 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 12/04 |
| Seer (SEER) | $175M | $1,260M | 12% | +197% | +197% |
| Developing next-generation proteome analysis tests for biomedical research. | |||||
| Kinnate Biopharma (KNTE) | $240M | $933M | 18% | +95% | +117% |
| Preclinical biotech developing targeted kinase inhibitors for difficult-to-treat cancers. | |||||
| Sigilon Therapeutics (SGTX) | $126M | $598M | 0% | +93% | +93% |
| Phase 1/2 biotech developing allogeneic therapies for hemophilia A and diabetes. | |||||
| AMMO Inc. (POWW) | $18M | $124M | 0% | +18% | +20% |
| US manufacturer of branded and specialty ammunition. | |||||
| Silverback Therapeutics (SBTX) | $242M | $758M | 17% | +19% | +19% |
| Phase 1 biotech developing TLR8 agonist-antibodies for HER2/3 solid tumors. | |||||
| Rodgers Silicon Valley (RSVAU) | $200M | $250M | 0% | +12% | +8% |
| Blank check company targeting a technology business in Silicon Valley. | |||||
| Jaws Spitfire Acq. (SPFR.U) | $300M | $363M | 0% | +5% | +5% |
| Second blank check company led by Starwood Capital founder Barry Sternlicht. | |||||
| Docebo (DCBO) | $144M | $1,541M | 0% | +4% | +4% |
| Provides a cloud-based SaaS platform for professional training. | |||||
| Highland Transcend I (HTPA.U) | $275M | $338M | 0% | +3% | +3% |
| Blank check company formed by Highland Capital Partners targeting disruptive tech. | |||||
| FinTech Acquisition V (FTCVU) | $218M | $298M | 0% | +3% | +3% |
| Sixth blank check company formed by management of The Bancorp to acquire a fintech business. | |||||
| Ondas (ONDS) | $30M | $386M | -42% | +3% | +3% |
| Provides a software-defined radio system to create private broadband networks. | |||||
| PropTech Investment II (PTICU) | $200M | $244M | 0% | +2% | +2% |
| Second blank check company led by partners at Hennessy Capital targeting a real estate technology business. | |||||
| Live Oak Acquisition II (LOKB.U) | $220M | $270M | 0% | +2% | +2% |
| Second blank check company formed by Live Oak Merchant Partners targeting a high-growth business. | |||||
| Seaport Global Acq. (SGAMU) | $125M | $156M | 0% | +0% | +2% |
| Blank check company formed by Seaport Global targeting businesses that had been reorganized or distressed. | |||||
| Trepont Acquisition I (TACA.U) | $200M | $250M | 0% | +2% | +2% |
| Blank check company targeting the technology and communications industries. | |||||
| Capitol Investment V (CAP.U) | $300M | $375M | 0% | +1% | +1% |
| Fifth blank check company formed by Mark Ein and Dyson Dryden. | |||||
| 17 Education & Tech (YQ) | $288M | $2,229M | 0% | +1% | +1% |
| Provides online K-12 tutoring services in China. | |||||
| Far Peak Acquisition (FPAC.U) | $550M | $648M | 0% | +0% | +0% |
| Second blank check company formed by former NYSE President Tom Farley to acquire a fintech. | |||||
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One IPO and eight SPACs submitted initial filings this past week. Multi-channel pet care retailer Petco (WOOF) filed for an estimated $800 million IPO. ION Investment Group’s SPAC ScION Tech Growth I (SCOAU) filed to raise $500 million. Corner Venture’s tech-focused Corner Growth Acquisition (COOLU) filed to raise $300 million. TMT and fintech-focused SPAC Golden Falcon Acquisition (GFX.U) filed to raise $250 million. ESG-focused Seven Oaks Acquisition (SVOKU) and US medical technology SPAC MedTech Acquisition (MTACU) both filed to raise $200 million. Orthopedic and spine industry SPAC Viveon Health Acquisition (VHAQ.U) filed to raise $179 million. Hospitality industry SPAC Ventoux CCM Acquisition (VTAQU) filed to raise $150 million. Consumer goods-focused SPAC Ackrell SPAC Partners I (ACKIU) filed to raise $100 million
| 9 Filings During the Week of November 30th, 2020 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Viveon Health Acquisition (VHAQ.U) | $170M | SPAC | Chardan |
| Blank check company targeting the US orthopedic and spine industry. | |||
| Petco (WOOF) | $800M | Consumer Discretionary | Goldman |
| Multi-channel pet care retailer with about 1,500 locations across North America. | |||
| Ackrell SPAC Partners I (ACKIU) | $100M | SPAC | EarlyBird |
| Blank check company targeting a branded fast-moving consumer goods business. | |||
| Golden Falcon Acquisition (GFX.U) | $250M | SPAC | UBS |
| Blank check company targeting TMT and fintech in Europe, North America, and the Middle East. | |||
| Seven Oaks Acquisition (SVOKU) | $200M | SPAC | JonesTrading |
| Blank check company focusing on businesses with good ESG practices. | |||
| Ventoux CCM Acquisition (VTAQU) | $150M | SPAC | Chardan |
| Blank check company formed by industry veterans and Chardan targeting the hospitality industry. | |||
| Corner Growth Acquisition (COOLU) | $300M | SPAC | Cantor Fitz. |
| Blank check company formed by Corner Ventures targeting tech in the US and developed countries. | |||
| MedTech Acquisition (MTACU) | $200M | SPAC | Raymond James |
| Blank check company targeting a US medical technology business. | |||
| ScION Tech Growth I (SCOAU) | $500M | SPAC | UBS |
| Blank check company formed by ION Investment Group targeting technology. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/3/20, the Renaissance IPO Index was up 108.3% year-to-date, while the S&P 500 was up 13.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Uber (UBER). The Renaissance International IPO Index was up 40.7% year-to-date, while the ACWX was up 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
