US IPO Weekly Recap: IPO frenzy brings the year’s largest deal and biggest pop in a 17 IPO week

The IPO frenzy continued this past week as 17 IPOs and 26 SPACs entered the public market. Headlining the week were dating app Bumble (BMBL), which completed the year's largest deal so far, and Chinese cloud services provider Cloopen Group (RAAS), which bagged the biggest pop of 2021 to date.

Bumble (BMBL) priced further upsized and priced above the upwardly revised range to raise $2.2 billion at an $8.7 billion market cap. The company operates the Bumble and Badoo apps, the world’s second and fourth highest grossing dating apps, respectively. While COVID-19 hurt average revenue per paying user, the company generates strong EBITDA margins, and growth accelerated in the most recent quarter. Bumble finished up 76%.

Cloopen Group Holding (RAAS) priced above the range to raise $320 million at a $2.4 billion market cap, and soared 200% on its first day of trading. Unprofitable with decelerating growth in the 9mo20, the company is China’s largest multi-capability cloud-based communications solution provider by 2019 revenue. After its initial jump, Cloopen traded down to finish the week with a 96% return from IPO.

Signify Health (SGFY) priced above the upwardly revised range to raise $564 million at a $5.5 billion market cap. Formed by New Mountain Capital, Signify Health is a value-based healthcare platform primarily supporting Medicare Advantage plans. Benefiting from the shift to value-based care, the company has posted strong growth and EBITDA margins, though its revenue stream is concentrated. Signify finished up 52%.

Advertising software provider Viant Technologies (DSP) further upsized and priced above the upwardly revised range to raise $250 million at a $1.6 billion market cap. The company has demonstrated strong growth, and despite declines in customer count and revenue in the 9mo20, it maintained profitability and expanded margins during the pandemic. Viant finished up 162%.

Diagnostic testing developer Talis Biomedical (TLIS) further upsized and priced at the high end to raise $221 million at a $948 million market cap. Fast growing and highly unprofitable, the company is developing its Talis One tests for respiratory infections, infections related to women’s health, and sexually transmitted infections. It requested but has yet to receive EUA for its Talis One platform with COVID-19 molecular diagnostic assay. Talis finished up 74%.

Blackstone-backed Apria (APR) priced at the midpoint to raise $150 million at a $756 million market cap. The company provides home healthcare equipment, supplies and related services primarily for the home respiratory, obstructive sleep apnea and negative pressure wound treatment markets. The company is highly profitable with strong cash flow, though COVID-19 has reduced demand for certain products. Apria finished up 5%.

Chinese cancer biotech Adagene (ADAG) priced at the high end to raise $140 million at a $900 million market cap. Adagene’s most advanced candidate ADG106, a fully human ligand-blocking agonistic anti-CD137 mAb, is currently in Phase 1b trials in the US and China for advanced solid tumors and non-Hodgkin's lymphoma. Adagene finished up 46%.

Decibel Therapeutics (DBTX) upsized and priced at the high end to raise $127 million at a $474 million market cap. Its sole clinical candidate is being developed for cisplatin-induced hearing loss and is currently in a Phase 1b trial, with interim analysis expected in the 2H21. Its lead gene therapy product candidate is being developed for otoferlin-related hearing loss, with an IND submission expected in 2022. Decibel finished up 0.2%.

Orthobiologics developer Bioventus (BVS) priced below the range to raise $104 million at a $713 million market cap. An established leader in its field, Bioventus is focused on developing and commercializing treatments that engage and enhance the body's natural healing process. The company is profitable, though revenue fell in the 9mo20 due to COVID-related declines in volume. Bioventus finished up 33%.

Immunotherapy biotech NexImmune (NEXI) further upsized and priced at the high end to raise $110 million at a $394 million market cap. The company currently has two candidates in Phase 1/2 trials: NEXI-001, for acute myeloid leukemia, and NEXI-002, for multiple myeloma. The company expects to announce data for most patients in both trials by the end of 2021. NexImmune finished up 49%.

After delaying pricing by a week, loanDepot (LDI) downsized and priced below the range to raise $54 million at a $4.6 billion market cap, likely due in part to the lackluster receptions for recent mortgage originator IPOs. Fast growing and profitable, this nonbank lender provides loan origination and servicing with a focus on mortgage and unsecured personal loans. loanDepot's 1.2% float (the lowest in 20 years or more) likely contributed to volatile early trading. It finished up 125%.

Indoor gardening supplier urban-gro (UGRO) raised $54 million at a $103 million market cap in its Nasdaq uplisting. urban-gro provides engineering and design services for the integration of environmental equipment systems in indoor facilities. Unprofitable with declining growth in the 9mo20, the company operates in a hot space. urban-gro finished up 23%.

Chinese marketing firm Baosheng Media Group Holdings (BAOS) priced at the low end to raise $30 million at a $132 million market cap. The company advises advertisers on online marketing strategies, offer value-added advertising optimization services, and facilitate the deployment of online ads. Baosheng is profitable, though revenue declined in the 9mo20. Baosheng finished up 42%.

Cell therapy biotech Longeveron (LGVN) priced at the low end to raise $27 million at a $180 million market cap. Longeveron is developing cellular therapies for specific aging-related and life-threatening conditions. Its lead investigational product is the LOMECEL-B cell-based therapy, and the company is currently sponsoring Phase 1 and 2 trials in five indications. Longeveron finished down 26%.

Chinese issuer Global Internet of People (SDH) priced at the low end to raise $27 million at a $94 million market cap. The company operates a peer-to-peer knowledge sharing and enterprise service platform, and it had more than 5 million users and 1,400 members in September 2020. While profitable, its business has been significantly disrupted by COVID-19. Global Internet of People finished up 24%.

French-listed Biophytis (BPTS) priced within the range to raise $20 million at a $198 million market cap. Its lead candidate is an orally administered small molecule being developed for neuromuscular diseases. The candidate is currently in a Phase 2 trial for sarcopenia, with top-line results expected in the 2Q21, as well as an ongoing Phase 2/3 study for SARS-CoV-2 pneumonia. Biophytis finished up 2%.

Vallon Pharmaceuticals (VLON) priced at the low end to raise $18 million at a $55 million market cap. Vallon’s clinical-stage product, Abuse-Deterrent Amphetamine Immediate-Release (ADAIR), is for the treatment of ADHD and narcolepsy. ADAIR has completed three Phase 1 trials, including a proof-of-concept intranasal human abuse potential study which will be used to conduct a larger study prior to seeking approval. Vallon finished down 2%.

26 SPACs raised $8.1 billion, led by Michael Klein's Churchill Capital Corp VII (CVII.U), which raised $1.2 billion, and Apollo Global Management's Apollo Strategic Growth Capital II (APGB.U), which raised $600 million.

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Five IPOs submitted initial filings. South Korean e-commerce firm Coupang (CPNG) filed for an estimated $2 billion IPO. Senior care provider InnovAge Holding (INNV) and low-cost airline Sun Country Airlines Holdings (SNCY) both filed to raise $100 million. Neuro disorder biotech Protagenic Therapeutics (PTIX) filed for an $18 million Nasdaq uplisting, and cannabis products producer Flora Growth (FLGC) filed for an estimated $15 million IPO.

28 SPACs submitted initial filings, led by Bill Foley’s Austerlitz Acquisition I (AUS.U) and Austerlitz Acquisition II (ASZ.U), which filed to raise $500 million and $1 billion, respectively.


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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/11/21, the Renaissance IPO Index was up 18.0% year-to-date, while the S&P 500 was up 4.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom Video (ZM). The Renaissance International IPO Index was up 8.8% year-to-date, while the ACWX was up 6.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.