The IPO market took a break this week, with just one issuer raising $44 million. Blank check activity remained robust with 16 SPACs raising $3.4 billion. New filers continued to build the IPO pipeline, with 10 IPOs and 45 SPACs submitting initial filings.
Blockchain-based application developer GreenBox POS (GBOX) raised $44 million at a $407 million market cap in its Nasdaq uplisting. Unprofitable with lumpy growth, the company develops blockchain-based payment solutions for a range of industries with five current products. GreenBox finished up 36%.
16 blank check companies raised $3.4 billion this past week. The group was led by HGGC and Industry Ventures’ SPAC Pathfinder Acquisition (PFDRU), real estate firm’s Simon Property Group Acquisition (SPGS.U), tech-focused Tailwind International Acquisition (TWNI.U), and Cantor Fitzgerald’s sixth SPAC CF Acquisition VI (CFVIU), all of which raised $300 million.
| 17 IPOs During the Week of February 15th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 02/19 |
| GreenBox POS (GBOX) | $44M | $407M | 0% | +36% | +36% |
| Developing blockchain-based payment solutions. | |||||
| Figure Acquisition I (FACA.U) | $250M | $357M | 0% | +15% | +15% |
| Blank check company formed by Figure Technologies targeting fintech and financial services. | |||||
| New Vista Acquisition (NVSAU) | $240M | $300M | 0% | +6% | +14% |
| Blank check company led by ex-Boeing CEO Dennis Muilenburg targeting emerging tech and aerospace and defense. | |||||
| FinServ Acquisition II (FSRXU) | $265M | $339M | 0% | +12% | +11% |
| Second blank check company led by finance veterans targeting the fintech industry. | |||||
| FS Development II (FSII) | $175M | $224M | 0% | +8% | +10% |
| Second blank check company formed by Foresite Capital targeting a healthcare business. | |||||
| Simon Property Acq. (SPGS.U) | $300M | $375M | 0% | +10% | +10% |
| Blank check company formed by Simon Property Group. | |||||
| B. Riley Principal 150 (BRPMU) | $150M | $192M | 0% | +8% | +8% |
| Third blank check company formed by diversified financial services firm B. Riley Financial. | |||||
| CF Acquisition VI (CFVIU) | $300M | $382M | 0% | +7% | +7% |
| Sixth blank check company formed by Cantor Fitzgerald. | |||||
| Moringa Acquisition (MACAU) | $100M | $130M | 0% | +7% | +6% |
| Blank check company targeting an Israel-related technology business. | |||||
| Tailwind Intl. Acq. (TWNI.U) | $300M | $375M | 0% | +5% | +5% |
| Second blank check company co-formed by Casper CEO Philip Krim targeting international technology. | |||||
| Pathfinder Acquisition (PFDRU) | $300M | $375M | 0% | +5% | +5% |
| Blank check company formed by HGGC and Industry Ventures targeting technology. | |||||
| Alpha Capital Acquisition (ASPCU) | $200M | $250M | 0% | +5% | +5% |
| Blank check company targeting technology businesses in Latin America. | |||||
| ABG Acquisition I (ABGI) | $131M | $168M | 0% | +3% | +4% |
| Blank check company formed by Ally Bridge Group targeting the healthcare sector. | |||||
| Medicus Sciences Acq. (MSACU) | $80M | $101M | 0% | +3% | +3% |
| Blank check company targeting the medical technology sector. | |||||
| SportsTek Acquisition (SPTKU) | $150M | $188M | 0% | +3% | +3% |
| Blank check company targeting the sports and related sectors. | |||||
| Kismet Acquisition Two (KAIIU) | $200M | $255M | 0% | +2% | +2% |
| Second blank check company led by the former CEO of Russia's MegaFon targeting a European business. | |||||
| Kismet Acquisition Three (KIIIU) | $250M | $318M | 0% | +2% | +2% |
| Third blank check company led by the former CEO of Russia's MegaFon targeting a European business. | |||||
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10 IPOs submitted initial filings this past week. Pool equipment supplier Hayward Holdings (HAYW) filed for an estimated $500 million IPO. Fabric and crafts retailer JOANN (JOAN) filed for an estimated $400 million IPO. Precision medicine biotech Prometheus Biosciences (RXDX) filed to raise $125 million. Crafting machine producer Cricut (CRCT) and software startup Olo (OLO) both filed to raise $100 million. Neurological disease biotech Longboard Pharmaceuticals (LBPH) filed to raise $86 million. Food packaging producer Karat Packaging (KRT) filed to raise $75 million. Cancer biotech Gain Therapeutics (GANX) filed to raise $40 million. 3D meat printing technology developer Meat-Tech 3D (MITC) filed to raise $29 million. Merchant software provider AppTech (APCX) filed to raise $15 million.
45 SPACs submitted initial filings led by Elliott Management's first and second SPACs Elliott Opportunity I (EOIU.RC) and Elliott Opportunity II (EOIIU.RC), which filed to raise $1 billion and $500 million respectively.
| 55 Filings During the Week of February 15th, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| B Capital Technology Opp. (BCTAU) | $300M | SPAC | Credit Suisse |
| Blank check company formed by B Capital Group targeting transformational tech. | |||
| Bannix Acquisition (BANXU.RC) | $100M | SPAC | I-Bankers |
| Blank check company targeting a B2B enterprise software business. | |||
| CF Acquisition VII (CFFSU) | $175M | SPAC | Cantor Fitz. |
| Seventh blank check company formed by Cantor Fitzgerald. | |||
| CF Acquisition VIII (CFFEU) | $200M | SPAC | Cantor Fitz. |
| Eighth blank check company formed by Cantor Fitzgerald. | |||
| Elliott Opportunity I (EOIU.RC) | $1,000M | SPAC | Credit Suisse |
| Blank check company formed by Elliott Management targeting technology. | |||
| Elliott Opportunity II (EOIIU.RC) | $500M | SPAC | Credit Suisse |
| Second blank check company formed by Elliott Management targeting technology. | |||
| Fortress Value Acq. IV (FVIV.U) | $600M | SPAC | Deutsche Bank |
| Fifth blank check company formed by executives at Fortress Investment Group. | |||
| Gain Therapeutics (GANX) | $40M | Health Care | BTIG |
| Preclinical biotech developing small molecule therapies for lysosomal storage disorders. | |||
| Longboard Pharmaceuticals (LBPH) | $86M | Health Care | Citi |
| Phase 1 biotech formed by Arena Pharmaceuticals developing medicines for neurological diseases. | |||
| MSD Acquisition (MSDAU) | $500M | SPAC | Goldman |
| Blank check company formed by MSD Partners. | |||
| Ocelot Acquisition (OACAU) | $250M | SPAC | BMO |
| SPAC focused on the e-commerce, transportation & logistics industries. | |||
| Olo (OLO) | $100M | Technology | Goldman |
| Provides a SaaS platform to restaurants for online ordering and delivery. | |||
| Pine Technology Acq. (PTOC.U) | $300M | SPAC | Cantor Fitz. |
| Blank check company formed by past and present AmTrust Financial executives and Stone Point Capital. | |||
| Plum Acquisition I (PLMIU) | $300M | SPAC | Goldman |
| Blank check company formed by former VEON and Xerox CEO. | |||
| Prometheus Biosciences (RXDX) | $125M | Health Care | SVB Leerink |
| Phase 1 biotech developing precision antibody therapies for IBD and related diseases. | |||
| TPB Acquisition (TPBAU) | $250M | SPAC | Barclays |
| Blank check company formed by venture foundry The Production Board targeting sustainable businesses. | |||
| TradeUP Acquisition (UPTDU) | $40M | SPAC | Tiger Brokers |
| Blank check company targeting technology businesses operating in various sectors. | |||
| Forest Road Acq. II (FRXB.U) | $300M | SPAC | Morgan Stanley |
| Second blank check company formed by Forest Road targeting TMT businesses. | |||
| Frontier Acquisition (FRONU) | $200M | SPAC | Credit Suisse |
| Blank check company targeting the biotechnology sector. | |||
| Karat Packaging (KRT) | $75M | Materials | Stifel |
| Produces single-use food packaging. | |||
| Meat-Tech 3D (MITC) | $29M | Consumer Staples | HC Wainwright |
| Developing cultured meat products using proprietary 3D bioprinting technology. | |||
| Northern Genesis III (NGC.U) | $150M | SPAC | Morgan Stanley |
| Blank check company targeting sustainability and societal infrastructure. | |||
| Soar Technology Acq. (FLYA.U) | $250M | SPAC | JP Morgan |
| Blank check company led by travel entrepreneur Joe Poulin targeting tech-enabled businesses. | |||
| Software Acquisition III (SWAGU) | $200M | SPAC | Jefferies |
| Third blank check company led by former Ooyala officers targeting a software company. | |||
| Supernova Partners III (STRE.U) | $250M | SPAC | JP Morgan |
| Third blank check company formed by a Zillow co-founder and other entrepreneur and investment veterans. | |||
| Trine II Acquisition (TRAQ.U) | $425M | SPAC | Morgan Stanley |
| Second SPAC led by Leo Hindery targeting the TMT industries. | |||
| Twist Investment (TWIC.U) | $175M | SPAC | Deutsche Bank |
| Blank check company formed by the founder of Twist Capital targeting the tech sector. | |||
| VIDA FLaSH Acquisitions (FLSHU) | $175M | SPAC | Goldman |
| Blank check company targeting the US healthcare industry. | |||
| Advancit Acquisition I (AACOU) | $350M | SPAC | Citi |
| Blank check company targeting media and technology. | |||
| Alpha Partners Tech (APTMU) | $250M | SPAC | Citi |
| Blank check company targeting technology. | |||
| dMY Technology Group IV (DMYQ.U) | $250M | SPAC | Goldman |
| Fourth blank check company formed by Niccolo de Masi and Harry You targeting an app business. | |||
| European Biotech Acq. (EBAU.RC) | $100M | SPAC | Credit Suisse |
| Blank check company formed by LSP targeting the life sciences industry in Europe. | |||
| FG New America Acq. II (FGNB.U) | $225M | SPAC | ThinkEquity |
| Blank check company led by former TD Ameritrade Chairman Joseph Moglia. | |||
| Forum Merger IV (FMIVU) | $300M | SPAC | Jefferies |
| Fourth blank check company formed by SPAC veterans David Boris and Marshall Kiev. | |||
| Glenfarne Merger (GGMCU) | $250M | SPAC | Mizuho |
| Blank check company formed by Glenfarne Group targeting energy transition and electrification. | |||
| Hayward Holdings (HAYW) | $500M | Consumer Discretionary | BofA |
| Leading supplier of pool equipment and systems. | |||
| InterPrivate II Acq. (IPVA.U) | $200M | SPAC | Morgan Stanley |
| Second blank check company backed by merchant bank InterPrivate and led by founder Ahmed Fattouh. | |||
| InterPrivate III (IPVF.U) | $200M | SPAC | Morgan Stanley |
| Third blank check company backed by InterPrivate targeting financial services. | |||
| InterPrivate IV (IPVIU) | $250M | SPAC | Morgan Stanley |
| Fourth blank check company backed by InterPrivate targeting technology, media, and telecom. | |||
| Sandbridge X2 (SBII.U) | $200M | SPAC | Citi |
| Second blank check company formed by Sandbridge Capital targeting a consumer business. | |||
| Shelter Acquisition (SHQAU) | $200M | SPAC | Citi |
| Blank check company targeting real estate technology or proptech. | |||
| Stratim Cloud Acquisition (SCAQ.U) | $250M | SPAC | BofA |
| Blank check company led by the founder of SonicWALL targeting software. | |||
| Tailwind Two Acquisition (TTAU.RC) | $300M | SPAC | Jefferies |
| Third blank check company formed by Casper CEO Philip Krim targeting a technology business. | |||
| Warburg Pincus Cap. I-A (WPCA.U) | $250M | SPAC | Citi |
| Blank check company formed by Warburg Pincus. | |||
| Warburg Pincus Cap. I-B (WPCB.U) | $500M | SPAC | Citi |
| Second blank check company formed by Warburg Pincus. | |||
| Aldel Financial (ADF.U) | $200M | SPAC | ThinkEquity |
| Blank check company formed by Fortress Investment Group co-founder Robert Kauffman. | |||
| AppTech (APCX) | $15M | Technology | --- |
| Provides merchant services software to SMBs. | |||
| Cricut (CRCT) | $100M | Consumer Discretionary | Goldman |
| Makes smart machines used for crafting and DIY. | |||
| JOANN (JOAN) | $400M | Consumer Discretionary | BofA |
| Multi-channel fabric and crafts retailer with about 860 stores. | |||
| Just Another Acquisition (JAAC) | $60M | SPAC | Ladenburg |
| Blank check company formed by the Managing Partner of Broadband Capital Partners. | |||
| M3-Brigade Acquisition II (MBAC.U) | $300M | SPAC | Cantor Fitz. |
| Second blank check company formed by turnaround veteran Mohsin Meghji. | |||
| Maquia Capital Acq. (MAQCU) | $200M | SPAC | Kingswood Cap. Mkts. |
| Blank check company targeting tech-focused middle market and emerging growth businesses in North America. | |||
| SilverSPAC (SLVR.U) | $250M | SPAC | Goldman |
| Blank check company targeting the proptech and fintech sectors. | |||
| Spring Valley Acq. II (SVIIU) | $200M | SPAC | Citi |
| Second blank check company formed by Pearl Energy Investment Management targeting the sustainability industry. | |||
| Vector Acquisition II (VAQCU) | $400M | SPAC | Deutsche Bank |
| Second blank check company formed by Vector Capital targeting the tech industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/18/2021, the Renaissance IPO Index was up 12.8% year-to-date, while the S&P 500 was up 4.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom Video Communications (ZM). The Renaissance International IPO Index was up 8.5% year-to-date, while the ACWX was up 6.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and TeamViewer.
