One IPO and 29 SPACs went public this past week to close out February. The IPO pipeline remained active with 15 IPOs and 51 SPACs submitting initial filings. Cryptocurrency exchange Coinbase (COIN) filed for a direct listing.
Canada-based Score Media and Gaming (SCR), which provides sports-focused digital media and betting products, raised $162 million at a $1.3 billion market cap. The company priced below the as-converted last close of its shares on the Toronto Stock Exchange (SCR). Score’s media app, theScore, ranked third in North America among multi-sport news and data applications in the 12 months ended 11/30/20. Score finished flat.
29 SPACs raised $10.7 billion, led by Jeff Sagansky and Harry Sloan’s Soaring Eagle Acquisition (SRNGU), which raised $1.5 billion in the largest blank check IPO of 2021 to date. So far this year, SPACs are averaging just over 3 deals per day, and at that rate they would complete more than 1,000 offerings by year end.
| 30 IPOs During the Week of February 22nd, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 02/26 |
| CM Life Sciences II (CMIIU) | $240M | $300M | 0% | +25% | +35% |
| Second blank check company formed by Casdin Capital and Corvex Management targeting a life science business. | |||||
| ARYA Sciences Acq. IV (ARYD) | $130M | $167M | 0% | +11% | +11% |
| Fourth healthcare-focused blank check company formed by Perceptive Advisors. | |||||
| Kensington Capital II (KCAC.U) | $200M | $250M | 0% | +10% | +10% |
| Second blank check company led by the founder of Kensington Capital targeting the auto industry. | |||||
| Soaring Eagle Acq. (SRNGU) | $1,500M | $1,875M | 0% | +9% | +9% |
| Seventh blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan. | |||||
| Gores Holdings VIII (GIIXU) | $300M | $375M | 0% | +4% | +6% |
| Eighth blank check company formed by The Gores Group. | |||||
| FTAC Athena Acq. (FTAAU) | $220M | $302M | 0% | +7% | +5% |
| Blank check company led by Betsy Cohen (The Bancorp) and Amanda Abrams (Cohen & Co.) targeting fintech. | |||||
| Arctos NorthStar Acq. (ANAC.U) | $275M | $344M | 0% | +4% | +4% |
| Blank check company formed by Arctos Sports Partners targeting the sports, media, and entertainment sectors. | |||||
| Slam Corp. (SLAMU) | $500M | $625M | 0% | +5% | +4% |
| Blank check company formed by former pro baseball player Alex Rodriguez and Antara Capital. | |||||
| Gores Holdings VII (GSEVU) | $480M | $600M | 0% | +6% | +4% |
| Seventh blank check company formed by The Gores Group. | |||||
| Colicity (COLIU) | $300M | $375M | 0% | +5% | +3% |
| Blank check company formed by Pendrell targeting TMT. | |||||
| Austerlitz Acquisition I (AUS.U) | $600M | $857M | 0% | +3% | +3% |
| Fifth blank check company formed by financial services veteran Bill Foley. | |||||
| Freedom Acquisition I (FACT.U) | $300M | $375M | 0% | +3% | +3% |
| Blank check company led by the former CEO of Credit Suisse targeting financial services. | |||||
| Leo Holdings III (LIII.U) | $240M | $300M | 0% | +3% | +3% |
| Third blank check company formed by Lion Capital executives targeting consumer businesses. | |||||
| Austerlitz Acquisition II (ASZ.U) | $1,200M | $1,714M | 0% | +3% | +3% |
| Sixth blank check company formed by financial services veteran Bill Foley. | |||||
| Velocity Acquisition (VELOU) | $200M | $250M | 0% | +2% | +2% |
| Second blank check company formed by &vest targeting digital transformation. | |||||
| Hudson Executive Inv. III (HIIIU) | $525M | $656M | 0% | +3% | +1% |
| Third blank company formed by Hudson Executive Capital targeting high-growth industries. | |||||
| Fusion Acquisition II (FSNB.U) | $435M | $544M | 0% | +1% | +1% |
| Second blank check company formed by industry veterans targeting financial services. | |||||
| SilverBox Engaged I (SBEAU) | $300M | $375M | 0% | +1% | +1% |
| Blank check company formed by SilverBox Capital and Engaged Capital. | |||||
| EJF Acquisition (EJFAU) | $250M | $313M | 0% | +1% | +1% |
| Blank check company formed by EJF Capital targeting the financial services sector. | |||||
| Cartesian Growth Corp (GLBLU) | $300M | $375M | 0% | +2% | +1% |
| Blank check company formed by Cartesian Capital Group targeting high-growth businesses. | |||||
| Isleworth Healthcare Acq. (ISLEU) | $180M | $228M | 0% | +1% | +1% |
| Blank check company targeting healthcare innovation. | |||||
| Flame Acquisition (FLME.U) | $250M | $313M | 0% | +1% | +1% |
| Blank check company led by oil and gas veterans targeting the energy sector. | |||||
| Warrior Technologies Acq. (WARR.U) | $240M | $300M | 0% | +0% | +0% |
| Blank check company targeting a business in the environmental services sector with strong ESG practices. | |||||
| African Gold Acquisition (AGAC.U) | $360M | $450M | 0% | +0% | +0% |
| Blank check company led by South African investors and operators targeting the gold mining industry. | |||||
| MCAP Acquisition (MACQU) | $275M | $344M | 0% | +0% | +0% |
| Blank check company formed by Monroe Capital targeting technology. | |||||
| Ibere Pharmaceuticals (IBERU) | $120M | $150M | 0% | n/a | +0% |
| Blank check company formed by PIPV Capital targeting pharmaceutical or life science businesses. | |||||
| USHG Acquisition (HUGSU) | $250M | $319M | 0% | n/a | +0% |
| Blank check company formed by Danny Meyer and Union Square Hospitality Group. | |||||
| BOA Acquisition (BOASU) | $200M | $250M | 0% | n/a | +0% |
| Blank check company led by the heads of Seligman Group and Foxhall Partners targeting real estate technology. | |||||
| Score Media and Gaming (SCR) | $162M | $1,335M | 0% | +14% | +0% |
| Canadian provider of sports-focused digital media and betting products. | |||||
| Twelve Seas Investment II (TWLVU) | $300M | $387M | 0% | -1% | -1% |
| Blank check company targeting global companies located outside the US. | |||||
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15 IPOs, 51 SPACs, and one direct listing submitted initial filings this past week. The leader of the pack, cryptocurrency exchange Coinbase (COIN) filed to directly list on the Nasdaq, hot on the heels of recent private transactions that valued the company at more than $100 billion.
Defense contractor Leonardo DRS (DRS) filed for an estimated $2 billion IPO. Luxury wine producer The Duckhorn Portfolio (NAPA) and Blackstone-backed natural gas E&P Vine Energy (VEI) both filed to raise an estimated $300 million. Software development platform DigitalOcean Holdings (DOCN), Chinese IoT platform Tuya (TUYA.RC), Chinese biotech Connect Biopharma Holdings (CNTB), microbiome biotech Finch Therapeutics Group (FNCH), cancer biotech Instil Bio (TIL), mobile car auction platform ACV Auctions (ACVA), communication platform Intermedia Cloud Communications (INTM), and South African software provider Karooooo (KARO) all filed to raise $100 million. Chinese wealth management services provider Hywin Holdings (HYW) filed to raise $48 million, cancer biotech Transcode Therapeutics (RNAZ) filed to raise $30 million, Chinese co-working provider Building DreamStar Technology (BDS) filed to raise $25 million, and OTC-listed Red Cat Holdings (RCAT) filed for a $20 million Nasdaq uplisting.
51 SPACs submitted initial filings, led by The Gores Group and Guggenheim Partners’ Gores Guggenheim (GGPIU), which filed to raise $750 million.
| 67 Filings During the Week of February 22nd, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| ACV Auctions (ACVA) | $100M | Technology | Goldman |
| Mobile platform for wholesale car auctions. | |||
| Avalon Acquisition (AVACU) | $200M | SPAC | Maxim |
| Blank check company targeting a business in the financial services sector. | |||
| Big Sky Growth Partners (BSKYU) | $300M | SPAC | Goldman |
| Blank check company targeting digitally native internet retail and direct-to-consumer businesses. | |||
| Blueprint Health Merger (BLUEU.RC) | $200M | SPAC | Credit Suisse |
| Blank check company formed by Blueprint Health targeting digital healthcare businesses. | |||
| Build Acquisition (BGSX.U) | $200M | SPAC | Cowen |
| Blank check company formed by BuildGroup targeting software and tech-enabled services. | |||
| BYTE Acquisition (BYTSU) | $300M | SPAC | Citi |
| Blank check company targeting the Israeli technology industry. | |||
| Connect Biopharma (CNTB) | $100M | Health Care | Jefferies |
| Chinese Phase 2 biotech developing therapies for T cell-driven inflammatory diseases. | |||
| Cornerstone Capital Hold (CSICU) | $250M | SPAC | JP Morgan |
| Blank check company founded by Cornerstone Investment Capital. | |||
| FAST Acquisition II (FZT.U) | $200M | SPAC | Jefferies |
| Third blank check company formed by &vest targeting dining and hospitality. | |||
| Finch Therapeutics (FNCH) | $100M | Health Care | BofA |
| Phase 3-ready biotech developing microbiome therapeutics. | |||
| Foresite Life Sciences (FLSU.RC) | $250M | SPAC | Jefferies |
| Third blank check company formed by Foresite Capital targeting biotech and life sciences. | |||
| Hywin Holdings (HYW) | $48M | Financials | Network 1 |
| Provides wealth management services in China. | |||
| Instil Bio (TIL) | $100M | Health Care | Morgan Stanley |
| Early stage biotech developing cell therapies for cancer. | |||
| Intermedia (INTM) | $100M | Technology | Morgan Stanley |
| Provides a cloud-based communication platform for businesses. | |||
| Kadem Sustainable Impact (KSICU) | $175M | SPAC | BMO |
| Blank check company targeting electric vehicles, energy storage and distribution, and mobility technology. | |||
| Karooooo (KARO) | $100M | Technology | Morgan Stanley |
| South African provider of vehicle fleet management software. | |||
| Leonardo DRS (DRS) | $2,000M | Industrials | Goldman |
| Defense product and technology provider being spun out of Leonardo. | |||
| RMG Acquisition IV (RMGDU) | $275M | SPAC | BofA |
| Fourth blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini. | |||
| RMG Acquisition V (RMGEU) | $425M | SPAC | BofA |
| Fifth blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini. | |||
| RMG Acquisition VII (RMGGU) | $725M | SPAC | BofA |
| Sixth blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini. | |||
| StoneBridge Acquisition (APACU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting "new economy sectors" in Asia Pacific. | |||
| Switchback III Corp (SWBT.U) | $275M | SPAC | Goldman |
| Third blank check company formed by NGP and former RSP Permian execs targeting sustainable energy tech. | |||
| Tiga Acquisition II (TTO.U) | $200M | SPAC | Credit Suisse |
| Second blank check company formed by Tiga Investments. | |||
| Tiga Acquisition III (TTRE.U) | $300M | SPAC | Credit Suisse |
| Third blank check company formed by Tiga Investments. | |||
| TortoiseEcofin Acq. III (TRTL) | $300M | SPAC | Barclays |
| Third blank check company led by Vincent Cubbage targeting the energy transition and sustainability arena. | |||
| Transcode Therapeutics (RNAZ) | $30M | Health Care | ThinkEquity |
| Preclinical biotech developing RNA-based therapies for cancer. | |||
| Tuya (TUYA.RC) | $100M | Technology | Morgan Stanley |
| Provides an IoT cloud platform for smart devices. | |||
| AF Acquisition (AFAQU) | $200M | SPAC | Cowen |
| Blank check company targeting the food and beverage, wellness, beauty, pet, and personal care sectors. | |||
| Building DreamStar Tech (BDS) | $25M | Real Estate | Univest Sec. |
| Provides flexible co-working spaces in China. | |||
| CM Life Sciences III (CMLTU) | $400M | SPAC | Jefferies |
| Third blank check company formed by Casdin Capital and Corvex Management targeting a life science business. | |||
| Coinbase (COIN) | $0M | Financials | |
| Operates a cryptocurrency exchange and digital currency wallets. | |||
| DigitalOcean (DOCN) | $100M | Technology | Morgan Stanley |
| Offers cloud computing services and web development tools to SMBs. | |||
| INSU Acquisition IV (IAIV.RC) | $220M | SPAC | Cantor Fitz. |
| Fourth blank check company formed by Cohen & Company targeting the insurance industry. | |||
| Jaws Hurricane Acq. (HCNEU) | $250M | SPAC | Credit Suisse |
| Sixth blank check company led by Starwood Capital founder Barry Sternlicht. | |||
| Jaws Wildcat Acquisition (WCATU) | $250M | SPAC | Credit Suisse |
| Fifth blank check company led by Starwood Capital founder Barry Sternlicht. | |||
| Orion Biotech Opp. (ORIAU) | $200M | SPAC | Cantor Fitz. |
| Blank check company formed by MSD Partners and Panacea Venture targeting the biotech and life science sectors. | |||
| Red Cat Holdings (RCAT) | $20M | Technology | ThinkEquity |
| Develops and sells drone software and products. | |||
| Sierra Lake Acquisition (SIERU) | $300M | SPAC | Cantor Fitz. |
| Blank check company led by the former CEO of Stericycle and others with industrial, consumer, and finance experience. | |||
| Velocity Merger (VEMC.U) | $250M | SPAC | Morgan Stanley |
| Blank check company formed by Tarsadia targeting the fintech industry. | |||
| B. Riley Principal 250 (BRIVU) | $250M | SPAC | B. Riley FBR |
| Fourth blank check company formed by diversified financial services firm B. Riley Financial. | |||
| FinTech Acquisition VI (FTVIU) | $220M | SPAC | Cantor Fitz. |
| Blank check company formed by SPAC veterans Betsy and Daniel Cohen targeting fintech. | |||
| Global Consumer Acq. (GACQU) | $200M | SPAC | Kingswood Cap. Mkts. |
| Blank check company targeting the consumer products and services sectors. | |||
| Golden Arrow Merger (GAMCU) | $250M | SPAC | BTIG |
| Blank check company targeting healthcare and healthcare-related infrastructure. | |||
| Tech & Energy Transition (TETCU) | $350M | SPAC | Citi |
| Blank check company backed by Macquarie targeting differentiated tech. | |||
| Tekkorp Digital Acq. II (TEKCU) | $150M | SPAC | Jefferies |
| Second blank check company formed by Tekkorp Capital targeting the digital media and leisure industries. | |||
| Acies Acquisition II (ATWOU) | $250M | SPAC | Morgan Stanley |
| Blank check company targeting live, location-based, and mobile experiential entertainment. | |||
| Bilander Acquisition (TWCBU) | $150M | SPAC | Morgan Stanley |
| Fifth blank check company formed by True Wind Capital targeting the tech sector. | |||
| Duckhorn (NAPA) | $300M | Consumer Staples | JP Morgan |
| Produces and distributes luxury wine in North America. | |||
| Galliot Acquisition (TWCGU) | $250M | SPAC | Morgan Stanley |
| Fourth blank check company formed by True Wind Capital targeting the tech sector. | |||
| Graf Acquisition III (GRAF.U) | $300M | SPAC | Oppenheimer |
| Blank check company led by SPAC veteran James Graf targeting industrial and other sectors. | |||
| Graf Acquisition IV (GFOR.U) | $150M | SPAC | Oppenheimer |
| Blank check company led by SPAC veteran James Graf targeting industrial and other sectors. | |||
| Guggenheim SPAC I (GGI.U) | $500M | SPAC | Citi |
| Blank check company formed by Guggenheim Partners targeting the financial services sector. | |||
| GX Acquisition II (GXIIU) | $300M | SPAC | Cantor Fitz. |
| Second blank check company led by the Managing Partners of Trimaran Capital Partners. | |||
| Healthwell Acquisition I (HWELU) | $250M | SPAC | Jefferies |
| Blank check company targeting technology-enabled healthcare businesses. | |||
| Khosla Ventures Acq. IV (KVSD) | $200M | SPAC | Goldman |
| The fourth blank check company formed by Khosla Ventures targeting differentiated tech with large market opportunities. | |||
| Leo Holdings IV (LIVU.RC) | $300M | SPAC | Deutsche Bank |
| Fourth blank check company formed by Lion Capital executives targeting consumer businesses. | |||
| Queen's Gambit II (QWNBU) | $300M | SPAC | Barclays |
| Second blank check company with an all-female team formed by VC Victoria Grace and Agility Logistics targeting a sustainable business. | |||
| Aspirational Consumer II (ASCLU.RC) | $300M | SPAC | Credit Suisse |
| Second blank check company formed by executives at LVMH and L Catterton targeting a lifestyle business. | |||
| ESM Acquisition (ESM.U) | $300M | SPAC | Credit Suisse |
| Blank check company formed by The Energy & Minerals Group and former Xstrata CEO Mick Davis. | |||
| Gores Guggenheim (GGPIU) | $750M | SPAC | Deutsche Bank |
| Blank check company formed by The Gores Group and Guggenheim Partners. | |||
| L Catterton Asia Acq. (LCAAU.RC) | $250M | SPAC | Credit Suisse |
| Blank check company led by L Catterton Asia executives targeting consumer technology. | |||
| New Providence Acq. III (NPACU) | $300M | SPAC | Deutsche Bank |
| Third blank check company led by former soda executives targeting the consumer sector. | |||
| New Providence Acq.II (NPABU) | $200M | SPAC | Deutsche Bank |
| Second blank check company led by former soda executives targeting the consumer sector. | |||
| PWP Forward Acquisition I (FRWAU) | $200M | SPAC | Citi |
| Blank check company backed by Perella Weinberg targeting women-forward companies. | |||
| Tio Tech A (TIOAU) | $300M | SPAC | Deutsche Bank |
| Blank check company targeting technology-enabled businesses in Europe. | |||
| Vine Energy (VEI) | $300M | Energy | Citi |
| Blackstone-backed natural gas E&P operating in Louisiana's Haynesville Basin. | |||
| Waldencast Acquisition (WALDU) | $250M | SPAC | Credit Suisse |
| Blank check company formed by Waldencast Ventures and the former CFO of Anheuser-Busch InBev. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/25/21, the Renaissance IPO Index was up 2.4% year-to-date, while the S&P 500 was up 2.0%. 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 3.8% year-to-date, while the ACWX was up 3.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
