Activity in the IPO market started to pick up this past week, with two IPOs raising $1.8 billion. Blank checks kept up their neck-breaking pace, with 39 SPACs raising $11.1 billion. New filers continued to build out the IPO pipeline, with 15 IPOs and 38 SPACs submitting initial filings.
Health insurer Oscar Health (OSCR) raised $1.4 billion at a $9.5 billion market cap. Oscar Health provides individual, small group, and Medicare Advantage health insurance to over 529,000 members through its online platform. The company is highly unprofitable with a $1.4 billion accumulated deficit and declining EBITDA margins. Oscar finished down -21%.
Senior care provider InnovAge Holding (INNV) raised $350 million at a $2.8 billion market cap. Innovage is the largest provider under the Program of All-Inclusive Care for the Elderly (PACE) with over 6,600 seniors under their care. The company has a history of profitability, though its revenue stream is concentrated. InnovAge finished up 15%.
39 blank check companies raised $11.1 billion this past week. The group was led by The Bancorp’s eighth SPAC FTAC Hera Acquisition (HERAU), which raised $800 million.
| 41 IPOs During the Week of March 1st, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 03/05 |
| InnovAge Holding (INNV) | $350M | $2,798M | 17% | +15% | +15% |
| Provides value-based care to high-cost dual-eligible seniors through PACE. | |||||
| Khosla Ventures Acq. (KVSA) | $300M | $359M | 0% | +3% | +7% |
| Blank check company formed by Khosla Ventures targeting proprietary tech with large market opportunities. | |||||
| Orion Acquisition (OHPAU) | $360M | $450M | 0% | +1% | +4% |
| Blank check company led by former WellCare execs targeting the healthcare industry. | |||||
| Supernova Partners II (SNII.U) | $300M | $375M | 0% | +4% | +4% |
| Second blank check company formed by a Zillow co-founder and other entrepreneur and investment veterans. | |||||
| Live Oak Mobility Acq. (LOKM.U) | $220M | $275M | 0% | +3% | +3% |
| Third blank check company formed by Live Oak Merchant Partners targeting the mobility and motion technology sectors. | |||||
| dMY Technology Group IV (DMYQ.U) | $300M | $375M | 0% | +3% | +3% |
| Fourth blank check company formed by Niccolo de Masi and Harry You targeting an app business. | |||||
| Warburg Pincus Cap. I-A (WPCA.U) | $250M | $313M | 0% | +2% | +2% |
| Blank check company formed by Warburg Pincus. | |||||
| Tribe Capital Growth I (ATVCU) | $240M | $300M | 0% | +2% | +2% |
| Blank check company formed by Tribe Capital and Arrow Capital targeting the tech sector. | |||||
| NightDragon Acquisition (NDACU) | $300M | $384M | 0% | +2% | +2% |
| Blank check company formed by NightDragon targeting the cybersecurity, safety, security, and privacy sector. | |||||
| Arrowroot Acquisition (ARRWU) | $250M | $313M | 0% | +0% | +1% |
| Blank check company formed by Arrowroot Capital targeting enterprise software. | |||||
| Roth CH Acquisition III (ROCRU) | $100M | $129M | 0% | +1% | +1% |
| Third blank check company formed by executives at Roth Capital and Craig-Hallum. | |||||
| FTAC Hera Acquisition (HERAU) | $800M | $1,024M | 0% | +0% | +1% |
| Blank check company formed by SPAC veterans Betsy and Daniel Cohen targeting fintech. | |||||
| Tailwind Two Acquisition (TWNT.U) | $300M | $375M | 0% | +1% | +1% |
| Third blank check company formed by Casper CEO Philip Krim targeting a technology business. | |||||
| DHB Capital (DHBCU) | $250M | $313M | 0% | +0% | +1% |
| Blank check company led by former Crestview partners targeting the financial services industry. | |||||
| Goldenbridge Acquisition (GBRGU) | $50M | $65M | 0% | +0% | +0% |
| Blank check company targeting the artificial intelligence industry. | |||||
| Haymaker Acquisition III (HYACU) | $300M | $375M | 0% | +0% | +0% |
| Third consumer-focused blank check company led by the former CEO of Starwood Hotels. | |||||
| Anzu Special I (ANZUU) | $420M | $525M | 0% | +0% | +0% |
| Blank check company targeting transformative technologies for industrial applications. | |||||
| First Reserve Sustainable (FRSGU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by First Reserve targeting sustainability. | |||||
| Lerer Hippeau Acquisition (LHAA) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Lerer Hippeau targeting tech-enabled businesses. | |||||
| InterPrivate II Acq. (IPVA.U) | $225M | $284M | 0% | +0% | +0% |
| Second blank check company backed by merchant bank InterPrivate and led by founder Ahmed Fattouh. | |||||
| Advanced Merger Partners (AMPI.U) | $250M | $313M | 0% | +0% | +0% |
| Blank check company formed by Houlihan Lokey and Saddle Point Management. | |||||
| InterPrivate III (IPVF.U) | $225M | $290M | 0% | +0% | +0% |
| Third blank check company backed by InterPrivate targeting financial services. | |||||
| InterPrivate IV (IPVIU) | $250M | $313M | 0% | +0% | +0% |
| Fourth blank check company backed by InterPrivate targeting technology, media, and telecom. | |||||
| Mission Advancement (MACC.U) | $300M | $375M | 0% | +0% | +0% |
| ESG-focused blank check company led by Colin Kaepernick and Jahm Najafi targeting the consumer sector. | |||||
| DHC Acquisition (DHCAU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company targeting tech-enabled businesses in a variety of sectors. | |||||
| VPC Impact Acquisition II (VPCBU) | $225M | $281M | 0% | +0% | +0% |
| Third blank check company formed by Victory Park Capital to acquire a fintech business. | |||||
| VPC Impact Acq. III (VPCCU) | $225M | $281M | 0% | n/a | +0% |
| Fourth blank check company formed by Victory Park Capital to acquire a fintech business. | |||||
| Warburg Pincus Cap. I-B (WPCB.U) | $500M | $625M | 0% | +0% | +0% |
| Second blank check company formed by Warburg Pincus. | |||||
| RXR Acquisition (RXRAU) | $300M | $375M | 0% | -2% | +0% |
| Blank check company formed by RXR Realty targeting real estate technology. | |||||
| Aurora Acquisition (AURCU) | $220M | $323M | 0% | +0% | +0% |
| Blank check company backed by Novator Partners targeting EMEA technology and media companies. | |||||
| Property Solutions II (PSAGU) | $300M | $386M | 0% | -1% | +0% |
| Second blank check company formed by Benchmark Real Estate Group targeting the real estate industry. | |||||
| Altimar Acquisition III (ATAQU) | $135M | $169M | 0% | n/a | +0% |
| Third blank check company formed by HPS Investment Partners. | |||||
| M3-Brigade Acquisition II (MBAC.U) | $400M | $500M | 0% | +0% | +0% |
| Second blank check company formed by turnaround veteran Mohsin Meghji. | |||||
| FinTech Evolution Acq. (FTEV.U) | $240M | $300M | 0% | +0% | +0% |
| Blank check company targeting FinTech businesses. | |||||
| TCW Special Purpose Acq. (TSPQ.U) | $450M | $563M | 0% | +0% | +0% |
| Blank check company formed by TCW Group targeting the tech, healthcare, industrial, or consumer sectors. | |||||
| Northern Star Inv. III (NSTC.U) | $350M | $438M | 0% | +0% | +0% |
| Third blank check company formed by Joanna Coles and SPAC veteran Jonathan Ledecky. | |||||
| Northern Star Inv. IV (NSTD.U) | $350M | $438M | 0% | +0% | +0% |
| Fourth blank check company formed by Joanna Coles and SPAC veteran Jonathan Ledecky. | |||||
| Atlantic Coastal Acq. (ACAHU) | $300M | $375M | 0% | -1% | +0% |
| Blank check company targeting the next-generation mobility sector. | |||||
| Isos Acquisition (ISOS.U) | $225M | $281M | 0% | +0% | +0% |
| Blank check company targeting the digital media and entertainment sectors. | |||||
| Twin Ridge Capital Acq. (TRCA.U) | $200M | $250M | 0% | -1% | -1% |
| Blank check company formed by Twin Ridge Capital targeting the consumer and distribution sectors. | |||||
| Oscar Health (OSCR) | $1,445M | $9,459M | 18% | -11% | -21% |
| Provides direct-to-consumer online health insurance products and services. | |||||
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22 IPOs submitted initial filings this past week. App monetization platform AppLovin (APP) filed to raise $2 billion. Online real estate brokerage platform Compass (COMP) filed to raise $1.5 billion. Cleaning and hygiene product provider Diversey Holdings (DSEY) filed to raise $750 million. Smart TV maker Vizio (VZIO) filed to raise $200 million. Second hand clothing marketplace ThredUp (TDUP), online education platform Coursera (COUR), medical equipment rental service Agiliti (AGTI), video SaaS solution provider Kaltura (KLTR), digital marketing SaaS platform SEMrush Holdings (SEMR), Dutch cancer biotech LAVA Therapeutics (LVRX), South American logistics provider Navios S.A. Logistics (NSAL), Medicare Advantage plan provider Alignment Healthcare (ALHC), preclinical biotech Design Therapeutics (DSGN), rare muscle disorder biotech Edgewise Therapeutics (EWTX), Chinese question-and-answer platform Zhihu (ZH), preclinical oncology biotech Ikena Oncology (IKNA), proteome analysis platform Olink Holding (OLK), and cancer biotech Achilles Therapeutics (ACHL) each filed to raise $100 million. Chinese event planner Pop Culture Group (CPOP) filed to raise $30 million. Medical device provider G Medical Innovations (GMVD) filed to raise $22 million. Medical device developer Inspira Technologies OXY (IINN) filed to raise $18 million. Chinese display module supplier Ostin Technology Group (OST) filed to raise $14 million.
43 SPACs submitted initial filings led by Moelis & Company’s third SPAC Atlas Crest III (ACCC.U), which filed
to raise $600 million, General Catalyst and ARCH Venture Partners’ SPAC Revolution Healthcare Acquisition (REVHU), which filed to raise $500 million, and Corner Ventures’ third SPAC Corner Growth 3 (CIIIU.RC), which filed to raise $450 million.
| 65 Filings During the Week of March 1st, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Agiliti (AGTI) | $100M | Health Care | BofA |
| Provides medical equipment rental and maintenance services. | |||
| Callodine Acquisition (CALQU) | $250M | SPAC | Wells Fargo |
| Blank check company formed by Callodine Group targeting the asset management industry. | |||
| Chardan NexTech Acq. (CNAQU) | $200M | SPAC | Chardan |
| Blank check company formed by Chardan targeting disruptive healthtech and fintech. | |||
| Coursera (COUR) | $100M | Consumer Discretionary | Morgan Stanley |
| Online education platform offering courses in a variety of subjects. | |||
| Denham Acquisition (DSPQ.U) | $200M | SPAC | UBS |
| Blank check company targeting Denham Capital targeting the global energy transition ecosystem. | |||
| Design Therapeutics (DSGN) | $100M | Health Care | Goldman |
| Preclinical biotech developing gene targeted chimeras for nucleotide expansion diseases. | |||
| Edgewise Therapeutics (EWTX) | $100M | Health Care | JP Morgan |
| Phase 1 biotech developing small molecule therapies for rare muscle disorders. | |||
| G Squared Ascend II (GSIIU.RC) | $125M | SPAC | UBS |
| Second blank check company formed by G Squared targeting the tech sector. | |||
| Ikena Oncology (IKNA) | $100M | Health Care | Jefferies |
| Phase 1 oncology biotech developing small molecule inhibitor therapies. | |||
| Inflection Point Acq. (IPAXU) | $300M | SPAC | Citi |
| Blank check company formed by Kingstown Capital targeting consumer and tech. | |||
| Inspira Technologies OXY (IINN) | $18M | Health Care | Benchmark |
| Developing minimally invasive devices for mechanical ventilation. | |||
| Logistics Innovation Tech (LITTU) | $400M | SPAC | Guggenheim |
| Blank check company led by a former UPS executive targeting the logistics industry. | |||
| Moose Pond, NCV I (MOOSU) | $200M | SPAC | Credit Suisse |
| Blank check company backed by Next Coast Ventures targeting consumer technology. | |||
| Ostin Technology Group (OST) | $14M | Technology | Prime Num. Cap. |
| Chinese supplier of display modules and polarizers. | |||
| Victory Acquisition (VACIU) | $250M | SPAC | Credit Suisse |
| Blank check company targeting the media, sports, and entertainment industries. | |||
| Zhihu (ZH) | $100M | Technology | Credit Suisse |
| Chinese question-and-answer platform. | |||
| 10X Capital Venture II (VCXAU) | $200M | SPAC | Cantor Fitz. |
| Second blank check company formed by 10X Capital targeting a tech-enabled business. | |||
| 10X Capital Venture III (VCXB.U) | $350M | SPAC | Cantor Fitz. |
| Third blank check company formed by 10X Capital targeting a tech-enabled business. | |||
| Alpha Healthcare Acq. III (ALPAU) | $150M | SPAC | BofA |
| Blank check company targeting a healthcare business in the US. | |||
| Belong Acquisition (BLNGU) | $150M | SPAC | Wells Fargo |
| Blank check company targeting high-growth tech and tech enabled businesses. | |||
| G Medical Innovations (GMVD) | $22M | Health Care | ThinkEquity |
| Provides app-connected medical devices for monitoring vital signs. | |||
| GP-Act III Acquisition (GPATU) | $250M | SPAC | Citi |
| Blank check company backed by GP Investments and former Hain Celestial execs. | |||
| Live Oak Crestview Acq. (LOCC.U) | $250M | SPAC | Jefferies |
| Blank check company formed by Live Oak Merchant Partners and Crestview. | |||
| Model Performance Acq. (MPACU) | $50M | SPAC | Maxim |
| Blank check company targeting businesses in Asia. | |||
| NextGen Acquisition II (NGCAU) | $400M | SPAC | Goldman |
| Blank check company targeting the industrial, technology, and healthcare sectors. | |||
| TradeUP Global Corp (TUGCU) | $40M | SPAC | Tiger Brokers |
| Second blank check company led by the founder of Zhencheng Capital. | |||
| 1.12 Acquisition (OPOT.U) | $350M | SPAC | Credit Suisse |
| Blank check company formed by Bridgeport Partners targeting financials and tech. | |||
| Alignment Healthcare (ALHC) | $100M | Financials | Goldman |
| Provides Medicare Advantage plans to seniors. | |||
| Aries I Acquisition (RAMMU) | $175M | SPAC | Wells Fargo |
| Blank check company targeting specialized fields in the tech sector across North America, Europe, and Asia. | |||
| Lead Edge Growth Opp. (LEGAU) | $300M | SPAC | Credit Suisse |
| Blank check company formed by Lead Edge Capital targeting software, internet, and tech-enabled businesses. | |||
| Motor City Acquisition (MCTYU) | $250M | SPAC | Deutsche Bank |
| Blank check company targeting the automotive industry. | |||
| Olink Holding (OLK) | $100M | Health Care | Goldman |
| Provides a platform of proteome analysis products for biomedical research. | |||
| Rocket Global Acquisition (RGAC) | $100M | SPAC | Ladenburg |
| Second blank check company formed by the Managing Partner of Broadband Capital Partners. | |||
| Space Acquisition I (OUTRU) | $300M | SPAC | Cantor Fitz. |
| Blank check company targeting the "space economy". | |||
| TCG Growth (TCGGU) | $250M | SPAC | Goldman |
| Blank check company formed by The Chernin Group targeting internet consumer businesses. | |||
| ThredUp (TDUP) | $100M | Technology | Goldman |
| Online marketplace for second hand clothing. | |||
| Acamar Partners II (ACAMU) | $350M | SPAC | BofA |
| Second blank check company led by the Executive Chairman of travel retailer Dufry. | |||
| Accelerate Acquisition (AAQCU) | $400M | SPAC | UBS |
| Blank check company targeting the industrial, transportation and mobility, consumer, and retail sectors. | |||
| AppLovin (APP) | $2,000M | Technology | Morgan Stanley |
| Provides a platform for marketing and monetizing mobile games. | |||
| Atlas Crest III (ACCC.U) | $600M | SPAC | Cantor Fitz. |
| Third blank check company formed by Moelis & Company. | |||
| Atlas Crest Investment IV (ACIV.U) | $400M | SPAC | Cantor Fitz. |
| Fourth blank check company formed by Moelis & Company. | |||
| Atlas Crest Investment V (ACCV.U) | $200M | SPAC | Cantor Fitz. |
| Fifth blank check company formed by Moelis & Company. | |||
| Do It Again (DOITU) | $125M | SPAC | Guggenheim |
| Blank check company targeting the North American restaurant and food industry. | |||
| Dragoneer Growth Opp. III (DGNU) | $400M | SPAC | Citi |
| Third blank check company formed by Dragoneer Investment Group. | |||
| Iron Spark I (ISAAU) | $175M | SPAC | Oppenheimer |
| Blank check company targeting the branded consumer sector. | |||
| LAVA Therapeutics (LVRX) | $100M | Health Care | JP Morgan |
| Dutch Phase 1/2a biotech developing gamma-delta T cell therapies for cancer. | |||
| Navios S.A. Logistics (NSAL) | $100M | Industrials | BofA |
| Provides integrated transportation, storage, and related services in the Hidrovia region of South America. | |||
| Pop Culture Group (CPOP) | $30M | Communication Services | Network 1 |
| Plans and hosts hip-hop events and programs in China. | |||
| Research Alliance II (RACB) | $130M | SPAC | Jefferies |
| Second blank check company formed by RA Capital targeting the biotech industry. | |||
| two (TWOA.U) | $200M | SPAC | Citi |
| Second blank check company led by the co-founder of Eventbrite and other industry veterans targeting the tech sector. | |||
| Achilles Therapeutics (ACHL) | $100M | Health Care | JP Morgan |
| Phase 1/2 biotech developing precision T cell therapies for solid tumors. | |||
| BrightSpark Capitol (BSCU.RC) | $200M | SPAC | Goldman |
| Blank check company targeting health, wellness, and beauty consumer businesses. | |||
| CENAQ Energy Corp. (CENQU) | $150M | SPAC | Imperial Capital |
| Blank check company led by industry veterans targeting the energy industry in North America. | |||
| Compass (COMP) | $1,500M | Real Estate | Goldman |
| Operates an online residential real estate brokerage platform. | |||
| Corner Growth 2 (CGIIU.RC) | $175M | SPAC | Cantor Fitz. |
| Second blank check company formed by Corner Ventures targeting tech. | |||
| Corner Growth 3 (CIIIU.RC) | $450M | SPAC | Cantor Fitz. |
| Third blank check company formed by Corner Ventures targeting tech. | |||
| Diversey Holdings (DSEY) | $750M | Materials | Citi |
| Provides cleaning and hygiene products to the institutional and food and beverage markets. | |||
| HCM Acquisition (HCMAU) | $250M | SPAC | Cantor Fitz. |
| Blank check company formed by Hondius Capital Management targeting fintech. | |||
| Kaltura (KLTR) | $100M | Technology | Goldman |
| Provides live and on-demand video SaaS solutions. | |||
| Magnum Opus Acquisition (OPA.U) | $200M | SPAC | Credit Suisse |
| Blank check company formed by L2 Capital targeting the consumer, technology, and media sectors. | |||
| Revolution Healthcare Acq (REVHU) | $500M | SPAC | Morgan Stanley |
| Blank check company formed by General Catalyst and ARCH Venture Partners. | |||
| RMG Acquisition VI (RMGFU) | $575M | SPAC | BofA |
| Sixth blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini. | |||
| SEMrush Holdings (SEMR) | $100M | Technology | Goldman |
| Provides a SaaS platform for managing digital marketing. | |||
| Target Global I (TGAAU) | $250M | SPAC | Credit Suisse |
| Blank check company formed by Target Global focusing on European and Israeli tech companies. | |||
| Vizio (VZIO) | $200M | Consumer Discretionary | JP Morgan |
| Low-cost maker of smart TVs and sound bars. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/4/2021, the Renaissance IPO Index was down 3.8% year-to-date, while the S&P 500 was up 0.3%. 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 down 1.6% year-to-date, while the ACWX was up 2.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Nexi.
