Just two IPOs priced this past week, raising $222 million as the US IPO market continued to cool down. They were joined by eight SPACs that raised $1.5 million. The IPO pipeline remained active, with 13 IPOs and 14 SPACs submitting initial filings this week.
Swiss rare disease biotech VectivBio Holding (VECT) priced at the midpoint to raise $128 million at a $634 million market cap. The company’s lead candidate is a next generation, long-acting synthetic analog of glucagon-like peptide-2 (GLP-2), which is being developed for a range of rare GI diseases. The candidate is currently in a Phase 3 trial for short bowel syndrome with topline data expected in the 2H23. VectivBio finished up 43%.
Another rare disease biotech, Reneo Pharmaceuticals (RPHM) priced at the low end to raise $94 million at a $397 million market cap. Reneo is advancing its sole clinical candidate for multiple rare mitochondrial diseases. The candidate is currently in a Phase 2b trial for primary mitochondrial myopathies, with data expected in 2023. Reneo finished down 7%.
Eight blank check companies went public this past week, led by CM Life Sciences I (CMLTU), which raised $480 million, and Tio Tech A (TIOAU), which raised $300 million.
| 10 IPOs During the Week of April 5th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 04/09 |
| VectivBio Holding (VECT) | $128M | $634M | 0% | +43% | +43% |
| Swiss Phase 3 biotech developing therapies for rare gastrointestinal disorders. | |||||
| CM Life Sciences III (CMLTU) | $480M | $600M | 0% | +12% | +12% |
| Third blank check company formed by Casdin Capital and Corvex Management targeting a life science business. | |||||
| TPG Pace Solutions (TPGS) | $250M | $285M | 0% | +1% | +1% |
| Blank check company formed by TPG targeting mature businesses underperforming their potential. | |||||
| Model Performance Acq. (MPACU) | $50M | $65M | 0% | +1% | +1% |
| Blank check company targeting businesses in Asia. | |||||
| Ace Global Business (ACBAU) | $40M | $53M | 0% | +1% | +1% |
| Blank check company targeting gaming and e-commerce in China, Japan, and Southeast Asia. | |||||
| Tio Tech A (TIOAU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company targeting technology-enabled businesses in Europe. | |||||
| Panacea Acquisition II (PANA) | $150M | $205M | 0% | -100% | +0% |
| Second blank check company formed by EcoR1 Capital targeting the biotech industry. | |||||
| Aldel Financial (ADF.U) | $100M | $255M | 0% | +0% | +0% |
| Blank check company formed by Fortress Investment Group co-founder Robert Kauffman. | |||||
| Global SPAC Partners (GLSPU) | $160M | $205M | 0% | -1% | -1% |
| Blank check company targeting businesses in MENA and South Asia. | |||||
| Reneo Pharmaceuticals (RPHM) | $94M | $397M | -6% | -7% | -7% |
| Phase 2 biotech developing therapies for rare genetic mitochondrial diseases. | |||||
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There were 13 IPO filings submitted this past week. Education technology provider PowerSchool Holdings (PWSC) filed for an estimated $750 million IPO. Value-based healthcare platform provider Privia Health Group (PRVA), cross-border e-commerce platform Onion Global (OG), preclinical immune-oncology biotech Werewolf Therapeutic (HOWL), Phase 1 cancer biotech Artiva Biotherapeutics (RTVA), commercial stage vaccine biotech Valneva (VALN), T cell cancer immunotherapy biotech Vaccitech (VACC), digital lifestyle brand The Honest Company (HNST), and Northern California bank Five Star Bancorp (FSBC) all filed to raise $100 million. Online branded beverage retailer Splash Beverage Group (SBEV) filed to raise $74 million, engineering services provider Bowman Consulting Group (BWMN) filed to raise $46 million, recreational and commercial power catamaran company Twin Vee PowerCats (VEEE) filed to raise $22 million, and augmented and virtual reality holding company The Glimpse Group (VRAR) filed to raise $11 million.
Seven SPACs submitted initial filings led by Tetragon Financial Group's Tetragon Acquisition (TACQU), which filed to raise $500 million, and Juniper II (JUN.U), the second SPAC sponsored by a group of Honeywell executives, which filed to raise $400 million.
| 27 Filings During the Week of April 5th, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Five Star Bancorp (FSBC) | $100M | Financials | KBW |
| California bank with seven branches and two loan production offices. | |||
| OceanTech Acquisitions I (OTECU) | $100M | SPAC | Maxim |
| Blank check company targeting the leisure marine, yachting, and superyachting industries. | |||
| The Honest Company (HNST) | $100M | Consumer Staples | Morgan Stanley |
| Non-toxic lifestyle brand of baby, skin, and household products. | |||
| Vaccitech (VACC) | $100M | Health Care | Morgan Stanley |
| Develops T cell immunotherapies and vaccines for cancers, COVID-19, and other diseases. | |||
| Valneva (VALN) | $100M | Health Care | Goldman |
| Commercial-stage French biotech developing vaccines for infectious diseases. | |||
| Artiva Biotherapeutics (RTVA) | $100M | Health Care | Goldman |
| Phase 1 cancer biotech developing off-the-shelf natural killer cell-based therapies. | |||
| Riverview Acquisition (RVACU) | $250M | SPAC | Cantor Fitz. |
| Blank check company targeting consumer, energy, and financial services enterprises. | |||
| Tetragon Acquisition I (TACQU) | $500M | SPAC | BofA |
| Blank check company formed by Tetragon Financial Group targeting the alternative asset management industry. | |||
| Twin Vee PowerCats (VEEE) | $22M | Consumer Discretionary | ThinkEquity |
| Makes recreational and commercial power catamaran boats. | |||
| Werewolf Therapeutics (HOWL) | $100M | Health Care | Jefferies |
| Preclinical biotech developing immune therapies for cancer. | |||
| Clover Leaf Capital (CLOEU) | $125M | SPAC | Maxim |
| Blank check company backed by Yntegra Group targeting the cannabis industry. | |||
| International Media Acq. (IMAQU) | $200M | SPAC | Chardan |
| Blank check company targeting the media and entertainment sectors in North America, Europe, and Asia. | |||
| Onion Global (OG) | $100M | Technology | AMTD Global |
| Operates a cross-border e-commerce platform for lifestyle brands in China. | |||
| Perception Capital II (PCCTU) | $250M | SPAC | Jefferies |
| Blank check company formed by Perception Capital targeting industrial technology. | |||
| Privia Health Group (PRVA) | $100M | Health Care | Goldman |
| Provides a value-based care platform for physicians. | |||
| Splash Beverage Group (SBEV) | $74M | Consumer Staples | Kingswood Cap. Mkts. |
| Online retailer with a portfolio of branded beverages. | |||
| Bowman Consulting Group (BWMN) | $46M | Industrials | DA Davidson |
| Provides engineering-focused professional services. | |||
| Glimpse Group (VRAR) | $11M | Technology | Kingswood Cap. Mkts. |
| Owns and operates a portfolio of virtual and augmented reality companies. | |||
| Innovatus Acquisition (ILAC) | $175M | SPAC | UBS |
| Blank check company formed by Innovatus Capital targeting the life sciences sector. | |||
| ION Acquisition 3 (IACC.U) | $250M | SPAC | Morgan Stanley |
| Third blank check company formed by ION Asset Management targeting an Israeli tech business. | |||
| Lamar Partnering Corp (LPCXU) | $300M | SPAC | Morgan Stanley |
| Communications-focused blank check company formed by Lamar Advertising. | |||
| PowerSchool (PWSC) | $750M | Technology | Goldman |
| Provides an education platform for teachers to collect work, grade, and manage classroom activity. | |||
| Aurvandil Acquisition (AURV.U) | $250M | SPAC | B. Riley FBR |
| Blank check company targeting the space industry. | |||
| Black Dragon I (DGONU) | $250M | SPAC | Cowen |
| Blank check company formed by Black Dragon Capital targeting e-commerce, media technology, and fintech. | |||
| EG Acquisition (EGGFU) | $250M | SPAC | BTIG |
| Blank check company formed by EnTrust Global and GMF Capital. | |||
| Juniper II (JUN.U) | $400M | SPAC | Morgan Stanley |
| Second blank check company led by past and present Honeywell execs targeting North American industrials. | |||
| Osiris Acquisition (OSI.U) | $250M | SPAC | Jefferies |
| Blank check company formed by Fortinbras Enterprises. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/8/21, the Renaissance IPO Index was up 0.7% year-to-date, while the S&P 500 was up 9.1%. 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 down 2.5% 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 Kuaishou Technology and Nexi.
