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US IPO Weekly Recap: June kicks off with a quiet 1 IPO week

June 4, 2021
Weekly Recap

Just one IPO entered public markets after the holiday weekend, but the pipeline remained active, with 14 IPOs and 10 SPACs submitting initial filings.

Cross-border payment processor dLocal (DLO) priced well above the range to raise $618 million at a $6.2 billion market cap. The Uruguay-based company provides a safe and simple platform for global merchants to make and receive payments. The company has grown rapidly in recent periods and has high customer retention rates, but generates a large portion of revenue from a concentrated group of customers. dLocal finished the week up 64%.

There were no SPAC pricings this week. However, Bill Ackman’s SPAC Pershing Square Tontine Holdings (PSTH.U) made headlines: The blank check company is reportedly in talks to acquire a stake in leading record label Universal Music Group that would value the company at $40+ billion.

1 IPO During the Week of May 31st, 2021
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 06/04
dLocal (DLO) $618M $6,151M 24% +54% +64%
Provides payment processing for global merchants in emerging markets.
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14 IPOs submitted initial filings. Data-streaming platform Confluent (CFLT) filed for an estimated $400 million IPO, and leading national car was brand Mister Car Wash (MCW) filed to raise an estimated $250 million. Donut shop retailer and franchisor Krispy Kreme (DNUT), DMT-based depression biotech GH Research (GHRS), gene editing biotech Graphite Bio (GRPH), professional and financial software platform Intapp (INTA), legal and compliance platform LegalZoom.com (LZ), digital ad verification platform Integral Ad Science (IAS), online manufacturing marketplace Xometry (XMTR), automated cybersecurity platform SentinelOne (S, and preclinical cancer biotech Monte Rosa Therapeutics (GLUE) all filed to raise $100 million. Biopharmaceutical reagent provider Alpha Teknova (TKNO) and cardiovascular neuromodulation device provider CVRx (CVRX) both filed to raise $75 million. South-Floridian fuel delivery app EzFill Holdings (EZFL) filed to raise $25 million.

10 SPACs submitted initial filings, including four biotech SPACs led by SPAC veteran and CEO of Social Capital Chamath Palihapitiya, and Suvretta Capital Management Porfolio Manager Krishen Mehta. The four SPACs, Social Capital Suvretta Holdings I (DNAA), Social Capital Suvretta Holdings II (DNAB), Social Capital Suvretta Holdings III (DNAC), and Social Capital Suvretta Holdings IV (DNAD), will each focus on a specific set of indications.
25 Filings During the Week of May 31st, 2021
Issuer
Business
Deal
Size
Sector Lead
Underwriter
Alpha Teknova (TKNO) $75M Health Care Cowen
Provider of reagents and other materials for biopharmaceutical applications.
CVRx (CVRX) $75M Health Care JP Morgan
Commercial stage provider of neuromodulation therapies for cardiovascular diseases.
Elevation Oncology (ELEV) $100M Health Care JP Morgan
Phase 2 biotech developing antibodies for genetically-defined cancers.
GH Research (GHRS) $100M Health Care Cowen
Phase 2 biotech developing DMT-based therapies for depression.
GoGreen Investments (GOGN.U) $250M SPAC Citi
Blank check company targeting the energy transition space.
Graphite Bio (GRPH) $100M Health Care Morgan Stanley
Early stage biotech developing gene editing therapies for sickle cell and other diseases.
Intapp (INTA) $100M Technology JP Morgan
Provides application software for professional and financial services.
Integral Ad Science (IAS) $100M Technology Morgan Stanley
Provides a digital advertising measurement and verification platform.
L Catterton LatAm Acq. (LCLA.U) $200M SPAC Credit Suisse
Blank check company formed by L Catterton targeting high-growth consumer sectors in Latin America.
LegalZoom.com (LZ) $100M Industrials JP Morgan
Provides legal and compliance solutions in the US.
Monte Rosa Therapeutics (GLUE) $100M Health Care JP Morgan
Preclinical biotech developing small molecule protein degraders for cancer and other diseases.
Mount Rainier Acquisition (RNERU) $150M SPAC A.G.P.
Blank check company targeting established tech-focused businesses.
UK Wisdom (UKWIU) $50M SPAC Maxim
Blank check company formed by Ucommune International targeting businesses in Asia.
Xometry (XMTR) $100M Technology Goldman
Operates an online marketplace for on-demand manufacturing.
SentinelOne (S) $100M Technology Morgan Stanley
Provides an automated cybersecurity threat detection and response platform.
Mister Car Wash (MCW) $250M Consumer Discretionary BofA
Leading national car wash brand with 344 locations across the US.
Northern Lights Acq. (NLITU) $100M SPAC Kingswood Cap. Mkts.
Blank check company targeting the cannabis industry.
Social Cap. Suvretta II (DNAB) $200M SPAC Morgan Stanley
Second blank check company formed by Chamath Palihapitiya and Kishen Mehta targeting the biotech sector.
Social Cap. Suvretta III (DNAC) $200M SPAC Morgan Stanley
Third blank check company formed by Chamath Palihapitiya and Kishen Mehta targeting the biotech sector.
Social Cap. Suvretta IV (DNAD) $200M SPAC Morgan Stanley
Fourth blank check company formed by Chamath Palihapitiya and Kishen Mehta targeting the biotech sector.
Social Capital Suvretta I (DNAA) $200M SPAC Morgan Stanley
Blank check company formed by Chamath Palihapitiya and Kishen Mehta targeting the biotech sector.
Confluent (CFLT) $400M Technology Morgan Stanley
Provides a real-time data streaming platform.
EzFill Holdings (EZFL) $25M Energy ThinkEquity
Provides on demand fuel delivery services via mobile app in South Florida.
Krispy Kreme (DNUT) $100M Consumer Discretionary JP Morgan
Owns, operates, and franchises doughnut shops.
M3-Brigade Acquisition IV (MBD.U) $200M SPAC Cantor Fitz.
Fourth blank check company led by turnaround veteran Mohsin Meghji targeting the renewable energy space.
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IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets< of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.