The IPO market is still on its August break, with just one SPAC pricing. Issuance should resume after Labor Day, and new filers are starting to flood the fall IPO pipeline, with nine initial filings this past week. Five SPACs also submitted initial filings.
Waverley Capital Acquisition 1 (WAVCU) was the week’s sole pricing, raising $200 million to acquire a business in the media, technology, or entertainment sector.
| 1 IPO During the Week of August 16th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/20 |
| Waverley Capital Acq. 1 (WAVCU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company formed by Waverley Capital targeting media, technology, and entertainment. | |||||
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Tech consultancy Thoughtworks (TWKS) filed for an estimated $500 million IPO. Swiss sports betting firm Sportradar Group (SRAD), surgical robotics developer PROCEPT BioRobotics (PRCT), recruiting software platform iCIMS Holding (TLNT), oncology biotech Tyra Biosciences (TYRA), drive-thru coffee retailer Dutch Bros (BROS), and healthcare intelligence platform Definitive Healthcare (DH) all filed to raise $100 million. London-listed crypto mining company Argo Blockchain (ARBK) filed to raise $75 million, and Australian drug developer Incannex Healthcare (IXHL) filed to raise $27 million.
Five SPACs submitted initial filings led by BurTech Acquisition (BRKHU), which filed to raise $250 million to target the retail, lifestyle, hospitality, tech, and real estate markets.
| 14 Filings During the Week of August 16th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Definitive Healthcare (DH) | $100M | Health Care | Goldman |
| Provides a SaaS platform to help healthcare companies commercialize. | |||
| Dutch Bros (BROS) | $100M | Consumer Discretionary | BofA |
| Drive-thru coffee retailer with over 450 stores mostly in the Western US. | |||
| Thoughtworks (TWKS) | $500M | Technology | Goldman |
| Provides software development and consultancy services. | |||
| Tyra Biosciences (TYRA) | $100M | Health Care | BofA |
| Preclinical biotech developing FGFR inhibitors for cancer. | |||
| Accretion Acquisition (ENERU) | $150M | SPAC | EarlyBird |
| Blank check company targeting the energy value chain. | |||
| Argo Blockchain (ARBK) | $75M | Financials | Jefferies |
| Blockchain technology company focused on large-scale crypto mining. | |||
| Broad Capital Acquisition (BRACU) | $100M | SPAC | Chardan |
| Blank check company targeting the aviation and aerospace industry. | |||
| BurTech Acquisition (BRKHU) | $250M | SPAC | EF Hutton |
| Blank check company targeting the retail, lifestyle, hospitality, tech, and real estate markets. | |||
| Future Health ESG Corp. (FHLTU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting businesses that support value-based precision healthcare. | |||
| iCIMS Holding (TLNT) | $100M | Technology | Morgan Stanley |
| Provides a cloud-based enterprise recruiting software platform. | |||
| WinVest Acquisition (WINVU) | $100M | SPAC | Chardan |
| Blank check company formed by Trefis targeting the financial services industry. | |||
| PROCEPT BioRobotics (PRCT) | $100M | Health Care | BofA |
| Makes a surgical robotic system for minimally-invasive urologic surgery. | |||
| Incannex Healthcare (IXHL) | $27M | Health Care | Roth Cap. |
| Australian developer of synthetic cannabidiol and psychedelic medicine therapies. | |||
| Sportradar (SRAD) | $100M | Technology | JP Morgan |
| Provides products and services to the sports betting industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/19/2021, the Renaissance IPO Index was down 3.1% year-to-date, while the S&P 500 was up 17.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 12.9% year-to-date, while the ACWX was up 6.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.
