The IPO market saw a quiet end to the summer with only two IPOs this past week. SPAC activity remained steady with seven blank check IPOs. New filers continue to pour into the IPO pipeline, with 11 IPOs, one direct listing, and two SPACs submitting initial filings.
For a deeper dive into the fall IPO market, read our Fall 2021 US IPO Preview, an in-depth breakdown of which companies we expect to move forward in the coming months.
In its second IPO attempt, DoubleDown Interactive (DDI) raised $114 million at an $892 million market cap. Boasting over 2 million monthly active users, this South Korean company develops and publishes mobile and web-based social casino games. Slow growing with a track record of profitability, its flagship game DoubleDown Casino has been among the top 20 grossing mobile games annually since 2016. DoubleDown finished down 10%.
Sensor developer Focus Universal (FCUV) raised $10 million at a $217 million market cap. Using software machine auto generation technology, this company develops smart sensors and devices for home and other applications. Highly unprofitable with negative cash flow, the company plans to begin launching products in the coming year. Focus Universal finished up 179%.
Seven blank check companies raised $1.3 billion this past week, led by technology SPAC Digital World Acquisition (DWACU) and fintech SPAC Concord Acquisition II (CNDA.U), each of which raised $250 million.
| 9 IPOs During the Week of August 30th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/03 |
| Focus Universal (FCUV) | $10M | $217M | 0% | +2% | +179% |
| Developing smart sensors and devices for the home and other areas. | |||||
| DTRT Health Acquisition (DTRTU) | $200M | $250M | 0% | +1% | +1% |
| Blank check company targeting home and community based healthcare services. | |||||
| Oxus Acquisition (OXUSU) | $150M | $191M | 0% | +1% | +1% |
| Blank check company targeting energy transition technology in emerging markets. | |||||
| Alpine Acquisition (REVEU) | $100M | $125M | 0% | +0% | +0% |
| Blank check company led by Alpine Consolidated and Two Bit Circus executives. | |||||
| Digital World Acquisition (DWACU) | $250M | $324M | 0% | +0% | +0% |
| Blank check company led by SPAC veteran Patrick Orlando targeting a tech-focused business. | |||||
| Concord Acquisition II (CNDA.U) | $250M | $313M | 0% | n/a | +0% |
| Second blank check company formed by Atlas Merchant Capital targeting financial services and FinTech. | |||||
| CHW Acquisition (CHWAU) | $110M | $138M | 0% | +0% | +0% |
| Blank check company targeting consumer products and retail. | |||||
| Insight Acquisition (INAQ.U) | $240M | $300M | 0% | -1% | -2% |
| Blank check company targeting the fintech or financial services industry. | |||||
| DoubleDown Interactive (DDI) | $114M | $892M | -5% | -1% | -10% |
| Leading developer and publisher of mobile- and web-based social casino games. | |||||
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11 IPOs and one direct listing submitted initial filings this past week. Customer behavior analytics platform Amplitude (AMPL) filed for a direct listing on the Nasdaq. Fitness equipment brand iFIT Health & Fitness (IFIT) filed for an estimated $800 million IPO. Software firm Clearwater Analytics (CWAN) filed for an estimated $500 million IPO. Global money transfer firm Remitly Global (RELY) filed for an estimated $300 million IPO. Sustainable footwear maker Allbirds (BIRD) filed for an estimated $200 million IPO. Disease home test developer Cue Health (HLTH), ethically sourced jewelry retailer Brilliant Earth Group (BRLT), investment management software maker Allvue Systems Holdings (ALVU) all filed to raise $100 million. Healthcare IT platform Healthcare Triangle (HCTI) filed to raise $40 million. Autonomous driving software developer Cyngn (CYN) filed to raise $36 million. Chinese equipment maker Kepuni Holdings (KPNT) filed to raise $31 million.
Two SPACs submitted initial filings, led by real estate-focused Crixus BH3 Acquisition (BHACU), which filed to raise $200 million.
| 14 Filings During the Week of August 30th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Allvue Systems (ALVU) | $100M | Technology | Goldman |
| Provides cloud-based software solutions for investment managers. | |||
| Cyngn (CYN) | $36M | Technology | Aegis Cap. |
| Develops autonomous driving software for commercial and industrial vehicles. | |||
| Home Plate Acquisition (HPLTU) | $200M | SPAC | Jefferies |
| Blank check company targeting the fintech and Embedded Finance sectors. | |||
| Crixus BH3 Acquisition (BHACU) | $200M | SPAC | Guggenheim |
| Blank check company formed by BH3 Management targeting real estate-focused businesses. | |||
| Gesher I Acquisition (GIACU) | $100M | SPAC | EarlyBird |
| Blank check company targeting Israeli businesses with international operations. | |||
| Cue Health (HLTH) | $100M | Health Care | Goldman |
| Develops and sells molecular home tests for COVID-19 and other diseases. | |||
| Allbirds (BIRD) | $200M | Consumer Discretionary | Morgan Stanley |
| Makes and sells sustainable footwear. | |||
| iFIT Health & Fitness (IFIT) | $800M | Consumer Discretionary | Morgan Stanley |
| Sells connected home fitness equipment and monthly class subscriptions. | |||
| Kepuni Holdings (KPNT) | $31M | Technology | Boustead |
| Chinese manufacturer of nautical communications and electronic equipment. | |||
| Amplitude (AMPL) | $0M | Technology | |
| Provides customer behavior analytics for digital business optimization. | |||
| Brilliant Earth Group (BRLT) | $100M | Consumer Discretionary | JP Morgan |
| Digital-first retailer of ethically sourced fine jewelry. | |||
| Clearwater Analytics (CWAN) | $500M | Technology | Goldman |
| Provides cloud-native software for investment accounting and analytics. | |||
| Healthcare Triangle (HCTI) | $40M | Health Care | EF Hutton |
| Provides data science and AI-enabled healthcare information solutions. | |||
| Remitly (RELY) | $300M | Technology | Goldman |
| Provides a mobile payment service for international money transfers. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/2/2021, the Renaissance IPO Index was up 6.7% year-to-date, while the S&P 500 was up 20.8%. 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 10.0% year-to-date, while the ACWX was up 10.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.
