Five blank check companies went public this past week. While there were no traditional IPO pricings, more than 10 companies launched as the IPO market gears up for a busy September. The pipeline remained active with eight IPOs and eight SPACs submitting initial filings.
Five SPACs raised $860 million led by SILVERspac (SLVRU), which raised $250 million to acquire a fintech or proptech business.
| 5 IPOs During the Week of September 6th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/10 |
| Bannix Acquisition (BNIXU) | $60M | $83M | 0% | +1% | +1% |
| Blank check company targeting a B2B enterprise software business. | |||||
| First Light Acquisition (FLAGU) | $200M | $250M | 0% | n/a | +0% |
| Blank check company tech-enabled solutions with applications in government and commercial markets. | |||||
| Banner Acquisition (BNNRU) | $150M | $188M | 0% | -1% | -1% |
| Blank check company backed by Banner Ventures targeting family-owned or founder-led businesses. | |||||
| Future Health ESG Corp. (FHLTU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company targeting businesses that support value-based precision healthcare. | |||||
| SILVERspac (SLVRU) | $250M | $313M | 0% | -2% | -2% |
| Blank check company targeting the proptech and fintech sectors. | |||||
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Eight IPOs submitted initial filings. Singaporean tech services provider TDCX (TDCX) filed for a $400 million US IPO. Restaurant chain First Watch Restaurant Group (FWRG), drug discovery platform Exscientia (EXAI), and urban home developer Thomas James Homes (TJH) all filed to raise $100 million. ADHD drug developer Cingulate (CING) filed to raise $58 million, online brokerage Zhong Yang Financial Group (TOP) filed to raise $28 million, kitchen and bath products supplier FGI Industries (FGI) filed to raise $18 million, and electric powersport vehicle maker Volcon (VLCN) filed to raise $15 million.
Eight SPACs submitted initial filings led by Marblegate Acquisition (GATEU), which filed to raise $300 million to target post-restructuring businesses.
| 16 Filings During the Week of September 6th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Berenson Acquisition I (BACA.U) | $250M | SPAC | BofA |
| Blank check company targeting the software or tech-enabled services sectors. | |||
| Black Mountain Acq. (BMAC.U) | $200M | SPAC | EarlyBird |
| Blank check company formed by the founder of the Black Mountain Entities. | |||
| Energem Corp. (ENCPU) | $100M | SPAC | EF Hutton |
| Blank check company targeting the energy value chain in the South East Asia and APAC region. | |||
| Exscientia (EXAI) | $100M | Health Care | Goldman |
| Provides an AI-driven platform for drug design, discovery, and development. | |||
| FGI Industries (FGI) | $18M | Industrials | Benchmark |
| Kitchen and bath products supplier being spun out of Foremost Groups. | |||
| Super Plus Acquisition (SUPRU.RC) | $50M | SPAC | Maxim |
| Blank check company led by Chinese executive Long Yi targeting a business in Asia or North America. | |||
| Thomas James Homes (TJH) | $100M | Real Estate | JP Morgan |
| Provides urban single-home housing development software and services. | |||
| Volcon (VLCN) | $15M | Consumer Discretionary | Aegis Cap. |
| Pre-revenue manufacturer of all-electric off road powersport vehicles. | |||
| Zhong Yang Financial (TOP) | $28M | Financials | Univest Sec. |
| Hong Kong-based online brokerage. | |||
| Cingulate (CING) | $58M | Health Care | Oppenheimer |
| Phase 3-ready biotech developing formulations of stimulant drugs for ADHD. | |||
| Marblegate Acquisition (GATEU) | $300M | SPAC | Cantor Fitz. |
| Blank check company formed by Marblegate targeting post-restructuring businesses. | |||
| Thrive Acquisition (THAC.U) | $200M | SPAC | BTIG |
| Blank check company targeting the global health and wellness industry. | |||
| AEI CapForce II Inv. (AEIBU) | $100M | SPAC | EF Hutton |
| Blank check company targeting the financial technology and related sectors in Greater China or Southeast Asia. | |||
| First Watch (FWRG) | $100M | Consumer Discretionary | BofA |
| Owns and franchises daytime casual-dining restaurants in the US. | |||
| Monterey Bio Acquisition (MTRYU) | $100M | SPAC | Chardan |
| Blank check company targeting the biotech sector. | |||
| TDCX (TDCX) | $400M | Technology | Goldman |
| Provides customer support and content review services to tech companies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/2021, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. 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 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.
