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US IPO Week Ahead: September closes out with software and consumer names in a 4 IPO, 2 direct listing week

September 24, 2021
Week Ahead

Updated on Mon, 9/27.

As September comes to an end, three IPOs are scheduled to raise almost $1.5 billion in the week ahead, joined by direct listings from Amplitude and Warby Parker.  

Digital optimization company Amplitude (AMPL) will be the Nasdaq’s second major direct listing, with an estimated market value at listing of nearly $5 billion. Amplitude provides a customer behavior analytics for over 1,200 customers to improve and optimize digital products and businesses. Growing but unprofitable, this analytics company boasts high-profile customers such as IBM, Instacart, and Squarespace.  

Eyeglasses retailer Warby Parker (WRBY) plans to direct list on the NYSE with an estimated market value at listing of nearly $3 billion. Warby Parker sells prescription glasses that start at $95 per pair through both its online store and in over 145 physical locations. The company has a track record of steady growth and is the category leader in DTC glasses, though the space has become increasingly competitive.  

Hair care brand Olaplex Holdings (OLPX) plans to raise $1 billion at a $10.4 billion market cap. Backed by Advent, this company is a leading brand of prestige hair health products containing a patented repair ingredient. With a highly engaged customer base, Olaplex is growing rapidly with robust profitability. The offering is 100% secondary, and Olaplex will be leveraged post-IPO.

Tech services provider TDCX (TDCX) plans to raise $319 million at a $2.4 billion market cap. This Singapore-based company provides digital customer experience solutions globally in more than 20 languages. Despite operating in competitive markets, TDCX's close peer TaskUs has outperformed since its recent IPO. 

Investment management software provider Allvue Systems Holdings (ALVU) plans to raise $275 million at a $1.7 billion market cap. This Vista-backed company provides cloud-based software solutions to approximately 400 investment managers in the private capital and credit markets space. Allvue Systems has delivered strong growth and is profitable on an EBITDA basis.

Restaurant chain First Watch Restaurant Group (FWRG) plans to raise $175 million at a $1.1 billion market cap. Only serving breakfast, brunch, and lunch, this restaurant chain owns and franchises over 420 locations across the US. Despite growing uncertainty about the delta variant, First Watch has a track record of positive same-store sales growth.

U.S. IPO Calendar
Deal Size
Market Cap
Price Range
Shares Filed
Allvue Systems (ALVU)
Coral Gables, FL
$17 - $19
Provides cloud-based software solutions for investment managers.
Amplitude (AMPL)
San Francisco, CA
Provides customer behavior analytics for digital business optimization.
Olaplex Holdings (OLPX)
Santa Barbara, CA
$14 - $16
JP Morgan
Sells hair care products containing a patented repair ingredient.
Warby Parker (WRBY)
New York, NY
Sells low-cost prescription glasses online and in over 145 stores.
First Watch (FWRG)
Bradenton, FL
$17 - $20
Owns and franchises daytime casual-dining restaurants in the US.
$16 - $18
Credit Suisse
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 9/23/2021, the Renaissance IPO Index was up 9.0% year-to-date, while the S&P 500 was up 18.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Uber Technologies (UBER). The Renaissance International IPO Index was down 14.4% year-to-date, while the ACWX was up 9.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include SoftBank and Meituan-Dianping.