Eight IPOs joined the public market this past week, joined by ten SPACs. Two companies postponed, both citing market conditions: fitness equipment brand iFIT Health & Fitness (IFIT) and drug developer AEON Biopharma (AEON). New filers continued to flood the pipeline, with 22 IPOs and 12 SPACs submitting initial filings.
Canada-listed Nuvei (NVEI) raised $369 million at a $17.5 billion market cap. Nuvei is a global provider of payment technology solutions to merchants and partners in North America, Europe, Asia Pacific, and Latin America. Its technology platform allows merchants and partners to securely accept payments in over 200 markets worldwide with local acquiring in 45 markets and nearly 150 currencies. Nuvei finished up 7%.
Alzheimer’s biotech Cognition Therapeutics (CGTX) upsized and priced at the midpoint to raise $45 million at a $304 million market cap. Cognition’s lead program, CT1812, is a small molecule antagonist designed to penetrate the blood-brain barrier and bind selectively to the S2R complex. CT1812 is currently in enrolling patients in a Phase 2 trial in patients with mild-to-moderate Alzheimer's disease. Cognition finished up 6%.
Biotech Theseus Pharmaceuticals (THRX) upsized and priced at the high end to raise $160 million at a $660 million market cap. Theseus’ lead candidate is a pan-variant inhibitor of all major classes of activating/resistance mutations of the KIT kinase for of gastrointestinal stromal tumors (GIST). The company recently submitted an IND for advanced GIST and plans to initiate a Phase 1/2 trial between late 4Q21 and mid 1Q22. Theseus finished up 5%.
Canada-listed Tricon Residential (TCN) raised $446 million at a $3.3 billion market cap. Tricon is a residential real estate company primarily focused on owning and operating rental housing in the US and Canada. The company owns and operates one of the largest portfolios of single-family rental homes in the Sun Belt, with approximately 25,000 homes in 19 markets across 10 states. Tricon finished up 3%.
Fitness chain Life Time Group Holdings (LTH) downsized and priced at the low end to raise $702 million at a $3.6 billion market cap. Taken private in 2015, Life Time operates more than 150 "centers" across 29 US states and one province in Canada, serving nearly 1.4 million individual members as of 7/31/21. The company was hit hard by the pandemic, and the membership rebound it has seen in 2021 may be slowing. Life Time finished down 4%.
Tumor biotech Pyxis Oncology (PYXS) upsized and priced at the high end to raise $168 million at a $562 million market cap. Pyxis is developing a broad portfolio of novel ADC candidates and mAb preclinical discovery programs for difficult-to-treat solid and hematologic tumors. The company anticipates submitting INDs for two of its ADC candidates by mid-2022, and another candidate by 2023. Pyxis finished down 18%.
Proteomics platform IsoPlexis (ISO) priced at the midpoint to raise $125 million at a $648 million market cap. IsoPlexis believes its platform is the first to employ both proteomics and single cell biology to characterize and link cellular function to patient outcomes. While it is still in the very early stages of commercialization, the company's customers include the top 15 global biopharmas and nearly half of the comprehensive cancer centers in the US. IsoPlexis finished down 23%.
The week’s best performer, micro-cap Volcon (VLCN) priced at the high end to raise $17 million at a $123 million market cap. Founded in 2020, the company currently offers two off-road motorcycles, and had expected to begin making deliveries in the third quarter. It plans to expand its offerings with a UTV in 2022, followed by a high-performance long-range UTV in 2023. Volcon finished up 66%.
Ten SPACs raised $1.7 billion this past week led by Enphys Acquisition (NFYS.U), which raised $300 million to acquire a renewable energy business in Ibero-America.
| 18 IPOs During the Week of October 4th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/08 |
| Volcon (VLCN) | $17M | $123M | 10% | +97% | +66% |
| Pre-revenue manufacturer of all-electric off road powersport vehicles. | |||||
| Nuvei (NVEI) | $369M | $17,539M | 0% | +5% | +7% |
| Canadian provider of payment processing solutions to merchants and e-commerce platforms. | |||||
| Cognition Therapeutics (CGTX) | $45M | $304M | 0% | +6% | +6% |
| Phase 2 biotech developing small molecule therapies for Alzheimer's and other CNS diseases. | |||||
| Theseus Pharma (THRX) | $160M | $660M | 7% | +16% | +5% |
| Preclinical biotech developing pan-variant kinase inhibitors for solid tumors. | |||||
| Tricon Residential (TCN) | $446M | $3,250M | 0% | +5% | +3% |
| Owns and operates rental housing in the US and Canada. | |||||
| Parsec Capital Acq. (PCXCU) | $75M | $94M | 0% | +1% | +1% |
| Blank check company targeting space transport and technology. | |||||
| Phoenix Biotech Acq. (PBAXU) | $155M | $204M | 0% | +1% | +1% |
| Blank check company targeting healthcare in the US and Europe. | |||||
| Maxpro Capital Acq. (JMACU) | $90M | $117M | 0% | +1% | +1% |
| Blank check company formed by Taiwan's Maxpro Ventures targeting healthcare and tech. | |||||
| Mount Rainier Acquisition (RNERU) | $150M | $190M | 0% | +1% | +1% |
| Blank check company targeting established tech-focused businesses. | |||||
| Avalon Acquisition (AVACU) | $180M | $226M | 0% | +0% | +0% |
| Blank check company targeting a business in the financial services sector. | |||||
| Crixus BH3 Acquisition (BHACU) | $200M | $250M | 0% | -1% | +0% |
| Blank check company formed by BH3 Management targeting real estate-focused businesses. | |||||
| Schultze Special II (SAMAU) | $150M | $188M | 0% | -1% | -1% |
| Second blank check company formed by distressed debt investor George Schultze. | |||||
| IX Acquisition (IXAQU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company targeting the TMT and ICT industries in Europe and emerging markets. | |||||
| Hawks Acquisition (HWKZ.U) | $200M | $250M | 0% | -1% | -1% |
| Blank check company formed by JC Hawks & Co. targeting post-reorganized or highly levered businesses. | |||||
| Enphys Acquisition (NFYS.U) | $300M | $375M | 0% | -2% | -2% |
| Blank check company targeting renewable energy businesses in Ibero-America. | |||||
| Life Time (LTH) | $702M | $3,591M | -8% | -1% | -4% |
| Premium US health and fitness chain. | |||||
| Pyxis Oncology (PYXS) | $168M | $562M | 7% | -18% | -18% |
| Preclinical biotech developing antibody therapies for solid and hematologic tumors. | |||||
| IsoPlexis (ISO) | $125M | $648M | 0% | -23% | -23% |
| Provides a single-cell proteomics platform for drug development. | |||||
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22 IPOs submitted initial filings this past week. Semiconductor foundry GlobalFoundries (GFS) filed for an estimated $2 billion IPO. Hiring solutions provider HireRight (HRT), body contouring services provider AirSculpt Technologies (AIRS), online education marketplace Udemy (UDMY), premium home furnishings retailer Arhaus (ARHS), designer fashion rental platform Rent the Runway (RENT), fire pit brand Solo Brands (DTC), solid tumor biotech Aura Biosciences (AURA), mineral and royalty owner Desert Peak Minerals (DPM), rare disease biotech Entrada Therapeutics (TRDA), vaccine biotech Vaxxinity (VAXX), commercial mortgage REIT Claros Mortgage Trust (CMTG), Russian car-sharing firm Delimobil Holding (DMOB), German-listed drug discovery company Evotec (EVO), personal finance platform NerdWallet (NRDS), and root canal therapy system maker Sonendo (SONX) all filed to raise $100 million. Turbine maker FlexEnergy (FLXE) and logistics services provider Unique Logistics International (UNQL) both filed to raise $41 million. Cancer biotech Nuvectis (NVCT) filed to raise $30 million, vaccine biotech Blue Water Vaccines (BWV) filed to raise $24 million, software platform Blackboxstocks (BLBX) filed to raise $20 million, and kids’ clothing subscription service Kidpik (PIK) filed to raise $18 million.
12 SPACs submitted initial filings led by Semper Paratus Acquisition (LGSTU), which filed to raise $300 million to target the transportation, supply chain, and logistics industry.
| 34 Filings During the Week of October 4th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aura Biosciences (AURA) | $100M | Health Care | Cowen |
| Phase 2 biotech developing virus-like drug conjugates for ocular and urologic solid tumors. | |||
| Blue Water Vaccines (BWV) | $24M | Health Care | Maxim |
| Preclinical biotech developing vaccines for the flu and other infectious diseases. | |||
| Claros Mortgage Trust (CMTG) | $100M | Financials | Morgan Stanley |
| Commercial mortgage REIT focused on transitional commercial real estate assets. | |||
| Decarbonization Plus V (DCREU) | $275M | SPAC | Citi |
| Blank check company formed by Riverstone targeting businesses advancing global decarbonization. | |||
| Delimobil (DMOB) | $100M | Technology | BofA |
| Leading Russian car-sharing firm with a fleet of nearly 18,000 vehicles. | |||
| Desert Peak Minerals (DPM) | $100M | Materials | Barclays |
| Owns and manages mineral and royalty interests in the Permian Basin. | |||
| Entrada Therapeutics (TRDA) | $100M | Health Care | Goldman |
| Preclinical biotech developing therapies for rare neuromuscular diseases. | |||
| Evotec (EVO) | $100M | Health Care | BofA |
| Provides drug discovery solutions for the pharmaceutical industry. | |||
| NerdWallet (NRDS) | $100M | Financials | Morgan Stanley |
| Provides a personal finance app that promotes financial products. | |||
| OPY Acquisition I (OPYAU.RC) | $100M | SPAC | Oppenheimer |
| Blank check company formed by Oppenheimer targeting healthcare. | |||
| Sonendo (SONX) | $100M | Health Care | BofA |
| Makes a medical device system for less-invasive root canal therapy. | |||
| TKB Critical Tech 1 (USCTU) | $200M | SPAC | Jefferies |
| Blank check company formed by TKB Capital targeting businesses that provide critical technologies. | |||
| Vaxxinity (VAXX) | $100M | Health Care | BofA |
| Phase 2 biotech developing vaccine therapies for chronic diseases using synthetic peptides. | |||
| FlexEnergy (FLXE) | $41M | Industrials | Roth Cap. |
| Makes turbine systems and heat exchangers. | |||
| Mountain Crest Acq. V (MCAGU) | $50M | SPAC | Chardan |
| Fifth blank check company formed by Suying Liu. | |||
| Onyx Acquisition I (ONYXU) | $200M | SPAC | BTIG |
| Blank check company led by the founder of JDS Development targeting industrials and construction tech. | |||
| Semper Paratus Acq. (LGSTU) | $300M | SPAC | Cantor Fitz. |
| Blank check company led by the former CFO of UPS targeting transportation, supply chain, and logistics. | |||
| HireRight (HRT) | $100M | Industrials | Credit Suisse |
| Provides tech-enabled background screening and identity verification services. | |||
| Iconic Sports Acquisition (ICNC.U) | $250M | SPAC | Credit Suisse |
| Blank check company targeting the global sports industry. | |||
| Innovative Intl. Acq. (IOACU) | $200M | SPAC | Cantor Fitz. |
| Blank check company formed by Mohan Ananda and the CEO of Frientap. | |||
| Kidpik (PIK) | $18M | Technology | EF Hutton |
| Sells kids' clothing subscription boxes. | |||
| Nuvectis Pharma (NVCT) | $30M | Health Care | ThinkEquity |
| Phase 1-ready biotech developing in-licensed therapies for cancer. | |||
| OmniLit Acquisition (OLITU) | $125M | SPAC | Imperial Capital |
| Blank check company formed by the founder of Syntec Optics targeting advanced manufacturing. | |||
| AirSculpt Technologies (AIRS) | $100M | Health Care | Morgan Stanley |
| Provides minimally-invasive body contouring procedures in the US. | |||
| Blackboxstocks (BLBX) | $20M | Technology | Alexander Capital |
| Provides analytics for stock and options traders. | |||
| ExcelFin Acquisition (XFINU) | $200M | SPAC | UBS |
| Blank check company formed by Fin Venture Capital and Grand Fortune Capital targeting fintech. | |||
| Pyrophyte Acquisition (PHYT.U) | $175M | SPAC | UBS |
| Blank check company targeting the energy transition ecosystem. | |||
| Udemy (UDMY) | $100M | Technology | Morgan Stanley |
| Online education marketplace offering user-generated courses. | |||
| Unique Logistics (UNQL) | $41M | Industrials | EF Hutton |
| Provides third-party logistics services. | |||
| Arhaus (ARHS) | $100M | Consumer Discretionary | BofA |
| Premium home furnishings retailer with 75 locations across the US. | |||
| GlobalFoundries (GFS) | $2,000M | Technology | Morgan Stanley |
| Global semiconductor designer and foundry based in the US. | |||
| LAMF Global Ventures I (LGVCU) | $200M | SPAC | Wells Fargo |
| Blank check company formed by Los Angeles Media Fund targeting media, entertainment, and sports. | |||
| Rent the Runway (RENT) | $100M | Technology | Goldman |
| Rents designer apparel and accessories to women via monthly subscriptions. | |||
| Solo Brands (DTC) | $100M | Industrials | BofA |
| Sells branded fire pits, camp stoves, and other outdoor gear. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/7/2021, the Renaissance IPO Index was up 0.3% year-to-date, while the S&P 500 was up 17.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Moderna (MRNA). The Renaissance International IPO Index was down 18.4% 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 Meituan-Dianping and SoftBank.
