November kicked off with a 12 IPO week and shoe brand Allbirds (BIRD) was at the front of the flock, posting a first-day pop of 93%. 23 SPACs also went public. New issuers continued to join the pipeline, with five IPOs and 13 SPACs submitting initial filings.
Two issuers postponed this past week: Russian car-sharing firm Delimobil (DMOB) and mineral royalty and interest company Desert Peak Minerals (DPM).
Allbirds (BIRD) upsized and priced above the range to raise $303 million at a $2.4 billion market cap. Allbirds primarily provides premium lifestyle footwear, with over 8 million pairs of shoes sold. While it faces high competition and the potential to fall out of trend, the company has a loyal customer base, with more than half of 2020 sales coming from repeat customers, and room to grow its aided brand awareness. After a strong first day of trading, Allbirds finished up 74%.
German micro-cap Mainz Biomed (MYNZ) priced at the midpoint to raise $10 million at a $59 million market cap. Mainz is a molecular genetics cancer diagnostic company formed to acquire and commercialize the portfolio of PharmGenomics in Europe and the US. The company's portfolio includes, among other products, screening tests for colorectal and pancreatic cancer. Mainz finished up 100%.
NerdWallet (NRDS) priced at the midpoint to raise $131 million at a $1.3 billion market cap. The company operates a free personal finance platform, helping consumers learn about and shop for various financial products. NerdWallet has a track record of profitable growth and staged a strong recovery from COVID, though a planned hike in S&M spend could pressure near-term margins. NerdWallet finished up 44%.
Cadre Holdings (CDRE) priced at the midpoint to raise $78 million at a $435 million market cap. The company manufactures and distributes equipment for law enforcement, military personnel, bomb squads, competitive shooters, and more. It has delivered solid profitability and believes it can sustain growth with new technology, expansion, and M&A. Existing shareholders received cash distributions pre-IPO. Cadre Holdings finished up 18%.
Immuno-oncology biotech IO Biotech (IOBT) priced at the low end to raise $100 million at a $372 million market cap. The company's lead candidate, IO102-IO103, was granted Breakthrough Therapy Designation for the treatment of unresectable/metastatic melanoma and plans to enroll for a Phase 3 trial in combination with pembrolizumab. IO Biotech finished up 12%.
Russian real estate listings platform Cian (CIAN) priced at the high end to raise $291 million at a $1.1 billion market cap. Cian had approximately 2.1 million listings available through its platform and average unique monthly visitors of approximately 20.3 million in the 1H21. The company turned profitable on an EBITDA basis in the 1H21, and revenue growth accelerated to 65%. Cian finished up 10%.
Germany-listed Evotec (EVO) downsized its offering to raise $435 million at a $7.6 billion market cap. The company calls itself an industry-leading drug discovery and development partner for the pharmaceutical and biotechnology industry, focused on discovering drug candidates in a wide range of difficult-to-treat diseases. It states that its pipeline has over 130 assets. Evotec finished up 4%.
Belgium-listed MDxHealth (MDXH) raised $45 million at a $187 million market cap. MDxHealth provides novel prostate cancer genomic testing solutions, SelectMDx (a liquid biopsy test) and ConfirmMDx (an epigenetic test). Since its products’ commercial launches, the company has performed over 200,000 tests ordered by more than 1,000 practicing urologists in the US. MDxHealth finished flat.
Home furnishings retailer Arhaus (ARHS) downsized and priced below the range to raise $168 million at a $1.8 billion market cap. Arhaus sells a range of artisan-crafted furniture and home goods through 75 stores across the US. The company has delivered strong growth in the 1H21 and preliminary 3Q21, though supply chain challenges have led to a backlog of several months. Arhaus finished down 6%.
Health food brand The Real Good Food Company (RGF) priced below the range to raise $64 million at a $300 million market cap. Real Good Foods develops, markets, and manufactures “comfort foods” designed to be high in protein, low in sugar, and made from gluten- and grain-free ingredients. The company is unprofitable, and revenue nearly doubled in the 1H21. Real Good Foods finished down 8%.
Commercial mortgage REIT Claros Mortgage Trust (CMTG) downsized and priced at the low end to raise $103 million at a $2.6 billion market cap. Claros is focused primarily on originating senior and subordinate loans on transitional CRE assets in major US markets. As of June 30, 2021, its loan portfolio was comprised of 56 loan investments consisting of 92 loans. The company is highly leveraged post-IPO. Claros finished down 9%.
LianBio (LIAN) priced at the midpoint to raise $325 million at a $1.8 billion market cap. Backed by Perceptive Advisors and RA Capital, LianBio is focused on the in-licensing, development, and commercialization of therapeutics in Greater China. The company currently has nine programs across five therapeutic areas, including oncology, cardiovascular, and inflammatory diseases. LianBio finished down 10%.
23 SPACs went public this past week led by Trine II Acquisition (TRAQ.U), which raised $360 million to target the TMT industry.
| 35 IPOs During the Week of November 1st, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/05 |
| Mainz Biomed (MYNZ) | $10M | $59M | 0% | +100% | +100% |
| Commercializing in vitro molecular tests for cancer screening. | |||||
| Allbirds (BIRD) | $303M | $2,374M | 15% | +93% | +74% |
| Sustainable footwear brand sold direct to consumer. | |||||
| NerdWallet (NRDS) | $131M | $1,284M | 0% | +57% | +44% |
| Provides a personal finance app that promotes financial products. | |||||
| Cadre Holdings (CDRE) | $78M | $435M | -26% | +18% | +18% |
| Provides safety and survivability equipment for first reponders. | |||||
| IO Biotech (IOBT) | $100M | $372M | -10% | +12% | +12% |
| Phase 3-ready biotech developing immunotherapies for melanoma and other cancers. | |||||
| Cian (CIAN) | $291M | $1,125M | 8% | +10% | +10% |
| Provides a platform for online real estate listings and other services in Russia. | |||||
| Evotec (EVO) | $435M | $7,595M | 0% | +1% | +4% |
| Provides drug discovery solutions for the pharmaceutical industry. | |||||
| Digital Health Acq. (DHACU) | $100M | $130M | 0% | +2% | +3% |
| Blank check company targeting healthcare technology. | |||||
| Mountain & Co. I Acq. (MCAAU) | $200M | $250M | 0% | +2% | +2% |
| Blank check company formed by Mountain Partners targeting the consumer internet and B2B digital infrastructure sectors. | |||||
| Spindletop Health Acq. (SHCAU) | $200M | $250M | 0% | +1% | +2% |
| Blank check company targeting the US healthcare industry. | |||||
| Liberty Resources Acq. (LIBYU) | $100M | $129M | 0% | +1% | +1% |
| Blank check company targeting the oil and gas sectors. | |||||
| TG Venture Acquisition (TGVCU) | $100M | $126M | 0% | +1% | +1% |
| Blank check company targeting the space technology, fintech, and TMT industries. | |||||
| Talon 1 Acquisition (TOACU) | $200M | $250M | 0% | +1% | +1% |
| Blank check company formed by AVi8 Air Capital targeting aerospace and aviation. | |||||
| New Providence Acq.II (NPABU) | $225M | $281M | 0% | +1% | +1% |
| Second blank check company led by former soda executives targeting the consumer sector. | |||||
| Intelligent Medicine Acq. (IQMDU) | $180M | $225M | 0% | +1% | +1% |
| Blank check company targeting life science businesses using AI, ML, and big data. | |||||
| Finnovate Acquisition (FNVTU) | $150M | $189M | 0% | +1% | +1% |
| Blank check company targeting the fintech sector in Israel. | |||||
| Juniper II (JUN.U) | $260M | $325M | 0% | +1% | +1% |
| Second blank check company led by ex-Honeywell execs targeting North American industrials. | |||||
| Onyx Acquisition I (ONYXU) | $230M | $288M | 0% | +1% | +1% |
| Blank check company led by the founder of JDS Development targeting industrials and construction tech. | |||||
| 7 Acquisition (SVNAU) | $200M | $250M | 0% | +1% | +1% |
| Blank check company targeting environmental, business, and infrastructure products and services. | |||||
| Semper Paratus Acq. (LGSTU) | $300M | $418M | 0% | +1% | +1% |
| Blank check company led by the former CFO of UPS targeting transportation, supply chain, and logistics. | |||||
| Sizzle Acquisition (SZZLU) | $135M | $176M | 0% | +1% | +1% |
| Blank check company formed by Salis Holdings targeting restaurant, hospitality, and other businesses. | |||||
| McLaren Technology Acq. (MLAIU) | $175M | $219M | 0% | +1% | +1% |
| Blank check company targeting FinTech and InsurTech. | |||||
| Vision Sensing Acq. (VSACU) | $88M | $114M | 0% | +1% | +1% |
| Blank check company targeting businesses developing vision sensing technologies. | |||||
| Rigel Resource Acq. (RRAC.U) | $275M | $344M | 0% | +1% | +1% |
| Blank check company formed by Orion Resource Partners targeting the mining industry. | |||||
| Lionheart III (LIONU) | $115M | $147M | 0% | +0% | +1% |
| Third blank check company formed by Lionheart Capital. | |||||
| Fortune Rise Acq. (FRLAU) | $85M | $113M | 0% | +0% | +1% |
| Blank check company formed by the CEO of US Tiger Securities. | |||||
| Mercato Partners Acq. (MPRAU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Mercato Partners targeting tech or branded consumer products. | |||||
| MDxHealth (MDXH) | $45M | $187M | 0% | +0% | +0% |
| Belgian provider of genomic testing products for prostate cancer. | |||||
| Concord Acquisition III (CNDB.U) | $300M | $375M | 0% | n/a | +0% |
| Third blank check company formed by Atlas Merchant Capital targeting financial services and FinTech. | |||||
| Integral Acquisition 1 (INTEU) | $100M | $125M | 0% | +0% | +0% |
| Blank check company targeting tech-oriented businesses in Australia and New Zealand. | |||||
| Trine II Acquisition (TRAQ.U) | $360M | $450M | 0% | n/a | +0% |
| Second SPAC led by Leo Hindery targeting the TMT industries. | |||||
| Arhaus (ARHS) | $168M | $1,821M | -16% | -2% | -6% |
| Premium home furnishings retailer with 75 locations across the US. | |||||
| Real Good Foods (RGF) | $64M | $300M | -20% | -8% | -8% |
| Makes low-carb high-protein packaged foods. | |||||
| Claros Mortgage Trust (CMTG) | $103M | $2,612M | -3% | -9% | -9% |
| Commercial mortgage REIT focused on transitional commercial real estate assets. | |||||
| LianBio (LIAN) | $325M | $1,815M | 0% | -14% | -10% |
| Developing in-licensed therapies for a variety of indications in China. | |||||
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Five IPOs submitted initial filings. Brazilian fintech Nu Holdings (NU) filed and set terms for a $3.0 billion US IPO. Cloud infrastructure firm HashiCorp (HCP) filed for an estimated $500 million IPO. Agriculture company Edible Garden (EDBL) filed to raise $93 million, insulin pump developer Modular Medical (MODD) filed to raise $35 million, and medical device maker Samsara Vision (SMSA) filed to raise $31 million.
13 SPACs submitted initial filings led by Switzerland-based Europa Growth Acquisition (EGACU), which filed to raise $235 million.
| 18 Filings During the Week of November 1st, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Ault Disruptive Tech (ADRTU) | $100M | SPAC | A.G.P. |
| Blank check company backed by Ault Global targeting disruptive technology. | |||
| Europa Growth Acquisition (EGACU) | $235M | SPAC | Barclays |
| Blank check company targeting the financial services or environmental sectors in Europe. | |||
| Legato Merger II (LGTOU) | $200M | SPAC | EarlyBird |
| Blank check company targeting the infrastructure, E&C, industrial and renewables industries. | |||
| HashiCorp (HCP) | $500M | Technology | Morgan Stanley |
| Provides cloud infrastructure and data center management solutions. | |||
| Vahanna Tech Edge Acq. I (VHNAU) | $150M | SPAC | Mizuho |
| Blank check company targeting tech businesses with connections to India. | |||
| ALSP Orchid Acquisition I (ALORU) | $150M | SPAC | Stifel |
| Blank check company formed by Accelerator Life Science Partners. | |||
| Energy Cloud I Acq. (ECOAU) | $75M | SPAC | EF Hutton |
| Blank check company targeting clean energy sectors in the Asia-Pacific region. | |||
| Infinite Acquisition (NFNT.U) | $200M | SPAC | Credit Suisse |
| Blank check company backed by Kevin Durant's Thirty Five Ventures and LionTree targeting tech. | |||
| Integrated Wellness Acq. (WEL.U) | $100M | SPAC | BTIG |
| Blank check company targeting the health, nutrition, fitness, wellness, and beauty sectors. | |||
| Samsara Vision (SMSA) | $31M | Health Care | ThinkEquity |
| Makes medical implants for retinal diseases including AMD. | |||
| Modular Medical (MODD) | $35M | Health Care | Oppenheimer |
| Developing a wearable insulin pump device. | |||
| Arisz Acquisition (ARIZU.RC) | $60M | SPAC | Chardan |
| Blank check company formed by MSQ Ventures targeting healthcare. | |||
| Edible Garden (EDBL) | $93M | Consumer Staples | Maxim |
| Controlled environment agriculture company that grows organic herbs and lettuces. | |||
| EF Hutton Acquisition (EFHTU) | $125M | SPAC | Wells Fargo |
| Blank check company led by EF Hutton executives targeting consumer and retail. | |||
| Jupiter Wellness Acq. (JWACU) | $100M | SPAC | I-Bankers |
| Blank check company led by the CEO of Jupiter Wellness targeting the healthcare industry. | |||
| Nu Holdings (NU) | $3,036M | Technology | Morgan Stanley |
| Leading digital banking platform serving Brazil, Mexico, and Colombia. | |||
| Pomelo Acquisition (PACLU) | $75M | SPAC | Prime Num. Cap. |
| Blank check company targeting businesses in the Asia-Pacific and North America regions. | |||
| Seaport Global Acq. II (SGIIU) | $125M | SPAC | B. Riley |
| Blank check company formed by Seaport Global targeting reorganized or distressed businesses. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 114/2021, the Renaissance IPO Index was up 6.7% year-to-date, while the S&P 500 was up 26.1%. 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 19.9% year-to-date, while the ACWX was up 10.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
