Following a week of postponements and pricing delays, two tech IPOs and three holdovers are scheduled to raise $412 million in the week ahead.
Connectivity solutions provider Credo Technology Group (CRDO) plans to raise $275 million at a $1.8 billion market cap. Credo’s solutions are optimized for optical and electrical ethernet applications, and its product families include Integrated Circuits, Active Electrical Cables, and SerDes Chiplets. Unprofitable with accelerating growth in the 1H FY21, the company is relatively small and competes with much larger players. New investors have indicated on $120 million of the IPO (44% of the deal).
AdTech platform Direct Digital Holdings (DRCT) plans to raise $32 million at a $123 million market cap. Direct Digital is an end-to-end, full-service programmatic advertising platform focused on both buy- and sell-side digital advertising. The company is profitable, and while it has delivered explosive growth, it has mostly been fueled by acquisitions.
Three holdovers from the past week are scheduled to debut: Australian green energy company Verdant Earth Technologies (VDNT) plans to raise $50 million at a $201 million market cap; OTC-listed Modular Medical (MODD) plans to raise $30 million at a $130 million market cap; and medical device maker Samsara Vision (SMSA) plans to raise $25 million at a $153 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Credo Technology (CRDO) San Jose, CA | $275M $1,758M | $10 - $12 25,000,000 | Goldman BofA |
| Provides semiconductor solutions for optical and electrical Ethernet applications. | |||
| Direct Digital Holdings (DRCT) Houston, TX | $32M $123M | $7 - $9 4,000,000 | Benchmark Roth Cap. |
| Provides an end-to-end programmatic advertising platform to SMBs. | |||
| Samsara Vision (SMSA) Far Hills, NJ | $25M $153M | $5 - $7 4,166,667 | ThinkEquity |
| Makes medical implants for retinal diseases including AMD. | |||
| Modular Medical (MODD) San Diego, CA | $30M $130M | $12.49 2,401,922 | Oppenheimer |
| Developing a wearable insulin pump device. | |||
| Verdant Earth Tech (VDNT) Sydney, Australia | $50M $201M | $7 - $9 6,250,000 | Roth Cap. |
| Repurposes traditional power plants to run on renewable fuel in Australia. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/20/2022, the Renaissance IPO Index was down 19.0% year-to-date, while the S&P 500 was down 5.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index was down 3.9% year-to-date, while the ACWX was down 0.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
