Activity in the IPO market is expected to pick up in the week ahead. Four IPOs are scheduled to price, led by LNG services provider Excelerate Energy (EE), which is slated to be the first $100+ million US IPO in over two months.
Excelerate Energy (EE) plans to raise $360 million at a $2.4 billion market cap. Founded and owned by oil magnate George Kaiser, the company owns a fleet of floating storage and regasification units, which are used to regasify liquefied natural gas (LNG) for power generation and other applications. Excelerate has benefited from accelerating growth of LNG demand tied to the war in Ukraine, and it currently has three projects under development. However, it depends on few customers, mainly government entities in emerging markets.
OTC-listed Applied Blockchain (APLD), which is building data centers leased to crypto miners, plans to raise $60 million at a $1.8 billion market cap. The company’s first facility was constructed in February 2022, and it plans to bring a total of 800MW online by 2023. Applied Blockchain is early stage with limited operating history.
Singapore-based Genius Group (GNS) plans to raise $18 million at a $118 million market cap. Genius Group is an entrepreneur education technology company with approximately 1.9 million students in 191 countries spanning all age groups. Unprofitable with accelerating growth in the 1H21, the company originally planned to raise $40 million before slashing its deal size in February.
Alcohol detection device developer SOBR Safe (SOBR) may price in the week ahead, with plans to raise $12 million at a $53 million market cap. The company is currently listed on the OTC and had originally planned to offer units with warrants attached, but removed the warrants in its most recent filing. SOBR Safe is early stage and has yet to generate any revenues.
|U.S. IPO Calendar|
|Genius Group (GNS)||$18M|
|$5 - $6|
|Provides online and in-person entrepreneur education services.|
|Applied Blockchain (APLD)|
|$16.54 - $20.54|
|Building data centers leased to crypto miners.|
|Excelerate Energy (EE)|
The Woodlands, TX
|$21 - $24|
|Operates LNG storage and regasification infrastructure in emerging markets.|
|SOBR Safe (SOBR)|
Greenwood Village, CO
|$4.50 - $5.50|
|Developing a non-invasive alcohol detection and identity verification system.|
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/7/2022, the Renaissance IPO Index was down 27.8% year-to-date, while the S&P 500 was down 5.2%. 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 23.8% year-to-date, while the ACWX was down 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.