Large tech deals are finally back on the IPO calendar.
The upcoming IPOs from Astera Labs (Nasdaq: ALAB) and Reddit (NYSE: RDDT) will set the tone for the tech sector heading into the spring IPO busy season, just as the last batch of tech IPOs (ARM, CART, KVYO) did in the fall.
Connectivity chipmaker Astera Labs launched its IPO roadshow on Friday, targeting a market cap of nearly $5 billion. Social media site Reddit is expected to launch on Monday valued at $6+ billion. Both could begin trading the week of March 18.
Sounds like a good time to try out our IPO Pro service. If you’re active in the IPO space, IPO Pro is designed to make your life easier, and it comes with a 1-week free trial.
Reuters reports that razor brand Harry’s filed confidentially, one of many consumer brands expected to IPO this summer. The biotech boom carries on with a new filing from Boundless Bio (Nasdaq: BOLD), while car-sharing platform Turo (NYSE: TURO) updated its IPO filing for the first time in months.
The Renaissance IPO Index gained +1.8% this week, vs. -0.3% for the S&P 500. The IPO market is now neck-and-neck with the S&P 500 year-to-date (+7%), thanks to a +19% rally since the end of January.
The biggest IPO Index constituent Coinbase led this week’s winner list, up +24.7% as Bitcoin prices hit an all-time high. Note that Coinbase is not found in ETFs that track the Nasdaq or S&P 500. “DevOps” software provider GitLab tumbled -21.3% despite a small beat in Q4. So why the fall? GitLab management guided FY25 slightly below expectations and, worse yet, emphasized that they really mean it, with less-conservative guidance going forward.
Take care,
Bill Smith
CEO and Founder
Renaissance Capital
|
Biggest price changes through
Mar 8th
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Coinbase Global | COIN | 24.7% |
| Rivian Automotive | RIVN | 12.6% |
| Clear Secure | YOU | 11.1% |
| CAVA Group | CAVA | 8.6% |
| Kenvue | KVUE | 6.4% |
| Bottom 5 | ||
| GitLab | GTLB | -21.3% |
| Duolingo | DUOL | -9.7% |
| Klaviyo | KVYO | -9.3% |
| Freshworks | FRSH | -8.0% |
| Braze | BRZE | -7.2% |
| Sectors | ||
| Consumer Staples | 6.4% | |
| Financials | 4.1% | |
| Consumer Discretionary | 3.5% | |
| Industrials | 0.3% | |
| Health Care | -0.1% | |
| Technology | -2.5% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned 1.8% last week vs. -0.3% for the S&P 500.
