After a flurry of initial public offering launches last week, the market braced for a loaded drop for deals, 11 are expected to price this week and raise more than $ 3 billion in revenue.
If all the deals materialize, that will make 2021 the most important year on record for IPOs, and break the previous record of around 30%, according to Bill Smith, founder and CEO of Renaissance Capital, a provider of institutional research and IPO exchange traded funds. The market is expected to see some 375 deals for the year, raising $ 125 billion, according to Renaissance, beating the $ 97 billion raised in 2000 during the dot.com boom.
After the long summer hiatus, this week is a litmus test for upcoming tech, biotech and consumer IPOs, Smith wrote in a comment. The list includes a Swiss sneaker company backed by tennis giant Roger Federer, a drive-through kiosk operator and a mortgage insurer who was spun off from insurer Genworth Financial.
The biggest deal of the week should come from Thoughtworks TWKS,
a Chicago-based technology consultancy that will go public at a valuation of up to $ 6.1 billion.
The company, which plans to change its name to Thoughtworks from Turing Holding Corp. with the IPO, said a total of 36.84 million shares will be offered during the IPO, divided between the company and the selling shareholders.
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The deal is expected to cost between $ 18 and $ 20 per share and the share will trade on the Nasdaq under the ticker TWKS. Goldman Sachs and JPMorgan are the primary underwriters. The company reported net profit of $ 79.3 million on revenue of $ 803.4 million in 2020, after revenue of $ 28.4 million on revenue of $ 772.2 million in 2019.
Swiss sneaker manufacturer On Holding ONON
is expected to raise up to $ 622 million for a valuation of nearly $ 6 billion. 31.1 million shares have been requested to list at a price of $ 18 to $ 20 each on the New York Stock Exchange, under the ticker symbol ONON.
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Goldman Sachs, Morgan Stanley and Morgan Stanley are the main underwriters of a syndicate of nine banks participating in the transaction. The product is to be used for general business purposes. The company has a line that it co-developed with Federer.
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The company achieved a net profit of 3.8 million ($ 4.1 million) Swiss francs in the six months leading up to June 30, following a loss of 33.1 million francs in the period of l ‘last year,according to its IPO documents.Turnover amounted to 315.5 million francs, compared to 170.9 million.
Also in Switzerland, the sports betting site Sportrader Group AGSRAD plans to offer 19 million shares at a price of 25 to 28 dollars each, for a valuation of up to 31 billion dollars. The company has applied to be listed on Nasdaq under the symbol SRAD. JPMorgan, Morgan Stanley, Citigroup and UBS are the main underwriters of a syndicate of 13 banks working on the transaction.
The proceeds will be used for working capital and to stimulate growth. The company made a net profit of $ 29.9 million in the first six months of the year, with revenue of $ 321 million,according to its filing documents.
Dutch Bros Inc. BROS,
an operator of drive-through stores that serve hot and cold drinks primarily in the western states, plans to offer 21.1 million shares priced at $ 18 to $ 20 each when it goes public, valuing the business up to $ 3.3 billion.
BofA Securities, JPMorgan and Jefferies are the main underwriters of a syndicate of 13 banks working on the transaction. The company has applied to be listed on the New York Stock Exchange under the stock symbol BROS.
The proceeds are to be used to purchase additional Class A shares, the company plans to have four classes of shares with different voting rights. The company posted a net loss of $ 13.6 million, or 32 cents per share, in the first six months of the year, lower than the loss of $ 16.5 million, or 38 cents per share, recorded during the period of the previous year. Revenue fell to $ 227.9 million from $ 327.4 million.
To complete the list:
Definitive Healthcare Corp. DH, a Massachusetts-based healthcare market intelligence provider, plans to offer 15.56 million shares in its PO, which is expected to be priced between $ 21 and $ 24 per action. At that price, the company could be valued up to $ 3.55 billion.
Enact Holdings Inc., a mortgage insurer owned by Genworth, plans to offer 13.3 million shares at a price of $ 19 to $ 20 each. The company would be valued at $ 3.3 billion at the top of that range. The company said all shares will be sold by Genworth and that it will not receive any proceeds. It has applied to be listed on Nasdaq under the symbol ACT. Goldman Sachs and JP Morgan are the main underwriters of a team of nine banks working on the transaction.
ForgeRockFORG, a California-based identity security platform, is seeking to raise up to $ 264 million with an offering of 11 million shares at a price of between $ 21 and $ 24 per share. That price would value the company up to $ 1.91 billion.
The stock is expected to be listed on the New York Stock Exchange under the symbol FORG. Morgan Stanley and JPMorgan are the primary underwriters. The company recorded a net loss of $ 41.8 million on revenue of $ 127.6 million in 2020, following a loss of $ 36.9 million on revenue of $ 104.5 million in 2019.
Therapeutic dice DNA,
is expected to raise up to $ 170 million for a valuation of up to $ 583 million and be listed on the Nasdaq under the ticker DICE. Biotechnology is developing therapies to treat chronic diseases in the field of immunology.
Developer in surgical robotics Procept BioRobotics PRCT,
aims to raise up to $ 132 million for a valuation of around $ 1 billion with the intention of listing on Nasdaq under the ticker PRCT. BofA Securities and Goldman Sachs are the main underwriters.
We develop, manufacture and sell the AquaBeam robotic system, an advanced, image-guided surgical robotic system for use in minimally invasive urologic surgery, with an initial focus on the treatment of benign prostatic hyperplasia, or HBP, indicates the company in its IPO documents.
Tyra Biosciences aims to raise $ 107.2 million in products for a valuation of $ 589 million. The flagship product of biotechnology is a treatment for bladder cancer. It has applied to be listed on Nasdaq under the symbol TYRA.
EzFill Holdings, an app-based mobile refueling company in South Florida, plans to raise $ 25 million for a valuation of $ 100 million. The company has applied to be listed on the Nasdaq under the symbol EZFL. ThinkEquity is the sole underwriter.
The IPO of the Renaissance IPO ETF,
has gained 6% year-to-date, while the S&P 500 SPX,
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