The IPO market takes a hiatus over the shortened Thanksgiving week, with a single IPO and two SPACs expected to raise $ 900 million.
Russian e-commerce company Ozon Holdings (OZON) plans to raise $ 750 million for a market cap of $ 4.4 billion. Backed by private equity firm Baring Vostok and Russian conglomerate Sistema, Ozon plays a direct role in Russia’s rapidly growing and under-penetrated e-commerce market, in which it occupies a growing share. While the company is unprofitable and may see declining consumer demand in the economic fallout from COVID-19, it has achieved positive contribution margins, as well as strong GMV growth in 2019 and 9mo20. .
Blank check firm Genesis Park Acquisition (GNPK.U) plans to raise $ 150 million. This SPAC was formed by private equity firm Genesis Park and plans to target companies in the aviation and aerospace industries with an enterprise value between $ 500 million and $ 1 billion. It is led by Chairman David Siegel, Senior Advisor of Apollo Global Management, and CEO and Director Paul Hobby, Founding Partner of Genesis Park.
Spring Valley Acquisition (SVSVU) plans to raise $ 200 million. Formed by Pearl Energy Investment Management, the company plans to target the sustainability industry. It is led by Chairman William Quinn, Founder and Managing Partner of Pearl Energy Investment Management.
Calendar of IPOs in the United States
Acquisition of Genesis Park
$ 150 million
Blank check company created by Genesis Park targeting the aeronautics and aerospace industries.
$ 750 million
$ 22.50 – $ 27.50
First Russian e-commerce platform.
Spring Valley Acquisition
$ 200 million
Blank check company formed by Pearl Energy Investment Management targeting the sustainability industry.
A street search is expected for 11 companies. Monday 23/11: Absolute Software (ABST), Biodesix (NASDAQ: BDSX), Gatos Silver (NYSE: GATO), MediaAlpha (NYSE: MAX), Root (NASDAQ: ROOT), Allegro MicroSystems (NASDAQ: ALGM), Galecto (NASDAQ: GLTO)and Leslie (NASDAQ: LESL). Tuesday 24/11: Atea Pharmaceuticals (NASDAQ: AVIR), Lufax (NYSE: LU)and SQZ Biotechnologies (NYSE: SQZ).
IPO Market Overview
Renaissance IPO Indices are market capitalization weighted baskets of new public companies. As of 11/19/20, the Renaissance IPO index was up 85.4% year-to-date, while the S&P 500 was up 10.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index and top ETF holdings include Uber (NYSE: UBER) and Video Zoom (NASDAQ: ZM). The Renaissance International IPO Index is up 39.2% year-to-date, while the ACWX is up 4.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and major ETF holdings include Meituan-Dianping and SoftBank.
Editor’s Note: The bullet points for this article were chosen by the editors of Seeking Alpha.