With the Groupon (GRPN) IPO successfully floated and the FTSE Renaissance US IPO Index running ahead of the S&P 500 (+14.5% vs +11.5%, respectively) this quarter, the IPO floodgates have opened as companies rush to get out the door before Thanksgiving. After a two month long dry period, the US deal calendar has exploded in the past two weeks as bankers try to take advantage of a more constructive equity trading environment. There are currently 16 upcoming deals set to price in the month of November. With 11 deals currently on the calendar for next week, if all price it will be the busiest IPO issuance week since November 2007.
There are several notable offerings coming next week. Indianapolis, IN-based Angie's List (ANGI), which operates a subscription-based website used to review local service providers, plans to hold its initial public offering with the goal of raising $106 million. The number 6 auto supplier in North America last year, Delphi Automotive (DLPH), has plans to raise $554 million in their initial public offering. Chinese Groupon equivalent LaShou Group (LASO) filed terms yesterday for an IPO worth $75 million. Last, but certainly not least, independent investment management firm, Manning & Napier (MN), is planning to raise $200 million in its IPO.
Three companies have already completed IPOs in November. In addition to Groupon's widely publicized $700 million IPO, nitrogen fertilizer producer Rentech Nitrogen (RNF) and energy firm Enduro Royalty Trust (NDRO) also priced IPOs last week.