U.S. IPO Week Ahead: Tech Unicorn AppDynamics Leads Pack Of Potential IPO Launches

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Includes: ANAB, APPD, ARD-OLD, BBRX, CBSR, FRAC-OLD, JAG, JBS, JELD, JNCE, KP, METC, OBSV, PSDO, REVG, SNDR
by: Renaissance Capital IPO Research

In the week ahead, two recent IPO filers become eligible to launch roadshows, including tech unicorn AppDyanamics on Thursday. The provider of cloud-based enterprise software is a high profile name that could set the tone for venture-backed tech deals in 2017, testing investor appetite high-growth, large-loss businesses. Metallurgical coal producer Ramaco Resources can file IPO terms on Friday at the earliest. Several others have been on file for longer, and are able to launch as early as Monday, including JELD-WEN, CBS Radio, Jagged Peak Energy, Keane Group and AnaptysBio.

Potentially Imminent IPO Launches
Issuer
Business
Symbol Estimated
Deal Size($m)
Earliest
Launch Date
Top 2
Bookrunners
AppDynamics
San Francisco, CA
(APPD) $150 Thur 1/12 Morgan Stanley
Goldman Sachs
Provides application performance management software for business-critical apps.
Ramaco Resources
Lexington, KY
(NASDAQ:METC) $100 Fri 1/13 TBA
Recently-formed metallurgical coal provider with reserves in Appalachia.
JELD-WEN Holding
Charlotte, NC
(NYSE:JELD) $500 Able to launch Barclays
Citi
Global manufacturer of windows, doors and treated composite trim and panels.
CBS Radio
New York, NY
(CBSR) $500 Able to launch Citi
Guggenheim
Second-largest US radio station operator being spun out of CBS.
Jagged Peak Energy
Denver, CO
(NYSE:JAG) $300 Able to launch Citi
Credit Suisse
Oil and gas E&P operating in the Delaware Basin in West Texas.
Keane Group
Houston, TX
FRAC $288 Able to launch Citi
Morgan Stanley
Provides well completion services for the hydraulic fracturing.
AnaptysBio
San Diego, CA
(NASDAQ:ANAB) $86 Able to launch Credit Suisse
Stifel
Early-stage biotech developing antibodies for peanut allergy and asthma.

Six more IPOs become eligible to launch later in the month, including three early-stage healthcare companies, specialty vehicle manufacturer REV Group, Blackstone REIT Invitation Homes and oil and gas company Kimbell Royalty Partners LP.

Six More IPOs Can Launch Later in January
Issuer
Business
Symbol Estimated
Deal Size($m)
Earliest
Launch Date
Top 2
Bookrunners
ObsEva
Switzerland
(NASDAQ:OBSV) $86 Mon 1/16 Credit Suisse
Jefferies
Clinical-stage biotech developing therapies for women's reproductive health.
Jounce Therapeutics
Cambridge, MA
(NASDAQ:JNCE) $75 Mon 1/16 JP Morgan
Cowen
Early-stage biotech developing T-cell immuno-oncology therapies with Celgene.
Braeburn Pharmaceuticals
Princeton, NJ
(BBRX) $150 Mon 1/16 JP Morgan
BofA Merrill Lynch
Commercializing an implant that delivers long-acting treatment for opioid addiction.
REV Group
Milwaukee, WI
(NYSE:REVG) $200 Mid January Goldman Sachs
Morgan Stanley
Manufactures emergency and specialty vehicles.
Invitation Homes
Dallas, TX
INVH $1,500 Mon 1/23 Deutsche Bank
J.P. Morgan
Blackstone REIT owning the largest portfolio of single-families houses.
Kimbell Royalty Partners LP
Fort Worth, TX
KRP $100 Mon 1/23 Raymond James
RBC Capital Markets
Owns 3.7 million acres of oil and gas mineral interests across the US.

In addition to these potential January IPO launches, five recent filers were non-emerging growth companies, and become eligible to launch in February and March.

Recent IPO Filers - Potential Launches in February and March
Issuer
Business
Symbol Estimated
Deal Size($m)
Earliest
Launch Date
Top 2
Bookrunners
JBS Foods International
Greeley, CO
(JBS) $2,500 Late February TBA
World's leading processor of beef, poultry, lamb and other meat proteins.
Ardagh Group
United Kingdom
ARD $1,500 Early February Citi
Global provider of metal and glass containers for consumer packaged goods.
Schneider National
Green Bay, WI
(NYSE:SNDR) $1,000 Mid March Morgan Stanley
UBS
Leading US trucking company with over 11,000 vehicles.
Presidio
New York, NY
(NASDAQ:PSDO) $400 Mid February JP Morgan
Citi
Provides IT infrastructure services to middle-market businesses.
Klöckner Pentaplast
Luxembourg
(KP) $300 Mid March Citi
Credit Suisse
Global manufacturer of plastic films for packaging.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has gained 3.2% year-to-date, while the S&P 500 is up 1.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include First Data (NYSE:FDC) and TransUnion (NYSE:TRU). The Renaissance International IPO Index is up 1.4% year-to-date, while the ACWX is up 2.1%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Aena and ABN Amro.