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U.S. IPO Week Ahead: Year's First Unicorn Leads A Pickup In Activity With 4 IPOs

Mar. 10, 2018 11:58 AM ETZS, DBX, IQ, SPOT, RCUS, BWB1 Comment

The IPO market is back in session. The first unicorn of the year, Zscaler (ZS), headlines the week ahead featuring four companies that are targeting a combined $386 million. A strong debut could nudge forward a number of other software unicorns, with Dropbox (DBX) and China's iQIYI (IQ) eligible to launch during the week. Spotify (SPOT) will host its investor day on Thursday, March 15. Other deals scheduled to price this week include a biotech, a bank and a blank check company.

U.S. IPO Calendar


Deal Size
Market Cap

Price Range
Shares Filed


Arcus Biosciences
Hayward, CA


$13 - $15


Clinical-stage biotech developing cancer immunotherapies.

San Jose, CA


$10 - $12

Morgan Stanley

Provides a cloud-based network security service for enterprises.

Bridgewater Bancshares
Bloomington, MN


$10.50 - $12.50

DA Davidson

Minnesota-based community bank focused on commercial real estate lending.

Opes Acquisition
Mexico City, Mexico




Blank check company formed by Axis Capital Management to acquire a Mexican business.

Cybersecurity provider Zscaler aims to raise $110 million, valuing the company at nearly $1.4 billion. Zscaler is the industry leader in cloud-based security solutions, the fastest-growing segment of the $1.6 billion Secure Web Gateway market. The company has the makings of a strong tech IPO with high growth, manageable losses and a reasonable valuation (7.7x LTM sales). Insiders have indicated on $5 million of the IPO.

Arcus Biosciences (RCUS) is targeting $99 million at a $600 million market value. Insiders have indicated on $40 million (40% of the deal) on the IPO. The clinical stage immuno-oncology company has strong backing and an experienced management team, which sold their previous preclinical drug to Bristol-Myers Squibb (BMY) for $1.25 billion in 2015. While risks include the need for substantial additional funding and emerging competition

This article was written by

Renaissance Capital provides pre-IPO research to institutional investors and investment banks. The Firm manages two IPO-focused funds: The Renaissance IPO ETF (NYSE: IPO) and the Renaissance International IPO ETF (NYSE: IPOS). Individual investors can get a free overview of the IPO market on www.renaissancecapital.com, and try a free trial of our premium platform, IPO Pro (ipopro.renaissancecapital.com). Through Renaissance Capital’s pre-IPO research service, institutional investors get an independent opinion, in-depth fundamental analysis, and customizable financial models on all IPOs.

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