U.S. IPO Week Ahead: No IPOs But These 12 Deals Can Hop Back In After Easter

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Includes: BYND, CHNG, IHRTQ, PSTL, RRBI, SCPL, SY, TMDX, UBER, YJ
by: Renaissance Capital IPO Research
Summary

The IPO calendar is empty thanks to Easter and Passover, but not for long.

Six companies become free to launch their roadshows in the week ahead.

Six others appear poised to move forward as well.

The IPO calendar is empty thanks to Easter and Passover, but not for long. Six companies become free to launch their roadshows in the week ahead. Six others appear poised to move forward as well.

Those should kick off a very active May, which we expect to surpass the prior year period's 21 offerings, becoming the most active May since 2013 (30).

Launch Schedule

Several deals can launch next Monday and price the week of April 29, including social-gaming spinoff SciPlay (NASDAQ:SCPL), fast-growing device maker TransMedics (NASDAQ:TMDX), and neurological biotech Trevi Therapeutics (TMDX).

Chinese plastic surgery marketplace So-Young International (NASDAQ:SY) can set terms for its $150 million IPO on Tuesday; the company grew 138% in 2018 ($92 million) with positive EBITDA ($12 million). Small-cap Louisiana bank Red River Bancshares (NASDAQ:RRBI) can go on Thursday.

Uber (NYSE:UBER) becomes free to launch its roadshow this Friday. IPOs more commonly set terms on Monday, but Friday launches allow a company to market the deal in Asia on Monday.

Plant-based burger maker Beyond Meat (NASDAQ:BYND)) and postal REIT Postal Realty Trust (NYSE:PSTL) also look ready to launch roadshows, along with a four potential billion-dollar IPOs, Chinese e-commerce site Yunji (NASDAQ:YJ), radio station giant iHeartMedia (IHRT.RC) (OTCPK:IHRTQ), revenue cycle software provider Change Healthcare (CHNG), and laboratory supplies company Avantor (VNOR).

12 IPOs Look Ready to Launch the Week of April 22nd, 2019
Issuer
Business
Est. Deal
Size
Sector Lead
Underwriter
Uber $10,000M Technology Morgan Stanley
Operates the world's largest on-demand ridesharing network.
Change Healthcare $2,000M Technology Barclays
Provides healthcare revenue cycle management software and services.
iHeartMedia $1,500M Comm. Services Goldman
Restructured radio station operator with the US's largest footprint.
Avantor $1,500M Materials Deutsche Bank
LBO'd provider of laboratory supplies and services.
Yunji $1,000M Technology Morgan Stanley
Chinese e-commerce site that uses a social platform to promote its products.
SciPlay $200M Technology BofA ML
Scientific Games' social gaming unit offering casino-style mobile games.
So-Young International $150M Technology Deutsche Bank
China-based online marketplace for plastic surgery services.
Postal Realty Trust $115M Real Estate Stifel
Recently-formed REIT that manages and leases properties to the USPS.
Beyond Meat $100M Consumer Stap. Goldman
Makes plant-based meat products for groceries.
Trevi Therapeutics $86M Health Care SVB Leerink
Clinical stage biotech developing therapies for neurological disorders.
TransMedics $86M Health Care Morgan Stanley
Medical device company that provides a system for organ transplants.
Red River Bancshares $30M Financials FIG Partners
Louisiana commercial bank with 24 locations across the state.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/11/19, the Renaissance IPO Index was up 30.6% year-to-date, while the S&P 500 had a gain of 16.4%. Renaissance Capital's IPO ETF (NYSEARCA:IPO) tracks the index, and top ETF holdings include Elanco (NYSE:ELAN) and VICI Properties (OTC:VICI). The Renaissance International IPO Index was up 13.7% year-to-date, while the ACWX was up 14.1%. Renaissance Capital's International IPO ETF (NYSEARCA:IPOS) tracks the index, and top ETF holdings include SoftBank and Xiaomi.

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.