Seeking Alpha

U.S. IPO Weekly Recap: PPD And 5 Others Join The IPO Pipeline

|
Includes: ARQT, CSPR, PFHD, PPD
by: Renaissance Capital IPO Research
Summary

While there were no pricings this past week, six companies joined the IPO pipeline.

LBO'd contract research organization PPD filed for an IPO that we estimate could raise $1 billion.

Phase 3 dermatology biotech Arcutis Biotherapeutics, mattress retail unicorn Casper, and life sciences software maker Schrödinger all filed to raise $100 million.

While there were no pricings this past week, six companies joined the IPO pipeline.

LBO'd contract research organization PPD (PPD) filed for an IPO that we estimate could raise $1 billion. Phase 3 dermatology biotech Arcutis Biotherapeutics (ARQT), mattress retail unicorn Casper (CSPR), and life sciences software maker Schrödinger (SDGR) all filed to raise $100 million. Florida bank Professional Holding Corp. (OTCPK:PFHD) filed to raise $75 million. InterPrivate Acquisition (IPV.U), a blank check company formed by private equity firm InterPrivate, filed to raise $175 million.

6 Filings During the Week of January 6th, 2020

Issuer
Business

Deal
Size

Sector

Lead
Underwriter

Casper

$100M

Consumer Discretionary

Morgan Stanley

Mattress and sleep-related goods retailer.

Schrödinger

$100M

Health Care

Morgan Stanley

Provides a software platform for life sciences and materials research.

PPD

$1,000M

Health Care

Barclays

LBO'd contract research organization that provides drug development services.

InterPrivate Acquisition

$175M

SPAC

EarlyBird

Blank check company led by the founder of private equity firm InterPrivate.

Arcutis Biotherapeutics

$100M

Health Care

Goldman

Phase 3 biotech developing topical therapies for common skin diseases.

Professional Holding Corp.

$75M

Financials

Stephens

Florida bank with nine locations across the Miami-Dade MSA.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/9/20, the Renaissance IPO Index was up 4.5% year-to-date, while the S&P 500 had a gain of 1.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (NYSE:UBER) and Spotify (NYSE:SPOT). The Renaissance International IPO Index was up 1.3% year-to-date, while the ACWX was up 0.5%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.

Original Post

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