U.S. IPO Week Ahead: Bitcoin Mining And Real Estate Lead A 5 IPO Week

Jan. 14, 2022 9:45 PM ETFSPR, MODD, RHDM, SMSA, VDNT

Summary

  • Five IPOs are slated to raise $457 million in the shortened holiday week ahead.
  • REIT Four Springs Capital Trust (FSPR) plans to raise $252 million at a $603 million market cap.
  • Bitcoin miner Rhodium Enterprises (RHDM) plans to raise $100 million at a $1.6 billion market cap.

Large yellow signboard on metal frame with the word IPO

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Five IPOs are slated to raise $457 million in the shortened holiday week ahead.

REIT Four Springs Capital Trust (FSPR) plans to raise $252 million at a $603 million market cap. The company’s portfolio consists of 156 commercial properties across 32 states, focused on single-tenant, income producing industrial, medical, retail, and office properties. Four Springs’ properties were 99.8% leased as of 12/15/21, though its 10 largest tenants accounted for nearly half of its ABR.

Bitcoin miner Rhodium Enterprises (RHDM) plans to raise $100 million at a $1.6 billion market cap. Rhodium believes it is one of the largest liquid-cooled bitcoin mining sites in the world, with 100 MW of liquid-cooled miners online as of 12/31/21. While the company depends on the volatile Bitcoin market, it delivered explosive growth and turned profitable in the 9mo21.

Verdant Earth Technologies (VDNT) plans to raise $50 million at a $201 million market cap. Australia-based Verdant is a development stage green energy company in the process of repurposing and recommissioning a traditional coal-fired power plant to run on renewable fuel. The company does not expect to generate revenue until after it completes its first project, which depends on government approval.

OTC-listed Modular Medical (MODD) plans to raise $30 million at a $130 million market cap. Modular Medical is developing a wearable insulin pump device for both type 1 and type 2 diabetes, and expects to submit its product to the FDA in March 2022 through a premarket notification process. The company has not generated any revenues to date.

Samsara Vision (SMSA) plans to raise $25 million at a $153 million market cap. This company produces medical implants for retinal diseases such as AMD. Highly unprofitable, Samsara’s current product line consists of two implantable miniature telescopes (IMT) and its Tsert delivery system.

U.S. IPO Calendar

Issuer

Business

Deal Size

Market Cap

Price Range

Shares Filed

Top

Bookrunners

Four Springs Capital REIT (FSPR)

Lake Como, NJ

$252M

$603M

$13-$15

18,000,000

Morgan Stanley

Goldman

Single-tenant net lease REIT with 156 commercial properties across 32 states.

Rhodium Enterprises (RHDM)

Fort Worth, TX

$100M

$1,616M

$12-$14

7,692,307

B. Riley

Cowen

Fully integrated bitcoin miner with a planned 100 megawatt capacity.

Modular Medical (MODD)

San Diego, CA

$30M

$130M

$12.49

2,401,922

Oppenheimer
Developing a wearable insulin pump device.

Samsara Vision (SMSA)

Far Hills, NJ

$25M

$153M

$5-$7

4,166,667

ThinkEquity
Makes medical implants for retinal diseases including AMD.

Verdant Earth Tech (VDNT)

Sydney, Australia

$50M

$201M

$7-$9

6,250,000

Roth Cap.
Repurposes traditional power plants to run on renewable fuel in Australia.

Lock-up periods will be expiring for up to 17 companies.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/13/2022, the Renaissance IPO Index was down 13.0% year-to-date, while the S&P 500 was down 2.2%. Renaissance Capital's IPO ETF (IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW).

The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 1.5%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Volvo Car Group (OTCPK:VOLAF) and Kuaishou Technology (OTCPK:KUASF).

Original Post

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

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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