US IPO Week Ahead: Consumer issuers remain active as hot dogs headline a 10 IPO week

10 IPOs are slated to raise $1.9 billion led by restaurant chain Portillo’s(PTLO). The diverse group also features investment management software, water pipelines, coconut water, and crypto mining.

Portillo’s Inc. (PTLO), known for its Chicago-style hot dogs, plans to raise $375 million at a $1.3 billion market cap. Acquired by Berkshire Partners in 2014, Portillo's owns and operates a fast casual chain with 67 restaurants primarily in the Chicago metro area. While the company has seen guest traffic fall slightly in the 3Q21, it believes its concept can support 600+ locations in the US over time.

Software provider Enfusion, Inc. (ENFN) plans to raise $300 million at a $2.2 billion market cap. Focused on the investment management industry, the company’s solution allows clients to see and interact with all parts of the investment management lifecycle. Profitable with solid growth, Enfusion had 635 global clients, with 106 new clients in 2021, and a net dollar retention rate of 122% as of 6/30/21.

OTC-listed P10, INC. (PX) plans to raise $300 million at a $1.8 billion market cap. P10 is a multi-asset class private market solutions provider in the alternative asset management industry. Its existing portfolio of private solutions include Private Equity, Venture Capital, Impact Investing, and Private Credit. As of 6/30/21, the company had fee-paying assets under management of more than $14 billion.

Aris Water Solutions, Inc. (ARIS) plans to raise $300 million at a $920 million market cap. Aris’ integrated pipelines and related infrastructure deliver high-capacity, comprehensive produced water management, recycling, and supply solutions to operators in the core areas of the Permian Basin, including affiliates of ConocoPhillips and Exxon Mobil. Aris will be leveraged post-IPO at 3.5x net debt/LTM adj. EBITDA.

Coconut water brand The Vita Coco Company, Inc. (COCO) plans to raise $224 million at a $1.1 billion market cap. Its portfolio is led by Vita Coco, the leader in the global coconut water category with a 40%+ share of the US market. The company has maintained profitable growth coming out of the pandemic, though it saw margin contraction in the 1H21.

Inflammatory disease biotech Ventyx Biosciences, Inc. (VTYX) plans to raise $125 million at an $815 million market cap. Its lead candidate is VTX958, an oral, selective tyrosine kinase type 2 inhibitor initially being developed for psoriasis, psoriatic arthritis, and Crohn's disease. VTX958 has completed the single-ascending dose portion of its Phase 1 trial, with the multiple-ascending dose part expected to begin in the 4Q21.

Crypto miner Stronghold Digital Mining, Inc. (SDIG) plans to raise $100 million at a $770 million market cap. The company wholly-owns and operates a low-cost, environmentally-beneficial coal refuse power generation facility, boasting approximately 3,000 crypto asset mining computers with hash rate capacity of approximately 185 PH/s. Stronghold is unprofitable, and it depends on the volatile Bitcoin market.

Minerva Surgical, Inc. (UTRS) plans to raise $100 million at a $473 million market cap. Minerva is focused on developing, manufacturing, and commercializing minimally invasive solutions for uterine healthcare. Fast growing and highly unprofitable, Minerva has a broad product line of hysterectomy alternatives designed to address abnormal uterine bleeding (AUB) in most uterine anatomies.

Winery Winc, Inc. (WBEV) plans to raise $75 million at a $254 million market cap. The company states that it is one of the fastest growing at scale wineries in the US, selling of over 430,000 cases in 2020, and a pandemic-related increase in DTC demand caused a jump in revenue in 2020. As of 6/30/21, the company had approximately 120,000 Winc.com members and a wholesale presence that serviced over 7,700 retail accounts in 2020.

Holdover Biofrontera(BFRI) plans to raise $18 million at a $66 million market cap. This pharmaceutical company commercializes dermatological drugs, specifically ones used to treat diseases caused by sunlight exposure that results in skin damage. Biofrontera’s principal product, Ameluz, is currently approved by the FDA for use in treating actinic keratosis.