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2021-10-23
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US IPO Weekly Recap: Portillo’s gains 87% in an 11 IPO week
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SPACs also stayed active, with 18 blank check IPOs. There was one postponement: winery Winc . New filers continue to flood the pipeline, with 14 IPOs and X SPACs submitting initial filings.Portillo’s priced at the high end to raise $405 million at a $1.4 billion market cap. Acquired by Berkshire Partners in 2014, Portillo's owns and operates a fast casual chain with 67 restaurants primarily in ","content":"<p>The fall IPO market kept a brisk pace this past week with 11 IPOs, led by restaurant chain <b>Portillo’s</b>(PTLO). SPACs also stayed active, with 18 blank check IPOs. There was one postponement: winery Winc (WBEV). New filers continue to flood the pipeline, with 14 IPOs and X SPACs submitting initial filings.</p>\n<p><b>Portillo’s</b>(PTLO) priced at the high end to raise $405 million at a $1.4 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. After popping 46% on its first day, Portillo’s finished up 87%.</p>\n<p>Micro-cap biotech <b>Context Therapeutics</b>(CNTX) raised $25 million at a $51 million market cap. Its sole clinical candidate is being developed for ovarian, breast, and endometrial cancer in multiple clinical trials. The company expects preliminary results of its Phase 2 trial in ovarian cancer patients with high levels of progesterone receptor in the 2H21. Context finished up 40%.</p>\n<p>Crypto miner <b>Stronghold Digital Mining</b>(SDIG) upsized and priced above the range to raise $127 million at an $875 million market cap. Stronghold wholly-owns and operates a low-cost, environmentally-beneficial coal refuse power generation facility, boasting approximately 3,000 crypto asset mining computers. The company is unprofitable, and it depends on the volatile Bitcoin market. Stronghold finished up 33%.</p>\n<p>Software provider <b>Enfusion</b>(ENFN) priced at the high end to raise $319 million at a $2.3 billion market cap. This company provides end-to-end cloud-based investment management software. The company is profitable with strong growth, though it is small and operates in a competitive industry with larger players. Enfusion finished up 17%.</p>\n<p>Inflammatory disease biotech <b>Ventyx Biosciences</b>(VTYX) upsized and priced at the midpoint to raise $152 million at an $842 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. Ventyx finished up 17%.</p>\n<p><b>Aris Water Solutions</b>(ARIS) priced well below the range to raise $229 million at a $704 million market cap. Aris’ integrated pipelines and related infrastructure deliver water management, recycling, and supply solutions to operators in the core areas of the Permian Basin, including affiliates of ConocoPhillips and Exxon Mobil. The company is leveraged post-IPO. Aris finished up 10%.</p>\n<p>Formerly listed on the OTC,<b>P10</b>(PX) priced below the range to raise $240 million at a $1.5 billion market cap. P10 is a multi-asset class middle/lower-middle private market-focused asset manager with over $14 billion fee-paying AUM. While the company has grown AUM at a 60%+ CAGR since 2018, increasing competition for suitable investments could impact returns. P10 finished flat.</p>\n<p>Solid tumor biotech <b>Xilio Therapeutics</b>(XLO) priced at the low end to raise $118 million at a $457 million market cap. Xilio's most advanced candidates are XTX101, an anti-CTLA-4 mAb, and XTX202, an IL-2 therapy. The company recently initiated a Phase 1 trial of XTX101 for solid tumors, and in September 2021, submitted an IND to evaluate XTX202 in patients with solid tumors. Xilio finished flat.</p>\n<p>Autonomous vehicle play <b>Cyngn</b>(CYN) priced at the low end to raise $26 million at a $254 million market cap. Backed by Benchmark Capital, the pre-revenue company’s Enterprise Autonomy Suite (EAS) is not commercially available yet. It intends to begin marketing EAS to customers in 2022. Cyngn finished down 1%.</p>\n<p>Coconut water brand <b>Vita Coco</b>(COCO) priced well below the range to raise $173 million at an $859 million 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. Vita Coco finished down 7%.</p>\n<p><b>Minerva Surgical</b>(UTRS) priced well below the range to raise $75 million at a $350 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. Minerva finished down 25%.</p>\n<p>18 SPACs went public this past week led by sports-focused <b>Iconic Sports Acquisition</b>(ICNC.U), which raised $300 million.</p>\n<p><img src=\"https://static.tigerbbs.com/606754acd4b9cd1d84ec3c5ea6f9605a\" tg-width=\"1269\" tg-height=\"678\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6b36628e8253a36ef56ff1a5bbeae487\" tg-width=\"1270\" tg-height=\"690\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/6a808ae0efce1c3b098f420cdd767a3c\" tg-width=\"1270\" tg-height=\"692\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/b7d642fcd039ab6a1f453c2a0c4c116b\" tg-width=\"1270\" tg-height=\"71\" width=\"100%\" height=\"auto\"></p>\n<p>14 IPOs submitted initial filings. Healthcare services provider <b>BrightSpring Health Group</b>(BSHS.RC) filed for an estimated $750 million IPO. Cannabis finance REIT <b>Freehold Properties</b>(FHP) filed to raise $115 million. Storage cloud platform <b>Backblaze</b>(BLZE), insight network <b>Gerson Lehrman Group</b>(GLGX), childcare services provider <b>KinderCare Learning Companies</b>(KLC), benefit eligibility platform <b>Trajector</b>(TJCT.RC), customer engagement platforms <b>Weave Communications</b>(WEAV) and <b>Braze</b>(BRZE), and solar-powered vehicle developer <b>Sono Group</b>(SEV) all filed to raise $100 million. Consumer products company <b>Synergy CHC</b>(SNYR) filed to raise $69 million, German laser communications firm <b>Mynaric</b>(MYNA) filed to raise $60 million, Australian green energy company <b>Verdant Earth Technologies</b>(VDNT) filed to raise $54 million, commercial drug maker <b>Journey Medical</b>(DERM) filed to raise $40 million, and Canadian gold exploration company <b>Austin Gold</b>(AGLD.RC) filed to raise $16 million.</p>\n<p>14 SPACs submitted initial filings led by Orion Resource Partners’ <b>Rigel Resource Acquisition</b>(RRAC.U) and TMT-focused <b>Roman DBDR Tech Acquisition II</b>(RDTXU), which both filed to raise $250 million.</p>\n<p><img src=\"https://static.tigerbbs.com/f0f7ede658c2246777e45e735571dfbf\" tg-width=\"1270\" tg-height=\"678\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/ca8e4dd78ca6985d97ae9ba34169e8ac\" tg-width=\"1272\" tg-height=\"690\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/f5898cc8f8899f1a6f22cb564d8ad05b\" tg-width=\"1271\" tg-height=\"689\" width=\"100%\" height=\"auto\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/21/2021, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Uber Technologies (UBER). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Weekly Recap: Portillo’s gains 87% in an 11 IPO week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Weekly Recap: Portillo’s gains 87% in an 11 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-23 07:57 GMT+8 <a href=https://www.renaissancecapital.com/IPO-Center/News/87682/US-IPO-Weekly-Recap-Portillo%E2%80%99s-gains-87-in-an-11-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The fall IPO market kept a brisk pace this past week with 11 IPOs, led by restaurant chain Portillo’s(PTLO). SPACs also stayed active, with 18 blank check IPOs. There was one postponement: winery Winc...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/87682/US-IPO-Weekly-Recap-Portillo%E2%80%99s-gains-87-in-an-11-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/87682/US-IPO-Weekly-Recap-Portillo%E2%80%99s-gains-87-in-an-11-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164481224","content_text":"The fall IPO market kept a brisk pace this past week with 11 IPOs, led by restaurant chain Portillo’s(PTLO). SPACs also stayed active, with 18 blank check IPOs. There was one postponement: winery Winc (WBEV). New filers continue to flood the pipeline, with 14 IPOs and X SPACs submitting initial filings.\nPortillo’s(PTLO) priced at the high end to raise $405 million at a $1.4 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. After popping 46% on its first day, Portillo’s finished up 87%.\nMicro-cap biotech Context Therapeutics(CNTX) raised $25 million at a $51 million market cap. Its sole clinical candidate is being developed for ovarian, breast, and endometrial cancer in multiple clinical trials. The company expects preliminary results of its Phase 2 trial in ovarian cancer patients with high levels of progesterone receptor in the 2H21. Context finished up 40%.\nCrypto miner Stronghold Digital Mining(SDIG) upsized and priced above the range to raise $127 million at an $875 million market cap. Stronghold wholly-owns and operates a low-cost, environmentally-beneficial coal refuse power generation facility, boasting approximately 3,000 crypto asset mining computers. The company is unprofitable, and it depends on the volatile Bitcoin market. Stronghold finished up 33%.\nSoftware provider Enfusion(ENFN) priced at the high end to raise $319 million at a $2.3 billion market cap. This company provides end-to-end cloud-based investment management software. The company is profitable with strong growth, though it is small and operates in a competitive industry with larger players. Enfusion finished up 17%.\nInflammatory disease biotech Ventyx Biosciences(VTYX) upsized and priced at the midpoint to raise $152 million at an $842 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. Ventyx finished up 17%.\nAris Water Solutions(ARIS) priced well below the range to raise $229 million at a $704 million market cap. Aris’ integrated pipelines and related infrastructure deliver water management, recycling, and supply solutions to operators in the core areas of the Permian Basin, including affiliates of ConocoPhillips and Exxon Mobil. The company is leveraged post-IPO. Aris finished up 10%.\nFormerly listed on the OTC,P10(PX) priced below the range to raise $240 million at a $1.5 billion market cap. P10 is a multi-asset class middle/lower-middle private market-focused asset manager with over $14 billion fee-paying AUM. While the company has grown AUM at a 60%+ CAGR since 2018, increasing competition for suitable investments could impact returns. P10 finished flat.\nSolid tumor biotech Xilio Therapeutics(XLO) priced at the low end to raise $118 million at a $457 million market cap. Xilio's most advanced candidates are XTX101, an anti-CTLA-4 mAb, and XTX202, an IL-2 therapy. The company recently initiated a Phase 1 trial of XTX101 for solid tumors, and in September 2021, submitted an IND to evaluate XTX202 in patients with solid tumors. Xilio finished flat.\nAutonomous vehicle play Cyngn(CYN) priced at the low end to raise $26 million at a $254 million market cap. Backed by Benchmark Capital, the pre-revenue company’s Enterprise Autonomy Suite (EAS) is not commercially available yet. It intends to begin marketing EAS to customers in 2022. Cyngn finished down 1%.\nCoconut water brand Vita Coco(COCO) priced well below the range to raise $173 million at an $859 million 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. Vita Coco finished down 7%.\nMinerva Surgical(UTRS) priced well below the range to raise $75 million at a $350 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. Minerva finished down 25%.\n18 SPACs went public this past week led by sports-focused Iconic Sports Acquisition(ICNC.U), which raised $300 million.\n\n14 IPOs submitted initial filings. Healthcare services provider BrightSpring Health Group(BSHS.RC) filed for an estimated $750 million IPO. Cannabis finance REIT Freehold Properties(FHP) filed to raise $115 million. Storage cloud platform Backblaze(BLZE), insight network Gerson Lehrman Group(GLGX), childcare services provider KinderCare Learning Companies(KLC), benefit eligibility platform Trajector(TJCT.RC), customer engagement platforms Weave Communications(WEAV) and Braze(BRZE), and solar-powered vehicle developer Sono Group(SEV) all filed to raise $100 million. Consumer products company Synergy CHC(SNYR) filed to raise $69 million, German laser communications firm Mynaric(MYNA) filed to raise $60 million, Australian green energy company Verdant Earth Technologies(VDNT) filed to raise $54 million, commercial drug maker Journey Medical(DERM) filed to raise $40 million, and Canadian gold exploration company Austin Gold(AGLD.RC) filed to raise $16 million.\n14 SPACs submitted initial filings led by Orion Resource Partners’ Rigel Resource Acquisition(RRAC.U) and TMT-focused Roman DBDR Tech Acquisition II(RDTXU), which both filed to raise $250 million.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/21/2021, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 21.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Uber Technologies (UBER). The Renaissance International IPO Index was down 15.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.","news_type":1},"isVote":1,"tweetType":1,"viewCount":205,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/858094253"}
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