The initial U.S. public offering braces for another week of double-digit business flow with 13 companies expected to enter the market to raise at least $ 2.7 billion.
That’s down from $ 6.3 billion last week, as none of this week’s deals are expected to exceed $ 1 billion in revenue, although many have a valuation of over $ 1 billion. if they are within the ranges offered.
The list includes well-known brands, including the eco-friendly footwear company Allbirds BIRD
and NerdWallet NRDS personal finance site.
Keeping them company are two agreements with Russia; a real estate platform called Cian CIAN
and a carsharing platform called Delimobil DMOB,
To complete the list, a few biotech companies, a furniture retailer and a mortgage REIT, among others.
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Biggest deal of the week expected to come from drug discovery company Evotec EVO,
which aims to raise up to $ 576 million for a valuation of over $ 9 billion. The German company – it is already listed on the Frankfurt Stock Exchange – says it aims to “discover the best first-class drugs for a wide range of difficult-to-treat diseases in collaboration with our partners,” according to its prospectus.
It posted net profit for 2020 and sales of more than 500 million euros ($ 579.7 million), according to its IPO filing. BofA Securities and Morgan Stanley are the main underwriters. The company has applied to be listed on Nasdaq under the symbol “EVO”.
The second biggest deal of the week comes from home furnishings retailer Arhaus Inc. ARHS,
which aims to raise up to $ 389 million for a valuation of over $ 2 billion. The company has applied to be listed on the Nasdaq under the symbol “ARHS” with BofA Securities and Jefferies heading a syndicate of 13 banks.
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Chinese biotech LianBio LIAN,
aims to raise up to $ 345 million for a valuation of $ 1.8 billion. The company plans to be listed on the Nasdaq under the symbol “LIAN”, with Goldman Sachs, Jefferies and BofA Securities acting as principal underwriters with Raymond James as co-manager. The company is focused on developing drugs for patients with unmet needs, “with an initial focus on licensed assets for Greater China and other Asian markets,” according to its filing documents.
Russian real estate platform Cian aims to raise $ 269 million for a valuation of $ 1 billion. It has applied to be listed on the New York Stock Exchange under the symbol “CIAN” with Morgan Stanley, Goldman Sachs and JP Morgan acting as principal underwriters.
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“The company claims to be one of the top 10 most popular real estate classifieds markets, targeting the under-penetrated Russian market,” according to the comment from Renaissance Capital, a provider of institutional research and IPO exchange-traded funds.
“Growing rapidly in 1H21, Cian believes he is the leader in digitizing Russia’s $ 238 billion real estate market,” the commentary said.
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Allbirds is expected to raise up to $ 268.8 million with a valuation of over $ 2 billion based on the 143 million shares that are expected to be outstanding once the transaction closes.
Morgan Stanley, JPMorgan and BofA Securities are the main underwriters of a team of 17 banks working on the transaction. The company plans to be listed on the Nasdaq under the symbol “BIRD”. The company will own both class A and class B shares. Allbirds intends to use the proceeds of the offering for general corporate purposes and potentially to acquire businesses, products and services.
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The next biggest deal is expected to come from Russian carsharing platform Delimobil, which aims to raise up to $ 240 million. This company is expected to be listed on the NYSE under the symbol “DMOB” with BofA Securities, Citigroup and VTB Capital acting as principal underwriters.
NerdWallet will be one of the smaller deals of the week with the company aiming to raise up to $ 137.8 million for a valuation of around $ 1.2 billion.
“Our mission is to clarify all of life’s financial decisions,” the company says in its filing documents.
“While the company is still not profitable, its platform had attracted 20 million unique users per month as of 9/30/21,” Renaissance said.
The company plans to be listed on the Nasdaq under the symbol “NRDS”, with Morgan Stanley heading a syndicate of eight banks.
The IPO of the Renaissance IPO ETF,
has gained 6.5% year-to-date, while the S&P 500 SPX,
gained 23%.
