The U.S. initial public offering is bracing for another week of double-digit deal flow with 13 companies expected to come to market to raise at least $2.7 billion.
That’s down from last week’s $6.3 billion haul, as none of this week’s deals are expected to top $1 billion in proceeds, although many will have a valuation of more than $1 billion if they price within their proposed ranges.
The list includes some well known brands, including eco-friendly shoe company Allbirds
BIRD,
and personal finance site NerdWallet
NRDS,
Keeping them company are two deals from Russia; a real estate platform called Cian
CIAN,
and a car-sharing platform called Delimobil
DMOB,
Rounding out the list are a couple of biotechs, a home furnishing retailer, and a mortgage REIT, among others.
The biggest deal of the week is expected to come from drug discovery company Evotec
EVO,
which is aiming to raise up to $576 million at a valuation of more than $9 billion. The German company — it’s already listed on the Frankfurt Stock Exchange — says it aims to “discover best and first-in-class medicines for a broad range of difficult to treat diseases in collaboration with our partners,” according to its prospectus.
It posted a net profit for 2020 and revenue of more than 500 million euros ($579.7 million), its IPO filing shows. BofA Securities and Morgan Stanley are lead underwriters. The company has applied to list on Nasdaq under the ticker “EVO.”
The second biggest deal of the week is from home furnishing retailer Arhaus Inc.
ARHS,
which is aiming to raise up to $389 million at a valuation of more than $2 billion. The company has applied to list on Nasdaq under the ticker “ARHS” with BofA Securities and Jefferies leading a syndicate of 13 banks.
Also: Burn in the USA: Why grill maker Weber has a big supply-chain advantage over its competitors
Chinese biotech LianBio
LIAN,
is aiming to raise up to $345 million at a valuation of $1.8 billion. The company is planning to list on Nasdaq under the ticker “LIAN,” with Goldman Sachs, Jefferies and BofA Securities acting as lead underwriters with Raymond James as co-manager. The company is focused on developing medicines for patient with unmet needs, “with an initial focus on in-licensing assets for Greater China and other Asian markets,” according to its filing documents.
Russian real-estate platform Cian is aiming to raise $269 million at a $1 billion valuation. It has applied to list on the New York Stock Exchange, under the ticker “CIAN” with Morgan Stanley, Goldman Sachs and JP Morgan acting as lead underwriters.
“The company claims to be one of the 10 most popular real estate classifieds markets, addressing the underpenetrated Russian market,” according to commentary from Renaissance Capital, a provider of institutional research and IPO exchange-traded funds.
“Fast growing in the 1H21, Cian believes it is leading the digitization of the $238 billion Russian real-estate market,” said the commentary.
And: A bunch of fitness companies have jumped into the IPO market this year. It’s not working out.
Allbirds is expected to raise up to $268.8 million with a valuation of more than $2 billion based on the 143 million shares expected to be outstanding once the deal closes.
Morgan Stanley, JPMorgan and BofA Securities are lead underwriters among a team of 17 banks working on the deal. The company plans to list on Nasdaq under the ticker “BIRD.” The company will have Class A and class B shares. Allbirds intends to use the proceeds from the offering for general corporate purposes, and possibly to acquire businesses, products and services.
See now: Allbirds IPO: 5 things to know about the eco-friendly shoe company before it goes public
The next biggest deal is expected to come from Russian car-sharing platform Delimobil, which is aiming to raise up to $240 million. That company is expected to list on NYSE under the ticker “DMOB” with BofA Securities, Citigroup and VTB Capital acting as lead underwriters.
NerdWallet will be one of the smaller deals of the week with the company aiming to raise up to $137.8 million at a valuation of about $1.2 billion.
“Our mission is to provide clarity for all of life’s financial decisions,” the company says in its filing documents.
“While the company is still unprofitable, its platform had attracted 20 million monthly unique users as of 9/30/21,” said Renaissance.
The company plans to list on Nasdaq under the ticker “NRDS,” with Morgan Stanley leading a syndicate of eight banks.
The Renaissance IPO ETF
IPO,
has gained 6.5% in the year to date, while the S&P 500
SPX,
has gained 23%.
This post was originally published on Market Watch
