The IPO market is poised for the busiest week since May of 2019 – Uber’s IPO week – with 12 deals on tap



The US initial public offering market is set to have its busiest week since May of 2019, when Uber Technologies Inc. went public, with 12 deals expected to raise $ 6.8 billion.

The list includes Snowflake, a cloud company that increased its proposed price range from $ 75 to $ 85 from $ 100 to $ 110 in early Monday. The company plans to offer 28 million shares at a valuation of up to $ 30.5 billion to $ 3.08 billion. Which would make it the biggest deal of the year.

According to Bill Smith, chief executive and co-founder of Renaissance Capital, a provider of IPO exchange-traded funds and institutional research, “more influential, it’s the largest software IPO ever.”

The deal is more than double the second largest software IPO of VMware VMW,
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In 2007, Smith stated: “As zoom ZM,
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And (Amazon’s) AWS AMZN,
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As shown, this seismic shift in the tech sector comes down to market and margin, ”Smith wrote in the commentary.

San Mateo, California-based Snowflake has applied for listing on the New York Exchange under the ticker “SNOW”. There are 23 banks under the deal led by Goldman Sachs and Morgan Stanley. The proceedings will be used for general corporate purposes, including potential acquisitions.

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“We believe in a data connected world where organizations have seamless access to explore, share and unlock the value of data. To realize this vision, we are leading Data Cloud, an ecosystem where snowflake customers, partners and data providers can break data silos and derive value from rapidly growing data sets in a secure, controlled and compliant manner. Can, ”the company says.

Snowflake suffered a net loss of $ 171.3 million in the first six months of FY 2020 as of July 31, compared to a loss of $ 177.2 million in the year-ago period. But revenue increased from $ 104.0 million to $ 241.9 million.

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Snowflake is joined in the IPO calendar by Unity Software Inc., a software-making company for 3-D videogames, a direct competitor to Epic Games, the maker of “Fortnite” that Apple Inc. currently owns. Is in dispute with AAPL.
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And Google Original Alphabet Inc. GOOGL,
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TCS,
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According to the Securities and Exchange Commission filing, Unity plans to sell 25 million shares valued at $ 34 to $ 42. If the underwriters exercise the option to cover the allout for the other 3.8 million shares, Unity will increase to $ 1.21 billion. There are 11 banks under the deal led by Goldman Sachs and Credit Suisse.

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Unity will have 28 million.2 million shares outstanding after the offering, including the overall option, with Unity possibly giving a valuation of $ 11.04 billion at the high end of its range, up from about $ 4 billion in July 2011. Will double the company’s valuation. The company will own the same class of common stock, but the board reserves the right to issue 100 million shares of stock to fight hostile acquisitions.

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Ekta has applied for listing on the New York Stock Exchange under the ticker “U”. Revenue brought in $ 541.8 million for a loss of $ 163.2 million in 2019 with revenue of $ 380.8 million in 2018 with a loss of $ 131.6 million. Epic had annual revenue of $ 4.2 billion according to Forrester in 2019.

Packaging company Pactiv Evergreen PTVE,

The week is expected to be the third-largest deal, with plans to offer 41.03 million shares valued at $ 18 to $ 21. The largest manufacturer of fresh food and beverage packaging is expected to raise $ 861 million at a valuation of approximately $ 3.4 billion.

The company has applied for the list on Nasdaq under the ticker ‘PTVE’. There are 14 banks under the deal led by Credit Suisse and Citigroup. Proceedings will be used to pay off debts and for general corporate purposes.

Broadstone Net Lease, a Rochester, New York-based single-tenant commercial net lease real estate investment trust with 633 properties, aims to raise $ 636.5 million by selling 33.5 million shares valued at $ 17.5 to $ 19.

The company plans to list on the NYSE under the ticker “BNL”. There are 10 banks under the deal led by JP Morgan, Goldman Sachs, BMO Capital Markets and Morgan Stanley.

The company states in its prospectus, “We are an internally managed REIT, which primarily acquires single-tenant commercial real estate leased to a diverse group of tenants on a long-term basis.”

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The company made a pro-form loss of $ 2.9 million in the six months ended June 30, after a loss of $ 2.29 million in the year-earlier period. Revenue increased from $ 137.5 million to $ 158.6 million.

Amwell AMWL,
,
, Which offers insurers and patients a television platform, is said to offer 35 million shares valued at $ 14 to $ 16, raising $ 560 million at a valuation of approximately 3.6 billion. Amwell has applied for listing on the NYSE under the ticker “AMWL”.

There are seven banks under the deal led by Morgan Stanley, Goldman Sachs and Piper Sandler. The proceedings will be used to invest in AI and automation, expand the company’s sales force, and develop the company’s platform for potential acquisitions.

The company is loss-making, but going public at a time when telehealth is growing in popularity during the coronovirus epidemic. Amwell incurred a net loss of $ 113.4 million in the first six months of 2020, higher than the $ 41.6 million loss in the prior-year period. Revenue increased to $ 122.3 million from $ 69.1 million.

Circling the list:

• Israeli software company JFrog raised the proposed price range for its IPO from $ 39 to $ 41 on Monday to $ 33 to $ 37 on Monday. Company FROG,

Plans to offer to raise 11.6 million shares to $ 475.6 million.

The company has applied for listing on Nasdaq under the ticker “FROG”. There are nine banks under the deal led by Morgan Stanley, JP Morgan and BofA Securities. The proceedings will be used for general corporate purposes. The company says in its prospectus, “We provide end-to-end, hybrid, universal DevOps platforms to achieve continuous software release management or CSRM.”

• Sumo Logic, another cloud company, plans to offer 14.8 million shares, valued at $ 17 to $ 21. The company has applied for the list on Nasdaq under the ticker “Sumo”. There are eight banks under the deal led by Morgan Stanley. The proceedings will be used for general corporate purposes.

“Sumo Logic Continuous Intelligence is the pioneer of a new class of software that enables organizations of all sizes to address the challenges and opportunities presented by digital transformation, modern applications, and cloud computing,” the company’s prospectus says.

• Investment company Stepstone Group plans to offer 17.5 million shares, valued at $ 15 to $ 17. The company has applied for the list on Nasdaq under the ticker “STEP”. JPMorgan, Goldman Sachs, Morgan Stanley, Barclays and UBS are underlining the deal. The processor will be used to purchase Class B units from the unit holders of its partnerships and to repay the debt. The company’s prospectus says, “We are a global private market investment firm with a focus on offering customized investment solutions and advisory and data services to our clients.”

Vitru Limited VTRU,
,
Brazil’s digital education company, plans to offer 11.23 million shares valued at $ 22.2 to $ 24. The company has applied for the list on Nasdaq under the ticker “VTRU”. The other 5.2 million shares are selling shares.

There are nine banks under the deal led by Goldman Sachs. The acquisition will be used for acquisitions and other general corporate purposes, through an expansion of the company’s hybrid platform.

The company states in its prospectus, “Our mission is to democratize access to education in Brazil through the digital ecosystem and make every student a success story.”

• Diane Therapeutics, a developer of therapies for muscular diseases, plans to offer 10.3 million shares, priced from $ 16 to $ 18. The company has applied to list on Nasdaq under the ticker “Witch”. JPMorgan, Jefferies, Piper Sandler and Stifel are underlining the deal. The proceedings will be used to develop the company’s proprietary force platform and to finance R&D, for general corporate purposes.

The company states in its prospectus, “We are building a major muscle disease company focused on advancing innovative life-changing therapeutics for patients with genetically driven diseases.” “We are using our proprietary force platform to overcome the current limitations of muscle tissue distribution and to advance modern oligonucleotide therapeutics for muscle diseases.”

• Outset Medical Inc., om
,
A medical tech company plans to offer 7.6 million shares, priced from $ 22 to $ 24. The company will raise $ 182.4 million on top of that range and has applied to list on Nasdaq under the ticker ‘OM’. The proceeds of the deal will be used for sales and expansion of support staff, for R&D and for working capital. There are five banks under the deal, led by BofA Securities, Morgan Stanley and Goldman Sachs.

The company states in its prospectus, “a rapidly growing medical technology company, leading the first of its kind technology to reduce the cost and complexity of dialysis.”

• Metacrine Inc., a clinical-stage biotech with a focus on therapy for patients with liver and gastrointestinal diseases, plans to offer 6.54 million shares valued at $ 12 to $ 14 each. The company will raise approximately $ 92 million. Jefferies, Evercore ISI, RBC and Canaccord are underlining the deal. The proceedings will be used to fund clinical trials, for working capital and other general corporate purposes. The company has applied for the list on Nasdaq under the ticker “MTCR”.

In the final week, nine SPACs or special purpose acquisition corporations – blank-check companies – were made public to raise $ 3.1 billion. The list included a former White House adviser and a SPAC of Goldman Sachs banker Gary Cohn, which raised $ 720 million.

“Last year that would have been worthy of the full newsletter, but not now,” Smith wrote from the Renaissance. “We will see the full impact of this historical trend in 2021-2022 when those companies start buying.

“Based on recent filings, the IPO flood will continue. It is likely that we will see the busiest deal since 1999. Certainly, these are real businesses, ”he wrote.

Renaissance IPO ETF IPO,
+ 2.75%
There has been a 56% increase this year, easily outperforming the SPX of the S&P 500,
+ 1.39%
DJIA of 5% profit and Dow Jones Industrial Average,
+ 1.28%
1.7% drop.

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