Just one small IPO is scheduled to price in the short holiday week, though other small issuers and SPACs may join the calendar late to price throughout the week.
While the calendar has seen few large issuers during the February lull, with many companies delaying their offerings to finalize full 2021 financials, a number of IPOs are eligible to launch following the Presidents’ Day holiday. Potential launches include Bausch Health spin-offs Solta Medical (SLTA) and Bausch + Lomb (BLCO), digital ad firm Aleph Group (ALEF), RIA services platform Dynasty Financial (DSTY), mattress retailer Mattress Firm (MFRM), Indian IT services firm Coforge (COFO), and thrift store chain Savers Value Village (SVV).
After narrowing its range this past week, British cannabis firm Akanda (AKAN) plans to raise $16 million at a $116 million market cap. The company plans to supply medicinal-grade cannabis biomass, cannabis flower, and cannabis concentrates to wholesalers in international markets, with cultivation facilities in Southern Africa. Akanda’s operations are still early stage, and it has generated minimal revenue to date.
Street research is expected for one company in the week ahead, and lock-up periods will be expiring for up to two companies.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/17/2022, the Renaissance IPO Index was down 20.7% year-to-date, while the S&P 500 was down 7.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index was down 10.8% year-to-date, while the ACWX was down 1.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.