Three IPOs raised $2.3 billion this past week, led by Dun & Bradstreet’s (NYSE:DNB) billion-dollar deal. All three IPOs upsized their deals and priced above the range.

Commercial data analytics provider Dun & Bradstreet raised $1.7 billion at a $9 billion market cap. The long-standing company was taken private in February 2019 by a consortium led by FNF’s Bill Foley for $6.1 billion, half the size of its EV at pricing. The overhauled management team is now attempting to accelerate the company’s historically lackluster growth, though the company remains highly levered post-IPO. Dun & Bradstreet finished 23%.

Lemonade (NYSE:LMND), an online self-serve renters and homeowners insurance platform, raised $319 million at a market cap of $1.7 billion. The company is fast-growing and highly unprofitable company saw a 144% increase in gross earned premiums in the 1Q20 and has shown the ability to win first-time insurance buyers. Lemonade finished 139%.

Accolade (NASDAQ:ACCD), a healthcare benefits management platform for self-insured employers, raised $220 million at a market cap of $1.2 billion. Accolade’s margins have been steadily improving, but the fast-growing company remains highly unprofitable. Accolade finished 35%.

Three SPACs also went public this past week. Goldman Sachs’ second blank check company GS Acquisitions Holdings II (NYSE:GSAHU) raised $700 million, TMT-focused SPAC Capstar Special Purpose Acquisition (CPSRU) raised $240 million, and EcoR1 Capital’s biotech SPAC Panacea Acquisition (NYSE:PANAU) raised $125 million.

6 IPOs During the Week of June 29th, 2020
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 07/03
Lemonade $319M $1,655M 18% +139% +139%
Provides online self-serve renters and homeowners insurance.
Accolade $220M $1,182M 10% +35% +35%
Provides a healthcare benefits management platform for self-insured employers.
Dun & Bradstreet $1,723M $9,048M 10% +15% +23%
Provides commercial data analytics services.
GS Acquisition II $700M $875M 0% +5% +5%
Second blank check company formed by Goldman Sachs.
Capstar Acquisition $240M $290M 0% n/a +0%
Blank check company formed by investment firm Capstar Partners.
Panacea Acquisition $125M $161M 0% n/a +0%
Blank check company formed by EcoR1 Capital targeting the biotech industry.
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Ten IPOs and five SPACs submitted initial filings. Jamf (JAMF.RC), which provides workflow software for apple devices, filed for an estimated $300 million IPO. Environmental management and remediation service provider Montrose Environmental Group (MEG) filed to raise $160 million. Tax software platform Vertex (VERX) filed to raise $100 million. Biotechs Nurix Therapeutics (NRIX) and Annexon (ANNX) both filed to raise $100 million. Inozyme Pharma (INZY) filed to raise $86 million. Four micro-cap companies filed; Israeli pain relief biotech PainReform (PRFX) filed to raise $25 million, Chinese biomass energy producer CN Energy (CNEY) filed to raise $23 million, Phase 2 neurodevelopment biotech PaxMedica (PXMD) filed to raise $17 million, and pancreatic cancer biotech Sun BioPharma (OTCQB:SNBP) filed to raise $12 million.

Digital entertainment SPAC Ascendant Digital Acquisition (ACNDU) filed to raise $300 million, real estate SPAC Property Solutions Acquisitions (PSACU) filed to raise $200 million, healthcare SPAC Deerfield Healthcare Technology Acquisitions (DFHTU) filed to raise $125 million, travel SPAC GO Acquisition (GOAC.RC) filed to raise $500 million, and North American energy SPAC East Resources Acquisition (ERES.U) filed to raise $300 million.

15 Filings During the Week of June 29th, 2020
Issuer
Business
Deal
Size
Sector Lead
Underwriter
Annexon $100M Health Care JP Morgan
Phase 1 biotech developing therapies for complement-mediated disorders.
Ascendant Digital Acq. $300M SPAC UBS
Blank check company targeting an interactive digital entertainment business.
CN Energy $23M Utilities Network 1
Produces wood-based activated carbon and biomass energy.
East Resources Acq. $300M SPAC Wells Fargo
Blank check company formed by Terrence Pegula targeting the North American energy industry.
Inozyme Pharma $86M Health Care BofA
Preclinical biotech developing therapies for diseases of abnormal mineralization.
Nurix Therapeutics $100M Health Care JP Morgan
Preclinical biotech developing small molecule therapies for cancer.
PaxMedica $17M Health Care Benchmark
Phase 2 biotech developing therapies for neurodevelopmental disorders.
Property Solutions Acq. $200M SPAC EarlyBird
Blank check company formed by Benchmark Real Estate Group targeting the real estate industry.
Sun BioPharma $12M Health Care Craig-Hallum
Clinical-stage biotech developing small molecule therapies for pancreatic cancer.
Vertex $100M Technology Goldman
Provides comprehensive tax software for businesses.
Deerfield HealthTech Acq. $125M SPAC Deutsche Bank
Third healthcare-focused blank check company formed by Deerfield Management and Robert Barasch.
GO Acquisition $500M SPAC Credit Suisse
Blank check company formed by the founders of GLG Partners and Certares targeting the travel industry.
Jamf $300M Technology Goldman
Provides software for managing workflows across Apple devices.
Montrose Environmental $160M Industrials BofA
Provides environmental assessment, management, and remediation services.
PainReform $25M Health Care Maxim
Phase 2 Israeli biotech developing therapies for post-operative pain relief.
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IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/1/20, the Renaissance IPO Index was up 31.5% year-to-date, while the S&P 500 was down 3.6%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (NASDAQ:ZM) and Uber (NYSE:UBER). The Renaissance International IPO Index was up 16.8% year-to-date, while the ACWX was down 10.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Xiaomi.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.



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