While there were no IPOs this past week, five SPACs went public ahead of the post-Labor Day rush.

Casdin Capital and Corvex Management’s SPAC CM Life Sciences (CMLF) upsized to raise $385 million. Led by the firms’ founders, Eli Casdin and Keith Meister, the company plans to target the life science industry, specifically businesses in the life science tools, synthetic biology, and diagnostics fields.

Tech SPAC Tailwind Acquisition (TWND.U) raised $300 million. The company was formed by Chairman Philip Krim, co-founder and CEO of Casper (NYSE:CSPR), which is down 24% from its February IPO. Venture capitalist Chris Hollod serves as CEO, and Tengram Capital Partners co-founder Matt Eby serves as CFO.

INSU Acquisition II (NASDAQ:INAQU), the second blank check company formed by Cohen & Company and targeting the insurance industry, upsized to raise $200 million. Chairman Daniel Cohen and CEO John Butler serve in the same roles for Insurance Acquisition (INSU; +33% from IPO), which recently announced a merger agreement with Shift Technologies.

Boxer Capital’s warrantless SPAC BCTG Acquisition (NASDAQ:BCTG) upsized to raise $145 million. The company is led by Boxer Capital co-founders Aaron Davis and Christopher Fuglesang, and plans to leverage its management team’s experience and target a business in the biotechnology industry.

Life sciences SPAC HighCape Capital Acquisition (NASDAQ:CAPAU) raised $100 million. Led by HighCape Capital co-founders, the company plans target the life sciences industry, specifically therapeutics, devices, diagnostics, medical information technology, agrisciences, and animal health.

5 IPOs During the Week of August 31st, 2020

Issuer
Business

Deal
Size

Market Cap
at IPO

Price vs.
Midpoint

First Day
Return

Return
at 09/04

CM Life Sciences

$385M

$473M

0%

+3%

+3%

Blank check company formed by Casdin Capital and Corvex Management targeting a life science business.

INSU Acquisition II

$200M

$266M

0%

+3%

+3%

Second blank check company formed by Cohen & Company and targeting the insurance industry.

BCTG Acquisition

$145M

$181M

0%

+2%

+3%

Blank check company formed by Boxer Capital targeting the biotech industry.

HighCape Capital Acq.

$100M

$129M

0%

+2%

+2%

Blank check company formed by HighCape Capital targeting the life sciences industry.

Tailwind Acquisition

$300M

$375M

0%

+0%

+0%

Blank check company formed by Casper CEO Philip Krim targeting a technology business.

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14 IPOs and 11 SPACs submitted initial filings.

SMB services provider Thryv Holdings (OTC:THRY) filed for a direct listing on the Nasdaq. Rare disease biotech Orphazyme (ORPH) filed to raise $115 million. Avocado supplier Mission Produce (AVO), LNG services provider Hygo Energy Transition (HYGO), gene therapy biotech Taysha Gene Therapies (TSHA), optical bonding company VIA optronics (VIAO), and oncology biotechs PMV Pharmaceuticals (PMVP) and Prelude Therapeutics (PRLD) all filed to raise $100 million. Ocular disease biotech Graybar Vision (GRAY) and medical device maker Pulmonx (LUNG) filed to raise $86 million. Plant-based beverage manufacturer Laird Superfood (LSF) filed to raise $40 million. Chinese real estate holding company Sancai Holding Group (SCIT) filed to raise $30 million. Chinese agriculture services provider Green Grass (QQCY) filed to raise $24 million, and micro-cap oncology biotech Lixte Biotechnology (OTCQB:LIXT) filed to raise $11 million.

Energy SPAC Bluescape Opportunities Acquisition (BOAC) filed to raise $700 million. Tech SPAC Reinvent Technology Partners (RTPU) filed to raise $600 million. TPG’s two SPACs TPG Pace Tech Opportunities (PACE.U) and TPG Pace Beneficial Finance (TPGY.U) filed to raise $450 million and $350 million, respectively. Private equity firm’s SPAC Peridot Acquisition (PDAC.U), media SPAC Falcon Capital Acquisition (FCACU), and renewable energy SPAC ArcLight Clean Transition (ACTCU) all filed to raise $300 million. ACON Investments’ SPAC ACON S2 Acquisition (STWOU) filed to raise $250 million. Luxury brand SPAC Aspirational Consumer Lifestyle Corp. (ASCL.RC) and Oaktree’s Oaktree Acquisition II (OACBU) both filed to raise $225 million. Healthcare SPAC Blue Water Acquisition (BLUWU) filed to raise $50 million.

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25 Filings During the Week of August 31st, 2020

Issuer
Business

Deal
Size

Sector

Lead
Underwriter

ArcLight Clean Transition

$300M

SPAC

Citi

Blank check company formed by ArcLight Capital Partners targeting a renewable energy business.

Aspirational Consumer

$225M

SPAC

Credit Suisse

Blank check company formed by executives at LVMH and L Catterton targeting a lifestyle business.

Graybug Vision

$86M

Health Care

SVB Leerink

Phase 2 biotech developing transformative medicines for ocular diseases.

Mission Produce

$100M

Consumer Staples

BofA

Leading supplier of fresh avocados.

Orphazyme

$115M

Health Care

BofA

Danish late-stage biotech developing protein therapies for rare neurodegenerative diseases.

Peridot Acquisition

$300M

SPAC

UBS

Blank check company formed by Carnelian targeting business with Mitigation and Adaptation principles.

PMV Pharmaceuticals

$100M

Health Care

Goldman

Early stage biotech developing targeted therapies for cancer.

Prelude Therapeutics

$100M

Health Care

Morgan Stanley

Phase 1 biotech developing small molecule therapies for cancer.

Pulmonx

$86M

Health Care

BofA

Makes minimally invasive medical devices for emphysema.

Sancai Holding Group

$30M

Real Estate

Univest Securities

Real estate holding company in China.

TPG Pace Beneficial Fin.

$350M

SPAC

Deutsche Bank

Blank check company formed by TPG Pace Group targeting a business with a strong ESG profile.

TPG Pace Tech

$450M

SPAC

Deutsche Bank

Blank check company formed by TPG Pace Group targeting the tech industry.

VIA optronics

$100M

Technology

Berenberg

German provider of sunlight readable, ultrathin display and touch solutions.

Blue Water Acquisition

$50M

SPAC

Maxim

Blank check company formed by an industry veteran targeting a healthcare business.

Falcon Capital Acq.

$300M

SPAC

Goldman

Blank check company formed by Ariliam Group and Eagle Equity Partners targeting a media business.

Green Grass

$24M

Industrials

Provides specialty farming and agriculture services in China.

Lixte Biotechnology

$11M

Health Care

WestPark Capital

Phase 2 biotech using biomarker technology to develop protein inhibitors for cancer.

Bluescape Opp. Acq.

$700M

SPAC

Citi

Blank check company formed by Bluescape Energy Partners targeting the energy and industrial sectors.

Taysha Gene Therapies

$100M

Health Care

Goldman

Early stage biotech developing AAV-based gene therapies for CNS disorders.

Thryv Holdings

$272M

Technology

Provides marketing solutions and SaaS customer experience tools to SMBs.

ACON S2 Acquisition

$250M

SPAC

Deutsche Bank

Blank check company formed by ACON Investments targeting a sustainable business.

Hygo Energy Transition

$100M

Energy

Morgan Stanley

Provides integrated downstream liquefied natural gas solutions in Brazil.

Laird Superfood

$40M

Consumer Staples

Canaccord

Manufactures plant-based packaged beverage products.

Oaktree Acquisition II

$225M

SPAC

Deutsche Bank

Second blank check company led by the head of Oaktree Capital’s Value Equities group.

Reinvent Tech Partners

$600M

SPAC

Morgan Stanley

Blank check company formed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus targeting the tech sector.

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IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/3/20, the Renaissance IPO Index was up 54.8% year-to-date, while the S&P 500 was up 6.9%. Renaissance Capital’s IPO ETF (NYSEARCA:IPO) tracks the index, and top ETF holdings include Zoom Video (NASDAQ:ZM) and Uber (NYSE:UBER). The Renaissance International IPO Index was up 38.6% year-to-date, while the ACWX was down 4.2%. Renaissance Capital’s International IPO ETF (NYSEARCA:IPOS) tracks the index, and top ETF holdings include Xiaomi and Meituan-Dianping.

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



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