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IPO Candy

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okavango Member Level  Sunday, 11/15/20 07:29:31 PM
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IPO Candy

With the election results behind us (finally) the IPO market is getting back to work. There are a handful of deals in marketing as we start the week but this number is likely to expand rapidly as companies try and get out during the pre-Thanksgiving holiday window. There were also some recent filings including the "Russian Amazon", Ozon (OZON), which are likely to get our attention.

Another new development this week is a de-SPAC that is marketing a private placement as part of their business combination using the traditional IPO roadshow process. I wonder if we'll see more of this. The company is Finance of America which is the target of Replay Acquisition Corp (RPLA). The company is another player in residential mortgage but aims to provide a broader range of product types like reverse mortgages and "fix and flip" quasi-commercial loans in addition to regular mortgages. You can see their marketing deck on SPACvest: Finance of America.

Aeva is another technology company specializing in what they call "4D LiDAR" has announced their plans to come public via a SPAC, InterPrivate Acquisition (IPV). We now have Velodyne Lidar (VLDR) and Luminar (GMHI) in this group. The presentation is posted at both IPO Candy and SPACvest. Here's a link for it: InterPrivate proposed combination with Aeva.

THIS WEEK - This week we will see a handful of deals priced but the fireworks will probably begin next week with an eye to price by the 20th.

IN8Bio (INAB) is the larger deal on the calendar for this week but still it's only $75M in size with a $325M market cap. This is another T cell-based cancer therapy developer with two drugs in Phase 1 trials. Current range is $15-17 with Barclays leading.

Compass Therapeutics (CMPX) is similar in size and is also a cancer treatment although they are instead focused on regulating immune response in certain cancer patients. Current range is $5-6 with Citi and Credit Suisse leading.

There's a very small holdover deal, Inhibikase Therapeutics (IKT) that is still on the calendar and could price this week. It's only a $15M deal at a $140M market cap with ThinkEquity leading. They are targeting Parkinson's Disease and have a drug candidate that they expect to commence dosing as soon as the deal is complete. That suggests they are open to increasing the size of the deal while reducing the share price to get it done. Current range is $10-12.

There's also a SPAC on the calendar - Natural Order Acquisition (NOAC) is offering $200M to find a combination in "plant-based food and beverages." We're pretty happy with Tattooed Chef (TTCF) which came out of the FMCI SPAC. And of course Beyond Meat (BYND) remains the big leadership name in this group sporting a 25x P/S ratio and a $10B market value.

We're not planning to dig into these but expect to start working on the deals coming next week. We also have a few additional updates for the Model Portfolio that we missed when we did our update last week: Model Portfolio Changes November 2020.

FarFetch (FTCH) sure started out of the gate at a gallop thanks to a huge investment which is a signal that they are likely to remain in the leadership position when it comes to high fashion and e-commerce.

Let's hope we can all put our differences aside and work together to make things better for everybody.


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