U.S. IPO Week Ahead: Quiet Holiday Week With No IPOs

There are no deals set to price in the upcoming week; however, we expect to begin to see filings from companies targeting January 2018 IPOs. We rounded out 2017 at an even 160 IPOs, raising $35.5 billion in total proceeds, nearly double that of 2016.

Six Lock-Up Expirations, Including Blue Apron

Six 2017 IPOs will have lock-ups released this week, including US meal-kit delivery service Blue Apron Holdings (NYSE:APRN). The company recently announced that one of its co-founders would step down as CEO and be replaced by the current CFO Brad Dickerson. Down 60% from its offer price, Blue Apron hit operational challenges immediately after coming public, and fell short of revenue and margin targets.

Tintri (NASDAQ:TNTR), which sells all-flash storage arrays and software to create enterprise clouds, also has a lock-up expiration in the week ahead. Shares are down 25% from the offer price, with high cash burn putting stress on its balance sheet.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 35.9% year-to-date, ahead of the S&P 500, which is up 19.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snap (NYSE:SNAP) and Invitation Homes (NYSE:INVH). The Renaissance International IPO Index is up 30.4% year-to-date, while the ACWX is up 26.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) and ASR Nederland.

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