Market Consensus: The “experts” were on the money last week in terms of volatility. We’ve yet to see the Q3 earnings reports but they will be starting this week. FWIW the options-focused gurus have been noting the importance of the 4400 level on the S&P which we retook last week on the rally. Some companies like iFIT (IFIT) used the volatility as an excuse to postpone their IPO last week.
Last Week: It wasn’t a great week for the IPO market but 8 deals made it out. None of them were really interesting and the only one that “worked” was a tiny, speculative, pre-revenue recreational EV maker, Volcon (VLCN).
New Notes: Last week was busy but we are close to publishing a fitness sector report and some take-away points from events and meetings we attended last week around the EV market and energy.
This Week: There are five deals on the calendar so far for this week and you can use the IPO sheet below to keep track and we will update that if more are added. So far the most interesting ones are GitLab (GTLB) in the DevOps sector. Investors may remember that Microsoft (MSFT) acquired GitHub for $7.5B in 2018. GitLab is sporting a $9.4B market cap at the filing range. The other two deals to watch are AvidXchange (AVDX) another billing and payments platform and IHS Holding (IHS) the “American Tower (AMT) of Africa” coming at a $7.5B market cap.
Our Current IPOs sheet is updated every Monday (free) and has a link to the roadshow downloads (for annual subscribers.)
Pipeline: There were lots of new filings that look worth – Rent the Runway (RENT), Arhaus (ARHS), Udemy (UDMY), Delimobil (DMOB) aka the “Uber of Russia”, NerdWallet (NRDS), Solo Brands (DTC) and Informatical (INFA). The buzz on RENT is that it’s so bad it may not even make it to a roadshow.
New Street Coverage: This week started with a raft of new stock coverage from the banking analysts. The ones we will be focused on are Sportsradar (SRAD), On (ONON), Dutch Brothers Coffee (BROS), and just for the fun of it EzFill (EZFL). Other names getting coverage are ACT, DH, DICE, FORG, PRCT, TWKS, and TYRA.
Lockups Off: There are a few lockups coming off. Not sometimes the exact timing of these can change but generally, we can expect to see more supply of stocks in all these names – ALKT, AGL, KRT, AKYA, RXRX, SERA, and BMEA come off.
Parting Thoughts: I will be out scouting some small companies and gathering some intel out at the LD Micro conference in LA this week. Then in NYC next week attending some more investor events and private meetings. I will share some “field notes” from the road as long as my tech kit cooperates.