The US initial public offering is gearing up for another week of double-digit deal flow with 13 companies expected to come to market to raise at least $2.7 billion.
That’s down from last week’s total of $6.3 billion, with none of this week’s deals expected to top $1 billion in revenue, although many would have a valuation of more than $1 billion if they were priced within their suggested ranges.
The list includes some well-known brands, including eco-friendly footwear company Allbirds
The NerdWallet personal finance site
keeping their company two deals from Russia; Real estate platform called Cian
A car exchange platform called Delimobil
Completing the list are two biotech companies, a home furniture retailer, and a REIT mortgage fund, among others.
The biggest deal this week is expected to come from drug discovery company Evotec
Which aims to raise up to $576 million with a valuation of more than $9 billion. The German company — already listed on the Frankfurt Stock Exchange — says it aims to “discover best-in-class and first-in-class drugs for a wide range of hard-to-treat diseases in collaboration with our partners,” according to the prospectus.
The company achieved a net profit for 2020 and revenues of more than 500 million euros ($579.7 million), according to the IPO file. Bank of America Securities and Morgan Stanley are two major underwriting companies. The company has applied for listing on the NASDAQ Stock Exchange under the symbol “EVO”.
The second biggest deal of the week from Arhaus Inc.
Which aims to raise up to $389 million with a valuation of over $2 billion. The company has applied for listing on the Nasdaq under the “ARHS” banner with BofA Securities and Jefferies leading a consortium of 13 banks.
Chinese biotechnology LianBio
It aims to raise up to $345 million at a valuation of $1.8 billion. The company plans to list on Nasdaq under the “LIAN” brand, with Goldman Sachs, Jefferies and BofA Securities acting as lead underwriter with Raymond James as co-manager. The company is focused on developing drugs for patients with unmet needs, “with an initial focus on licensed assets in Greater China and other Asian markets,” according to its filing documents.
Russian real estate platform Cian aims to raise $269 million at a $1 billion valuation. It has applied for listing on the New York Stock Exchange, under the symbol “CIAN” with Morgan Stanley, Goldman Sachs and JPMorgan as the major insurers.
“The company claims to be one of the 10 most popular real estate classifieds marketplaces, and counteracts the unhacked Russian market,” according to a comment from Renaissance Capital, a provider of institutional research and IPO-traded funds.
“Rapid growth in the first half of the 21st century, Cian believes is driving the digitization of the $238 billion Russian real estate market,” the commentary reads.
Allbirds is expected to raise up to $268.8 million at a valuation of over $2 billion based on 143 million shares that are expected to remain outstanding once the transaction is completed.
Morgan Stanley, JPMorgan and Bova Securities are major insurers on the team of 17 banks working on the deal. The company plans to list on the Nasdaq Stock Exchange under the symbol “BIRD”. The company will have Class A and Class B shares. Allbirds intends to use the proceeds of the show for general corporate purposes, and possibly to acquire business, products, and services.
The next largest deal is expected to come from Russian car-sharing platform Delimobil, which aims to raise up to $240 million. The company is expected to be listed on the New York Stock Exchange under the symbol “DMOB” with BofA Securities, Citigroup and VTB Capital acting as lead underwriters.
NerdWallet will be one of the smaller deals this week with the company that aims to raise up to $137.8 million at a valuation of about $1.2 billion.
“Our mission is to provide clarity to all of life’s financial decisions,” the company says in its filing documents.
“While the company remains unprofitable, its platform has attracted 20 million unique monthly users as of 9/30/21,” Renaissance said.
The company plans to list on the Nasdaq under the symbol “NRDS,” with Morgan Stanley leading a pool of eight banks.
Al-Nahda Public Offering Fund ETF
Gained 6.5% in the year to date, while the S&P 500