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LIVE MARKETS-IPOs wade into choppy waters

Tue 20th April, 2021 4:26pm
* Major U.S. indexes dip, Nasdaq weakest * Energy weakest major S&P 500 sector; real estate leads gainers * Euro STOXX 600 index closes down ~1.97% * Dollar, crude slumps; gold rises * U.S. 10-Year Treasury Yield ~1.59% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at IPOS WADE INTO CHOPPY WATERS (1100 EDT/1500 GMT) Another wave of IPOs are on tap as 15 hopefuls look to go public over the next two weeks even as investors have become more cautious. The average return of 2021's crop of more than 100 debutantes now stands at about 5%, far below the roughly 50% average gain for last year's vintage, per Reuters calculation. This as the S&P 500 .SPX and Nasdaq .IXIC have advanced about 10% and 7%, respectively, so far this year. Amid last week's mixed bag of outcomes, KKR KKR.N -backed mobile app and gaming firm AppLovin Corp APP.O was a notable flop as its shares tumbled out of the gate. APP shares are up more than 2% on Monday, but remain 25% below their IPO price*:nL1N2M82I5. Conversely, SPAC (special-purpose acquisition company) new issuance has slowed to a trickle recently as the U.S. SEC has issued accounting guidance and stepped up scrutiny on disclosures, fees, conflicts and sponsor compensation.*:nL4N2M6021. Still, 308 SPACs have already raised $100 billion year-to-date vs 248 that raised $83 billion all of last year, according to SPAC Research. Below is the near-term IPO calendar, by expected debut date and approximate deal size (assuming mid-point pricing): Apr 21: DoubleVerify DV.N (digital ad software) (~$340M) NeuroPace NPCE.O (medical devices)(~$85M) Skywater Technology SKYT.O (semiconductors) (~$75M) UiPath PATH.N (automation software) (~$1.3B)*:nL4N2MC2QW Apr 22: KnowBe4 KNBE.O (cybersecurity) (~$200M) Zymergen ZY.O (biochemistry) (~$400M) Apr 23: Agiliti Inc AGTI.N (medical equip svcs) (~$500M) Impel NeuroPharma IMPL.O (biotech) (~$80M) Latham Group SWIM.O (swimming pools) (~$400M) Treace Medical Concepts TMCI.O (medical devices) (~$150M) Rain Therapeutics RAIN.O (biotech) (~$125M) Apr 28: FTC Solar FTCI.O (solar equipment) (~$350M) Aveanna Healthcare AVAH.O (healthcare svcs) (~$650M) Apr 29: Endeavor Group EDR.N (UFC owner) (~$500M) Fortegra Group FRF.N (insurance) (~$130M) (Lance Tupper) ***** AS DEMAND AND ACTIVITY CLIMB, WILL OIL KEEP PACE? (1002 EDT/1402 GMT) Both WTI (Terence Gabriel and Lance Tupper are Reuters market analysts. The views expressed are their own)
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