Live Markets: IPOs wade into choppy waters

Agiliti

20/04/2021 16:26

* 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% 

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    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
 urn:newsml:reuters.com:*: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.
 urn:newsml:reuters.com:*: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)  urn:newsml:reuters.com:*: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)