US IPO Week Ahead: Cybersecurity, trading services, aerospace, and more set to debut in 4 IPO week
Four listings are currently scheduled for the week ahead, although some small issuers may join the calendar throughout the week.
Enterprise data management and security platform Rubrik (RBRK) plans to raise $679 million at a $6.1 billion market cap. Its Rubrik Security Cloud platform delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. The platform is by a wide range of industries and geographies, and, as of January 31, 2024, Rubrik had more than 6,100 customers. The company has substantially grown its subscriptions, giving it a sticky customer base, but remains highly unprofitable.
Commodities broker and trading services provider Marex Group (MRX) plans to raise $300 million at a $1.5 billion market cap. The company’s business consists of five segments: clearing, agency and execution, market making, hedging and investment solutions, and corporate. Marex provides connectivity to 58 exchanges, had a base of more than 4,000 clients as of December 31, 2023, and it executed approximately 129 million trades and cleared approximately 856 million contracts in 2023. It has a leading position among global commodities brokers, an industry characterized by difficult to predict trading volumes and volatility.
Niche aerospace and defense components maker Loar Holdings (LOAR) plans to raise $275 million at a $2.2 billion market cap. Loar specializes in the design, manufacture, and sale of niche aerospace and defense components for aircraft and aerospace and defense systems. Its products span a diverse range of applications supporting nearly every major aircraft platform in use today and include auto throttles, temperature and fluid sensors and switches, and RAM air components, among others. The company has benefitted from strong tailwinds in defense spending, although it is significantly leveraged.
Hong Kong-based trading platform provider mF International (MFI) plans to raise $7 million at a $59 million market cap. The company has a trading platform which it says currently handles a monthly average transaction value of more than $100 billion.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| mF International (MFI) Hong Kong, China |
$7M $59M |
$4 – $5 1,560,000 |
Joseph Stone |
| Hong Kong-based trading platform provider. | |||
| Marex Group (MRX) London, United Kingdom |
$300M $1,457M |
$18 – $21 15,384,615 |
Barclays Goldman |
| UK commodities broker and trading services firm. | |||
| Rubrik (RBRK) Palo Alto, CA |
$679M $6,114M |
$28 – $31 23,000,000 |
Goldman Barclays |
| Provides a hybrid cloud data management and security platform for enterprises. | |||
| Loar Holdings (LOAR) White Plains, NY |
$275M $2,200M |
$24 – $26 11,000,000 |
Jefferies Morgan Stanley |
| Makes niche aerospace and defense components. | |||
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Street research is expected for three companies in the week ahead, and lock-up periods will be expiring for three companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/18/2024, the Renaissance IPO Index was down 1.3% year-to-date, while the S&P 500 was up 5.5%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 2.6% year-to-date, while the ACWX was up 1.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Barito Renewables Energy.
