【DFIN】2024年Q2美股IPO及上市报告_19页_7mb

IPO & Public Listing Report - Q2 2024 Summary

Core Content Overview

This report provides an analysis of public listing activities in Q2 2024, including traditional IPOs, SPAC mergers, and de-SPAC transactions. It highlights the performance of companies that went public, the number of SPACs in the pipeline, and the legal firms involved in these transactions.

Main Points

IPO Activity

• Traditional IPOs: 43 companies went public through traditional IPOs, raising approximately $9 billion, with over half of these offerings exceeding $50M.
• SPAC Mergers: 14 companies made their public debut via SPAC mergers.
• Total IPO Volume: The combined volume of traditional IPOs and SPAC mergers in Q2 exceeded that of the full year in 2022 and 2023.
• Notable IPOs:
  • Viking Holdings raised $1.53 billion, becoming the largest offering of the quarter, and is currently trading above its IPO price.
  • ZEEKR Intelligent Technology and Tempus AI raised $441M and $411M, respectively.
  • Several companies raised less than $100M, with a total of $141 million from micro/nano-cap offerings.

Withdrawals and Abandoned Registrations

• 14 companies withdrew or had their registration declared abandoned.
• Innovex Downhole Solutions pivoted from an IPO to a reverse merger with Dril-Quip.

De-SPAC Activity

• Completed Mergers: 14 SPACs completed their business combinations in Q2, with a total enterprise value of $10 billion.
• Largest Merger: Screaming Eagle Acquisition merged with Lionsgate Studios, resulting in an enterprise value of $4.6 billion.
• SPACs in the Pipeline: The total number of SPACs in the pipeline stands at 39, with 7 from 2021 and 2022 at risk of being abandoned by the SEC.
• Average Time to Complete: It took an average of 28 months for SPACs to complete their merger after announcing the definitive agreement, though JVSPAC Acquisition completed its merger in just 3 months.

SPAC Activity

• New SPAC Filings: 27 SPACs publicly filed for an IPO in Q2.
• SPAC IPO Values: The average offering size for SPAC IPOs in the first half of 2024 was $140 million.
• SPAC Liquidations: 13 SPACs that raised a combined total of ~$2 billion liquidated in Q2, all of which were from the 2020/2021 SPAC boom.

Performance of Publicly Listed Companies

• IPO Price Performance: Over 50% of companies that went public via SPAC mergers in Q2 are trading below $5 per share.
• IPO Price vs. Current Trading: Many companies, including Viking Holdings, Waystar Health, and Tempus AI, are trading above their IPO prices, indicating strong investor confidence.

Key Information

Notable Companies

• Traditional IPOs: Viking Holdings, Waystar Health, UL Solutions, RUBRIK, IBOTTA, Tempus AI, WEBTOON Entertainment, and others.
• SPAC Mergers: Centuri Holdings, Continuum Therapeutics, LandBridge, Lionsgate Studios, Loar Holdings, Marex Group, Rapport Therapeutics, RUBRIK, Tamboran Resources, Tempus AI, Viking Holdings, and WEBTOON Entertainment.

Legal Counsel and Underwriters

• Top Law Firms: Latham & Watkins, Ellenoff Grossman, Cooley LLP, and others are among the leading firms in the IPO and SPAC space.
• Underwriters: Goldman Sachs, JPMorgan, Morgan Stanley, and others are frequently involved in these transactions.

Market Trends

• IPO Activity: The Q2 activity is described as the busiest first half since 2021, though still below expectations.
• Seasonal Trends: The report suggests that the usual summer lull may be replaced by increased activity as companies aim to list before the November election.

Summary Table

Conclusion

Q2 2024 saw a surge in IPO and SPAC activities, with significant offerings in the consumer, technology, and healthcare sectors. While the overall performance of SPAC-listed companies was mixed, traditional IPOs showed a more positive trend. The report indicates that the market may see increased activity in the coming months, particularly before the November election.