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2Q21 Syndicate Summary & Outlook Special Report

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2Q21 Syndicate Summary & Outlook Special Report Argus Custom Research for SPECIAL REPORT July 2021 2Q21 SYNDICATE SUMMARY & OUTLOOK The IPO market continued to surge in 2Q21. At this time a year ago, the IPO market was just beginning to recover after the coronavirus IPO DASHBOARD pandemic disrupted the world economy and the financial markets. One IPOsIPOs year later, with vaccines being distributed and investors forecasting 140 sharp, stimulus-driven growth in the economy for the next several 120 quarters, the IPO market is red hot. 100 80 60 IPO activity jumped 170% year-over-year in 2Q21, and was up 25% 40 compared to 1Q21. By the numbers, 125 operating companies raised 20 funds through IPOs in 2Q21, up from 46 in 2Q20 and from 101 last 0 2Q21 Last Quarter Year Ago quarter. Including SPACs, approximately 186 entities raised funds. Secondary offerings declined 28% year-over-year as compared SecondariesSecondaries 350 to 2Q20, when many listed companies tapped the debt markets to 300 strengthen their balance sheets amid the pandemic. 250 200 Performance 150 Investor demand was strong for IPOs, and investors often were reward- 100 50 ed. The average non-SPAC IPO opened 33% above its offering price in 0 2Q21, just above the 31% average in the prior quarter. Goldman Sachs 2Q21 Last Quarter Year Ago and Canaccord Genuity issues had the best returns in the quarter among TOP SECTORS the large banks, based on our analysis of the underwriters. Goldman Sachs Top Three IPO Sectors Top Three Secondary Sectors was in the syndicate for 38 issues that, on average, opened 23% above the Top 3 IPO Sectors Top 3 Secondary Sectors Other 18% offering price. Canaccord Genuity’s average issue was also up 23%; the Healthcare 32% company was in the syndicate for 12 issues. In third place was KeyBanc Other 43% Consumer Healthcare Cyclical 44% Capital Markets, with 14 issues that opened up, on average, 22%. Full 12% details on underwriter performance can be found in Table 4 of this report. Real Estate (continued on next page) Technology Industrials 14% 26% 11% VOLATILITY TRENDS & ISSUANCE HIGHLIGHTS 60 0 IPOs VIX (right scale, Inverted) Top 5 Opens Worst 5 Opens 50 10 Jiuzi Holdings Inc. 800% Data Storage Corporation(U) -25% 40 20 30 30 Alzamend Neuro, Inc. 480% iSpecimen Inc. -22% 20 40 E-Home Household Svc Holdings 269% Zivo Biosciences(U) -22% 10 50 Esports Technologies, Inc. 250% Vaccitech PLC -20% 0 60 JAN '15 JAN '16 JAN '17 JAN '18 JAN '19 JAN '20 JAN '21 Utime Limited 185% Missfresh Limited -18% DISCLAIMER INFORMATION Copyright Argus Research Company. This report has been prepared for Triad Securities by Argus, an independent investment research company. This report has no regard to specific investment objectives, financial situations or the particular needs of any recipient. It should not be considered an individualized recommendation. All investors are encouraged to use multiple sources of investment information and to actively monitor their holdings. The security or industry discussed may not be suitable for everyone. THIS REPORT IS BASED ON INFORMATION FROM A VARIETY OF SOURCES AND STATISTICAL DATA BELIEVED TO BE RELIABLE, BUT IN NO WAY ARE WAR- RANTED AS TO ACCURACY, TIMELINESS, COMPLETENESS OR RELIABILITY. Any opinions expressed are statements of judgment by Argus as of the published date of this report and are subject to change without notice. We do not undertake to advise you, nor are we under any obligation to advise you, as to any changes in our estimates or views. This report is published for informational purposes only and is not to be construed as a solicitation or an offer to buy or sell any security. Argus, its affiliates, officers, directors, employees, stockholders or members of their families may have long and/or short positions in and may purchase or sell from time to time any of the above-mentioned or related securities. T R I A D S E C U R I T I E S C O R P. 111 BROADWAY, 11TH F L. • NEW YORK, NY 10006 MEMBER FINRA/SIPC • 800.221.8440 212.349.8060 2Q21 SYNDICATE SUMMARY & OUTLOOK In 2Q, eight companies from a range of industries at least dou- IMPORTANT IPO THEMES FOR 2021 bled on their first day of trading. Here are some highlights from Profitable Unicorns Positive top-performing issues and issuers: • Jiuzi Holdings Inc. (JZXN) is a New Energy Vehicle retailer Biotech Companies Positive in China that opened up 800% on its first day of trading in a Chinese Companies + New Administration Positive deal that was led by Boustead Securities. SPACS Neutral Stock Market Valuations Neutral/Negative • Alzamend Neuro Inc. (ALZN) is a biopharmaceutical com- pany focused on treatment of neurodegenerative diseases. It almost $12 billion. This compares to 1Q, when more than 300 opened up 480% and was brought public by Spartan Capital SPACs raised more than $88 billion. These “shell” or “blank- Securities Inc. check” companies emerge from their funding rounds as ready- • Janux Therapeutics Inc. (JANX), which is developing to-go corporations, seeking to add operations through M&A. next-generation therapeutics based on proprietary Tumor Many private companies are attracted to SPACs, which offer the Activated T Cell Engager (TRACTr) platform technology, companies a pathway to the public markets without the headache jumped 100% at the open in a deal led by BofA Securities. of their own IPO. The biggest SPACs in the quarter were Elliott Opportunity II Corp., whose sponsor is the activist investor Elliott • Aerovate Therapeutics Inc. (AVTE), a biopharmaceutical Investment Management and raised $530 million, and CM Life diseases, company focused on rare cardiopulmonary Sciences Inc. (CMLTU), which raised $480 million and is focused rose 100% at the open in a deal led by Jefferies & Co. on life sciences. Again, this compares to 1Q, when the environment • The China-based online recruiting platform Kanzhun Ltd. was more favorable to SPACs and four shell companies raised (BZ) was up 76% at the open in an offering led by Goldman more than $1 billion apiece. We expect the SPAC trend to contin- Sachs. ue to cool into 2H21, and note that an investment bubble may be emerging as SPACS all seeking to invest their money during their • Doximity Inc. (DOCS) is a med-tech digital platform company that two-year windows for investment could drive up prices for private opened 58% above its issue price in a deal led by Morgan Stanley. firms in the popular MedTech and FinTech industries. Of course, not every IPO was a hit. Zivo Biosciences (HMPT), a In another emerging trend, some companies are listing directly biotech and agtech company, opened 22% below its offering price with stock exchanges, and forgoing the traditional IPO route. In in a deal led by Maxim Group and Joseph Gunnar & Co. iSpecimen the latest quarter, cryptocurrency exchange Coinbase Global Inc., Inc. (ISPC), a research and testing services company, opened 23% website building company Squarespace Inc., and employment below its offering price in a deal led by ThinkEquity Partners. company ZipRecruiter went public this way, following in the Finally, Data Storage Corp. (DTST), a company that offers data path of Roblox (1Q21), Spotify (2018), Slack (2019), and Palantir protection and disaster recovery solutions, opened 25% below its (2020). Discount broker RobinHood, and Instacart, the U.S. gro- offering price in a deal led by Maxim Group. cery delivery app, are considering the process as well. Trends Outlook Unicorns found conditions favorable, and many firms left the ranks As we had expected, the IPO market has rebounded sharply in of private ownership to move to the public markets. We estimate recent quarters. In our 1Q20 Syndicate Summary & Outlook that nine Unicorns (privately held companies valued above $1 report, published during the depths of the COVID-19 bear mar- billion by venture capitalists) came public via IPOs in the quarter. ket, we noted that raising and allocating capital are among this They all performed well for IPO holders: Procore Technologies nation’s core competencies, and the U.S. is a global leader in the Inc. (PCOR, up 84% at the open), UiPath Inc. (PATH, up 66%), industry. Over time, we reckoned that the business would return. Flywire Corp. (FLYW, up 34%), WalkMe Ltd. (WKME, up 31%), Also as expected, investors with longer time horizons are once SentinelOne Inc. (S, up 31%), LegalZoom.com (LZ, up 31%), again willing to invest in financially strong, well-managed and Oatley Group AP (OTLY, up 22%), and DiDi Global Inc. (DIDI, growing companies. up 19%). We continue to think that IPO investors are seeking quality growth, profitability and fair ownership practices from The stock-market environment (a key indicator for IPOs) was Unicorns that come public. bullish for much of the latest quarter. The U.S. economy continued to rebound from the pandemic, with high-single-digit GDP growth Demand for SPACs cooled a bit. During the most-recent quarter, for 1H21. The unemployment rate fell from 6.2% at the start of the more than 60 Specialty Acquisition Corporations (SPACs) raised 2Q21 to 5.8% by the end. The Federal Reserve remains engaged DISCLAIMER INFORMATION Copyright Argus Research Company. This report has been prepared for Triad Securities by Argus, an independent investment research company. This report has no regard to specific investment objectives, financial situations or the particular needs of any recipient. It should not be considered an individualized recommendation. All investors are encouraged to use multiple sources of investment information and to actively monitor their holdings. The security or industry discussed may not be suitable for everyone. THIS REPORT IS BASED ON INFORMATION FROM A VARIETY OF SOURCES AND STATISTICAL DATA BELIEVED TO BE RELIABLE, BUT IN NO WAY ARE WAR- RANTED AS TO ACCURACY, TIMELINESS, COMPLETENESS OR RELIABILITY.
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