Things continue to pick up in the IPO market. We have four deals on the calendar this week. One of which we’ve been eagerly anticipating which is GAN Limited (GAN) that will be out on Tuesday. It comes in the wake of DraftKings (DKNG) and it’s a more off-the-radar name at a lower valuation. If you didn’t get a full email earlier today with our take and are a subscriber you can read it on the IPO Candy site: Online Betting with GAN.
Elsewhere this week we have another fairly large ($200M) SPAC deal in the form of Live Oak Acquisition (LOAK) with a couple of notable ex-CEO’s leading the charge - John Amboian was the CEO of Nuveen from 2007 to 2016 and Richard Nendrix was CEO of FBR from 2009 to 2017. These guys clearly know a few things about the financial services business.
There’s a pretty big deal this week too with the spin-off of Kingsoft Cloud (KC) which is a cloud service provider in China. The parent company (Kingsoft), Xiaomi and another existing investor plan to buy up to 30% of the $425M deal which is rather high. With trailing revenues of $560M the shares land at a $3.4B market cap at the $17 mid-point. Though not yet profitable they will have ~$600M in cash on the balance sheet so will not need further financing.
Finally another small biotech name, AYLA Pharma (ALYA) which has a drug in phase 2 for treating aggressive cancers will price on Thursday night.
New Filings
Last week three new SPAC filings were announced - planning to raise close to $1B in funds. I know we sound like a broken record here but this SPAC thing is big and overlooked. We are aiming to change that!
The Candyman
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