Previewing This Week's IPOs

This week has eight scheduled IPOs with three billion-dollar deals coming from the biotech, diagnostics, software and solar equipment industries, among others. Here's a rundown.

Biotech

Ortho Clinical Diagnostics OCDX, the U.S. biotechnology company that received emergency approval from the FDA for its COVID-19 antibody and antigen tests, plans to raise $1.5 billion at a $4.9 billion market cap. This pure-play in vitro diagnostics business provides diagnostic testing solutions. It is profitable on an EBIT basis, with a revenue retention rate of 99% in 2019.

Customer-Survey Software

Qualtrics International XM seeks to raise as much as $1.46 billion. It provides a customer and employee experience management platform to over 12,000 organizations. But, despite its sticky customers, it operates in a highly competitive environment with low barriers to entry.

Solar Equipment Supplier

Shoals Technologies Group SHLS designs and manufactures products used in large solar energy projects. It is a profitable and growing company that plans to raise $1 billion at a $3.6 billion market cap. However, its growth depends on international growth and its track record abroad is not impressive.

Container Liner Shipping Company

Israel-based ZIM Integrated Shipping Services ZIM plans to raise $306 million at a $2.1 billion market cap. This company positions itself as a global leader in niche markets with competitive advantages that allow it to maximize its profitability.

Mortgage

Residential mortgage producer Home Point Capital HMPT plans to raise $250 million at a $3 billion market cap. It utilizes a wholesale mortgage origination channel to connect with nearly broker partners, which allows it to serve roughly 300,000 customers.

Asset Management

Brazilian asset manager Vinci Partners Investments VINP plans to raise $236 million at a $944 million market cap. Its portfolio includes private equity, public equities, real estate, credit, infrastructure, hedge funds, and investment products.

Supermarket

Southeastern Grocers SEGR plans to raise $134 million at a $725 million market cap. The company itself won't sell any shares as part of the offering and will not receive any net proceeds from its public debut. Instead it will be raising money via selling shareholders. 

Agriculture

Agricultural technology company Agrify AGFY plans to raise $25 million at a $115 million market cap. This company is unprofitable but fast-growing. It aims to differentiate itself with a bundled solution of equipment, software, and services that are optimized for growth.

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