IPO Preview: F45 Training, SoHo House Owner Among 8 IPOS To Watch This Week

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After a shortened holiday week, the IPO market is heating back up with some big names filing to go public and the debut of many companies. Here is a look at some of the biggest IPOs for investors to watch.

Phillips Edison & Company: One of the nation’s largest owners of grocery-anchored neighborhood shopping centers is going public. Phillips Edison & Co Inc PECO is a REIT that counts Kroger Co KR as its largest customer at 6.6% of revenue. Phillips Edison & Co. is also the largest landlord for Kroger with 54 stores nationwide. Other key customers include Publix, Ahold Delhaize, Albertsons-Safeway and Walmart Inc WMT.

As of March 31, the company had occupancy of 94.8% and 278 wholly-owned properties and 22 were managed through joint ventures. The company’s properties are in 31 states with the Sun Belt region representing the largest portion (48.8%) of revenue.

Phillips Edison & Co. gets 35.4% of revenue from grocery stores, 13.6% from nongrocery anchors and 51% from inline stores.

FFO grew 9.3% in the first quarter of 2021 at $130.4 million.

The company plans on selling 17 million shares at a price point of $28 to $31.

Sera Prognostics: Women’s health diagnostic company Sera Prognostics Inc SERA is going public with a share offering of 4.7 million shares at a price point of $15 to $17.

The company’s initial focus is pregnancy outcomes with its PreTRM commercially available test.

The company has a partnership with Anthem Inc ANTM, which has 43 million members and represents 10% of U.S. annual pregnancies.

Related Link: 7 IPOs To Watch In The Second Half Of 2021

F45 Training Holdings: After ending a SPAC merger that valued the company at $845 million, F45 Training Holdings FXLV is going public via traditional IPO with shares expected to price at $15 to $17. The company is a fast-growing fitness franchise based around 45-minute training sessions.

Founded in 2013, F45 has 1,555 total studios and 2,801 franchises in 63 countries. The company believes its asset-light and highly scalable franchise model set it up for the potential of 7,000 studios in the U.S. and 16,000 studios in international markets.

F45 charges around a 7% franchise fee and had revenue of $82.3 million in 2020 and $18.2 million in the first quarter of 2021.

The company will be 28.6% owned by Mark Wahlberg’s investment fund after the offering and 25.4% owned by co-founder and CEO Adam Gilchrist.

Membership Collective Group Inc: The owner of the popular Soho House units worldwide is going public with a planned offering of 30 million shares of Membership Collective Group Inc MCG at a price point of $14 to $16.

The global membership company has more than 199,000 members and owns 30 houses, nine Soho Works and other assets worldwide. The company has strong brand recognition, a 94% retention rate and a waiting list of over 50,000 potential members.

Revenue grew at a compounded annual growth rate of 24% from fiscal 2016 to fiscal 2020 for the company. The company had revenue of $642 million in pre-pandemic fiscal 2019. Revenue was $384 million in fiscal 2020 and $72 million in the first quarter of 2021.

The company gets around 50% of revenue from membership fees, around 20% from in-house revenue and around 20% from other.

Sight Sciences: Sight Sciences Inc SGHT is planning to sell 7 million shares at a price point of $20 to $23.

The company is seeking to transform the ophthalmology and optometry markets with its OMNI Surgical and TearCare systems targeting glaucoma and dry eye disease. The company’s OMNI was cleared ty the FDA in 2018 and received additional indications in March. TearCare was approved in 2019.

Revenue for the company was $27.6 million in 2020 and $8.6 million in the first quarter of fiscal 2021.

Stevanato Group: Drug containment, drug delivery and diagnostic solutions company Stevanato Group STVN is going public with a planned offering of 40 million shares at a price point of $21 to $24.

The company has been around for more than 70 years and works with over 700 companies including 41 of the top 50 pharmaceutical companies, eight of the top 10 in-vitro diagnostic companies and 15 of the top 20 biotechnology companies. Stevanato offers services like vials, cartridges, drug delivery, diagnostics, assembly, visual inspection and packages.

The company lists a total addressable market size of over $11 billion.

Blend Labs Inc: Financial service company Blend Labs Inc BLND plans on selling 20 million shares at a price point of $14 to $16. The company’s goal is to bring simplicity and transparency to financial services.

Blend Labs works with 24 of the top 100 non-bank mortgage lenders and 31 of the top 100 U.S. financial firms.

Blend Labs had 1.4 million transactions in 2020, up 190% from the prior year. Loan volume for the company was around $1.4 trillion in fiscal 2020.

Blend Labs recently completed an acquisition of Title 365, which offers title insurance for six of the top 12 mortgage companies in the U.S. and had revenue of $212 million in fiscal 2020. Blend Labs had revenue of $96 million in fiscal 2020, up 90% year-over-year.

Bridge Investment Group Holdings Inc: Vertically integrated real estate manager Bridge Investment Group Holdings Inc BRDG plans on selling 18.75 shares at a price point of $15 to $17.

The company has $26 billion in assets under management including 24,300 multifamily units, 12,500 workforce and affordable housing units, 11,600 senior housing units and 14.2 million square feet of office properties.

The company’s development includes an additional 10,400 multifamily units and over one million square feet of office space. Assets under management grew 40.9% annually from fiscal 2016 to fiscal 2020.

Revenue was $231.9 million in fiscal 2020 and $58.6 million in the first quarter of fiscal 2021 for the company.

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Posted In: NewsREITPreviewsIPOsTop StoriesTrading IdeasReal EstateAdam Gilchristf45 Training HoldingsMark WahlbergSera PrognosticsSoho HouseSPACStevanato
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