U.S. IPO Week Ahead: Bitcoin Mining And Real Estate Lead A 5 IPO Week

Five IPOs are slated to raise $457 million in the shortened holiday week ahead.

REIT Four Springs Capital Trust (FSPR) plans to raise $252 million at a $603 million market cap. The company’s portfolio consists of 156 commercial properties across 32 states, focused on single-tenant, income producing industrial, medical, retail, and office properties. Four Springs’ properties were 99.8% leased as of 12/15/21, though its 10 largest tenants accounted for nearly half of its ABR.

Bitcoin miner Rhodium Enterprises (RHDM) plans to raise $100 million at a $1.6 billion market cap. Rhodium believes it is one of the largest liquid-cooled bitcoin mining sites in the world, with 100 MW of liquid-cooled miners online as of 12/31/21. While the company depends on the volatile Bitcoin market, it delivered explosive growth and turned profitable in the 9mo21.

Verdant Earth Technologies (VDNT) plans to raise $50 million at a $201 million market cap. Australia-based Verdant is a development stage green energy company in the process of repurposing and recommissioning a traditional coal-fired power plant to run on renewable fuel. The company does not expect to generate revenue until after it completes its first project, which depends on government approval.

OTC-listed Modular Medical (OTCQB:MODD) plans to raise $30 million at a $130 million market cap. Modular Medical is developing a wearable insulin pump device for both type 1 and type 2 diabetes, and expects to submit its product to the FDA in March 2022 through a premarket notification process. The company has not generated any revenues to date.

Samsara Vision (SMSA) plans to raise $25 million at a $153 million market cap. This company produces medical implants for retinal diseases such as AMD. Highly unprofitable, Samsara’s current product line consists of two implantable miniature telescopes (IMT) and its Tsert delivery system.

U.S. IPO Calendar
IssuerBusiness	Deal SizeMarket Cap	Price RangeShares Filed	TopBookrunners
Four Springs Capital REIT (FSPR) Lake Como, NJ	$252M $603M	$13-$15 18,000,000	Morgan Stanley Goldman
Single-tenant net lease REIT with 156 commercial properties across 32 states.
Rhodium Enterprises (RHDM) Fort Worth, TX	$100M $1,616M	$12-$14 7,692,307	B. Riley Cowen
Fully integrated bitcoin miner with a planned 100 megawatt capacity.
Modular Medical (OTCQB:MODD) San Diego, CA	$30M $130M	$12.49 2,401,922	Oppenheimer
Developing a wearable insulin pump device.
Samsara Vision (SMSA) Far Hills, NJ	$25M $153M	$5-$7 4,166,667	ThinkEquity
Makes medical implants for retinal diseases including AMD.
Verdant Earth Tech (VDNT) Sydney, Australia	$50M $201M	$7-$9 6,250,000	Roth Cap.
Repurposes traditional power plants to run on renewable fuel in Australia.

Lock-up periods will be expiring for up to 17 companies.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/13/2022, the Renaissance IPO Index was down 13.0% year-to-date, while the S&P 500 was down 2.2%. Renaissance Capital’s IPO ETF (NYSEARCA:IPO) tracks the index, and top ETF holdings include Uber Technologies (NYSE:UBER) and Snowflake (NYSE:SNOW).

The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 1.5%. Renaissance Capital’s International IPO ETF (NYSEARCA:IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou Technology.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.