No IPOs were scheduled for pricing this week – a sign that the IPO market is taking its traditional August break. The late summer slowdown traditionally begins around mid-August and usually lasts until about a week after the Labor Day holiday. In the coming days and the next few weeks, there may be a few small-cap deals, uplistings (also known as “uplifts”) and a handful of SPACs or blank-check deals. But for all practical purposes, the IPO market is in slowdown mode.
One SPAC – Waverley Capital Acquisition Corp. I (WAVC.U) – was priced Thursday night, Aug. 19, 2021; the stock and warrants started trading Friday, Aug. 20, 2021, on the New York Stock Exchange. Evercore ISI and Morgan Stanley were the joint book-runners.
Final Full Week of August
The IPO Calendar is blank for the week of Aug. 23, 2021, which will be the final full week of August. This is the second week in a row with no IPOs scheduled for pricing. Some IPO bankers are working behind the scenes on SEC filings to build the IPO pipeline for the fall. But most Wall Street bankers – and IPO investors – appear to be stepping away from their screens to enjoy the final days of summer.
We wish all of our IPOScoop readers and subscribers a safe and happy August break!
(Editor’s Note: This column was updated Friday afternoon to include the pricing of one SPAC IPO this week and to note that next week’s IPO Calendar is blank so far.)