For 2016, Renaissance Capital reported a total of 160 IPOs, up more than 52% year over year from 105 in 2016. Total 2017 proceeds amounted to $35.5 billion compared with a 2016 total of $18.8 billion. Renaissance Capital does not include “best efforts” or blank-check companies in its totals, nor does it include IPOs that raise less than $10 million.
In an earlier story we looked back at some of the . Now it's time to look ahead at some of the biggest potential IPOs of 2018.
Renaissance Capital identifies four deals seeking to raise $1 billion or more that are already in the pipeline:
AXA Equitable is the U.S. arm of French insurance giant AXA. Although the preliminary filing listed the deal size at $100 million, that is likely a placeholder for an IPO to raise up to $3 billion. Underwriters for the offering are Morgan Stanley and J.P. Morgan.
Corporación América Airports is an Argentina-based operator of 51 airports in Latin America, Europe, and Eurasia. The deal size is expected to be $1.5 billion. Underwriters are Oppenheimer & Co., BofA/Merrill Lynch, Citi, and Goldman Sachs.
FTS International provides hydraulic fracturing (fracking) services in North America. This IPO is estimated at $1 billion. Underwriters are Credit Suisse, Morgan Stanley, Barclays, Citi, Wells Fargo Securities, Evercore ISI, Cowen & Company, Guggenheim Securities, and Tudor, Pickering, Holt & Co.
VICI Properties is a REIT that acquires and develops gambling and leisure destinations. The IPO is expected to aim for a capital raise of $1 billion. Underwriters are Morgan Stanley, Goldman Sachs, and BofA/Merrill Lynch.
Among venture-backed companies there are a handful of highly valued firms that are likely candidates for 2018 IPOs:
Vacation-rental service Airbnb has an estimated valuation of $31 billion and there was a chance the company would file for an IPO in 2017. That didn't happen.
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Music streaming leader Spotify is expected to file for a direct listing on the New York Stock Exchange early in 2018. The company's valuation is around $19 billion. While Spotify continues to grow rapidly, it also continues to lose piles of money. The company has received about $1.2 billion in venture funding according to Renaissance Capital.
Ridesharing firm Lyft is another possible 2018 IPO. The firm is valued at $11.5 billion and it has received some $4.1 billion in funding. Competitor Uber is not expected to file until 2019.
Cloud storage provider Dropbox is valued at a neat $10 billion. The company has reportedly hired Goldman Sachs as an adviser, presumably on an IPO.