US IPO market winds down for Thanksgiving, two deals scheduled

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Updated: 26 November 2019


  • $235m expected to be raised by LMP Automotive Holdings and Alussa Energy Acquisition.
  • Thanksgiving break on Thursday (28th November).
  • com announced $100m IPO plans last Friday.


Thanksgiving holiday week will be a quiet one for the US IPO market with just one holdover from last week and a single SPAC set to debut and raise $235m in proceeds by Friday (22nd November).

Wall Street will be closed for Thanksgiving on Thursday 28th November, but there will still be time for auto e-tailer LMP Automotive Holdings to go public on the Nasdaq with an $11m deal run by ThinkEquity.

The run-up to the big day has not been smooth sailing for LMP after it lowered its proposed share sale, cutting 35% from its valuation and delaying its offering.

Florida-based company, The Plantation now expects the deal to go live sometime this week when 2,090 million shares will be priced at a $5–$6 range for an $11m deal size and a potential new market cap of $45m.

LMP was only founded in 2017 but its e-commerce site, a hub for users to purchase, rent and sell vehicles, has grown from strength to strength in a short time and booked $14m in revenue for the 12 months to November 2019.

Founder and CEO Samer Tawfik has already announced his intention to buy into 24% of the deal, which would equate to around $3m. LMP is set to list under the NASDAQ:LMPX ticker.

Alussa Energy Acquisition also expects to bring in $225m in proceeds this week from a 15 million share sale priced at $10 for a new market valuation of $281m.

Located in the Cayman Islands, Alussa wants to build its portfolio in oil & gas E&Ps through the deal — run by BTIG. It will list under a NASDAQ:ALUS.U ticker.

With just a little over a month left in the calendar year, companies harbouring ambitions to hold IPOs before 2020 will have to submit initial filings in the next week or so.

Payment software company (NYSE:BILL) did just that last Friday (22nd November) when it filed with the SEC for a $100m floatation.

While analysts are waiting on the finer details of the deal, there is excitement that could be a great long-term prospect in the stock race.

Goldman Sachs (NYSE:SE) and BofA Securities feature in a long lister of underwriters for the IPO.

A press release published earlier in the year put the company’s valuation at more than $1bn, and it has received support from third parties after recently raising $88m in a funding round.

The fintech unicorn’s prospectus is encouraging as its fundamentals are robust, although, in a similar manner to other tech IPOs in 2019, interested commentators are still unsure whether there is a path to profitability. delivered $35.1m revenue for the quarter to 30th September 2018, a 57% increase year-over-year, and more recently logged $108m total revenue for the FY ending 30th June 2019.