The US ipo market is likely to be the focus of new listings this week, with up to 18 floats pencilled in, while there are just five planned across the ASX.

A long time in the making, Robinhood (HOOD) is the undoubted ipo under the microscope over the coming days. The US commission-free retail broker is hoping to sell 52.4 million new shares at a price between US$38 and US$42 a piece, while targeting a market cap above US$30 billion on debut. 

The Reddit-inspired trading frenzy from earlier in the year may be easing, but the company is still coming to market with second-quarter revenue of at least US$546 million, which would be double that of a year ago. In the first quarter of the year, revenue skyrocketed 309% against the prior corresponding period, resulting in US$522 million of revenue versus US$128 million in Q1 2020.

Based on the number of Robinhood accounts, the proposed market cap would value each funded account at about US1,500. When the company was last valued in the private markets in September last year, it gained traction at a value of US$11.7 billion, however, that was well before the trading frenzy that took hold earlier this year.

Other notable names this week include vehicle battery manufacturer Clarios (NYSE: BTRY), which is raising somewhere in the vicinity of US$1.7 billion from shares priced between US$17 and US$21 each, as well as advertising platform Teads (NASDAQ: TEAD), teaching education platform PowerSchool (NASDAQ: PWSC) and language learning platform Duolingo (NASDAQ: DUOL).

Upcoming ipos

MarketCompanyFocusipo sizeExpected debutASXBest & Less Group (BST)Value apparel retail business$60mJuly 26ASXAquirian (AQN)Mining services company$8mJuly 27ASXEast 33 (ETT)Rock oyster producer and supplier$32mJuly 29ASXM3 Mining (M3M)Gold and base metals explorer$4.6mJuly 29ASXAlmonty Industries (AII)Investor and operator of tungsten projects$13.5mTBCUSOcean Biomedical (OCEA)Preclinical cancer therapy biotech US$50mTBCUSCandel Therapeutics (CADL)Phase 3 oncolytic cancer immunotherapyUS$85mTBCUSRallybio (RLYB)Phase 1/2 biotech for rare diseasesUS$81mTBCUSMuliang Viagoo (MULG)Chinese fertiliser and agri product supplierUS$40mTBCUSPowerSchool (PWSC)Teachers' classroom education platformUS$750mTBCUSIN8bio (INAB)Phase 1 oncology biotechUS$44mTBCUSIcosavax (ICVX)Phase 1 respiratory vaccine biotechUS$150mTBCUSMeridianLink (MLNK)Lending platform for mid-market institutionsUS$300mJuly 28USDuolingo (DUOL)Online language learning platformUS$460mJuly 28USContext Therapeutics (CNTX)Phase 2 therapeutics for cancersUS$20mJuly 28USDole (DOLE)Fruit and vegetable supplierUS$559mJuly 28USSnap One Holdings (SNPO)Smart-home tech products supplierUS$270mJuly 28USRobinhood (HOOD)No-commission retail brokerage platformUS$2.2bnJuly 28USTraeger (COOK)Premium grill manufacturerUS$400mJuly 29USPreston Hollow Comm (PHCC)Financier for social and economic projectsUS$200mJuly 29USRiskified (RSKD)E-commerce fraud protection firmUS$333mJuly 29USTeads (TEAD)Advertising platformUS$751mJuly 30USClarios (BTRY)Vehicle battery manufacturerUS$1.7bnJuly 30

*All dates are subject to change and should be treated as an indicative guide only

Future ASX Listings

Looking to stand out from the swarm of resources floats that have hit the ASX in recent weeks, Austral Resources is eyeing $30 million in fresh funds from prospective investors. The company owns the north-Queensland Antill copper mine, which is ready for production, and it is leveraged to an offtake contract that Austral has in place. It might not be the only large-scale float on the horizon, with a potential $1 billion listing on the cards for metals distributor Vulcan.Nonetheless, the early-stage explorers are still lining up, with gold and strategic minerals explorer Lukin Resources eyeing a small listing. Boasting assets across Australia and South Africa, Lukin is targeting an enterprise value just shy of $6 million.After wrapping up its bookbuild last week, radiopharmaceutical company Clarity Pharmaceuticals will target a late-August ASX listing. With an approximate value of $359 million, the biotech, founded in 2010, is looking to develop three products from its five clinical trials. It is working towards using copper radioisotopes for the diagnosis and treatment of a range of conditions including breast and prostate cancer, among other illnesses.Elsewhere, with plans to hit the boards of the ASX by November this year, assisted-living tech firm Careteq has begun preliminary plans to shore up its capital structure. The company develops technology that monitors movement patterns and falls in the elderly, and in FY21, the Deakin University-backed firm generated over $6 million in pro forma revenue. There could be a third car dealership group on the ASX soon, with Autopact forging ahead with ipo plans. With around $1.3 billion in revenue last financial year, the company is one of the largest dealership groups across the country.Telecoms network software developer ActivePort will open its $20 million ipo next month, with an estimated market cap of around $60 million. The company, which targets mining and engineering firms, boasts circa $14 million in pro forma revenue, with its software pitched as a link between various global hardware networks.

Future US Listings

Financial services software provider Clearwater Analytics is working its way towards an initial public offering, having engaged investment banks to get a deal up and running. The firm's software is used by a host of clients to manage investment portfolios, including the likes of banks, governments and insurers. Should a listing proceed as planned, estimates put the company's valuation at US$4 billion.Meanwhile, Hong Kong-based firm Insilico Medicine is hoping to raise US$300m for its own ipo. The company leverages artificial intelligence to help pharmaceutical and biotechnology firms with their drug discovery and research pipeline, including partners such as Pfizer. The offer could provide investors exposure to two of the most-popular themes of recent years. The other major name in discussion last week was a former ASX ipo aspirant in PropertyGuru. Despite abandoning plans for a local float at the last minute in late 2019, it is understood the Singapore real estate business is now on track for a US listing via a merger with a Special Purpose Acquisition Company (SPAC). Peter Thiel-linked Bridgetown 2 Holdings (NASDAQ: BTNB) is said to be party to the transaction, while ASX-listed REA Group (ASX: REA) is also reportedly backing the transaction.Last but not least, new ipo filings were headlined by South Korean game developer DoubleDown Interactive, and Alzheimer's biotech Cognition Therapeutics.

Be sure to keep an eye out for our end-of-week bulletin covering all the major results among new ASX and US ipos.