The February lull is in full swing, with four very small holdovers currently scheduled for the week ahead.
Chinese touchscreen maker Wetouch Technology (WETH) plans to raise $18 million at a $76 million market cap. The company develops, manufacturers, sells, and services medium to large sized projected capacitive touchscreens. Its touchscreens are used in a variety of industries, including for financial terminals, automobiles, gaming and lottery machines, and medical devices.
Advertising contract marketplace NYIAX (NYX) plans to raise $8 million at an $82 million market cap. Small and highly unprofitable, NYIAX’s platform utilizes blockchain technology to allow companies to list, buy, and sell advertising and audience campaigns.
Japanese property reseller Metros Development (MTRS) plans to raise $6 million at a $364 million market cap. The company identifies and purchases what it believes to be underdeveloped land and buildings, and resells them to developers. As of 5/31/23, it had real estate inventories of more than $190 million, including more than 60 material real estate inventories in excess of $1 million.
Maritime tour operator Amphitrite Digital (AMDI) may raise $7 million at a $61 million market cap. The company provides in-destination tours, activities, and attractions in the continental US and US Virgin Islands, with an owned fleet of 26 luxury catamarans and power boats in the USVI and Panama City. Amphitrite Digital is small but growing.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Wetouch Technology (WETH) Meishan, China | $18M $76M | $5 - $7 3,000,000 | WestPark Capital Craft Capital |
| Makes medium to large sized projected capacitive touchscreens. | |||
| NYIAX (NYX) New York, NY | $8M $82M | $4 2,106,250 | WestPark Capital EF Hutton |
| Provides an advertising marketplace and contract management platform. | |||
| Metros Development (MTRS) Tokyo, Japan | $6M $364M | $6.40 1,000,000 | Boustead EF Hutton |
| Purchases and resells underdeveloped properties in Japan. | |||
| Amphitrite Digital (AMDI) St. Thomas, U.S. Virgin Islands | $7M $61M | $3.50 - $4.50 1,750,000 | Kingswood Cap. Mkts. |
| Provides maritime tours and activities in the continental US and US Virgin Islands. | |||
Street research is expected for seven companies in the week ahead. For access to Street research dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/15/2024, the Renaissance IPO Index was up 2.5% year-to-date, while the S&P 500 was up 5.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Coinbase Global (COIN) and Kenvue (KVUE). The Renaissance International IPO Index was down 6.9% year-to-date, while the ACWX was down 0.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
