No IPOs debuted this past, as two companies previously scheduled to list (NTHI and RAN) kicked the can down the road. Seven IPOs and one SPAC submitted initial filings this week.
Meanwhile, social media platform Reddit (RDDT) launched its $715 million IPO, and Peru-based healthcare firm Auna (AUNA) launched its $420 million IPO. Both are scheduled to list in the week ahead.
Seven IPOs submitted initial filings this past week. Nursing facilities company PACS Group (PACS) filed to raise an estimated $500 million. Neuroscience and inflammation biotech Contineum Therapeutics (CTNM) filed to raise $150 million. Serve Robotics (SERV), an autonomous delivery robot developer spun out of Uber, filed for a $46 million Nasdaq uplisting. Oncology and autoimmune biotech Lirum Therapeutics (LRTX) filed for a $25 million IPO. Hong Kong-based ad services provider CTRL Group (MCTR) filed for a $17 million IPO. Malaysian TV channel operator Suke (SUKE) filed for a $10 million IPO at a $121 million market cap. Japanese pachinko hall operator Libera Gaming Operations (LBRJ) filed to raise $6 million at a $72 million market cap.
One blank check company submitted initial filings this past week: RF Acquisition II (RFAIU) filed to raise $100 million to target the tech sector in Asia.
| 8 Filings During the Week of March 11th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Contineum Therapeutics (CTNM) | $150M | Health Care | Goldman |
| Phase 1 biotech developing small molecule therapies for NI&I indications. | |||
| CTRL Group (MCTR) | $17M | Communication Services | Revere Sec. |
| Hong Kong-based provider of ad services to mobile game developers. | |||
| Libera Gaming Operations (LBRJ) | $6M | Consumer Discretionary | Boustead |
| Operates pachinko gaming halls in Japan. | |||
| PACS Group (PACS) | $500M | Health Care | Citi |
| Post-acute care provider with more than 200 nursing facilities across the US. | |||
| Suke (SUKE) | $10M | Communication Services | Revere Sec. |
| Operates the over-the-top shopping channel SUKE TV in Malaysia. | |||
| Lirum Therapeutics (LRTX) | $25M | Health Care | ThinkEquity |
| Phase 1 biotech developing an in-licensed therapy for cancer and autoimmune diseases. | |||
| RF Acquisition II (RFAIU) | $100M | SPAC | EarlyBird |
| Blank check company targeting the deep tech sector in Asia. | |||
| Serve Robotics (SERV) | $46M | Industrials | Aegis Cap. |
| Developer of autonomous delivery robots spun out of Uber. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/14/2024, the Renaissance IPO Index was up 5.9% year-to-date, while the S&P 500 was up 8.3%. 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 1.2% year-to-date, while the ACWX was up 4.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
