After a week of no IPOs or SPACs, May closed out with one small deal. Three IPOs and one SPAC submitted initial filings.
Zhong Yang Financial Group (TOP) priced at the low end to raise $25 million at a $175 million market cap. The Hong Kong-based online brokerage specializes in the trading of equities, futures, and options, and generates most revenues from flat-rate commission fees. Zhong Yang soared 240% in its debut and finished the week up 221%.
While not included below, nano-cap SaverOne (SVRE) raised $12 million at a $19 million market cap through a unit offering. The Tel Aviv-listed company is developing a system to block mobile phone usage while driving.
| 1 IPO During the Week of May 30th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/03 |
| Zhong Yang Financial (TOP) | $25M | $175M | -9% | +240% | +221% |
| Hong Kong-based online brokerage. | |||||
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Adamas One (JEWL), an early-stage producer of lab-grown diamonds, filed to raise $30 million, AdTech platform NYIAX (NYX) filed to raise $20 million, and Phase 2 biotech Shuttle Pharmaceuticals (SHPH) filed to raise $14 million. SPAC Mobiv Acquisition (MOBVU), which intends to target the EV industry in Asia and Europe, filed to raised $100 million.
| 4 Filings During the Week of May 30th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Shuttle Pharmaceuticals (SHPH) | $14M | Health Care | Boustead |
| Phase 2-ready biotech developing drugs to improve radiation therapy. | |||
| Adamas One (JEWL) | $30M | Materials | Alexander Capital |
| Early-stage producer of lab-grown diamonds for jewelry and industrial uses. | |||
| Mobiv Acquisition (MOBVU) | $100M | SPAC | EF Hutton |
| Blank check company targeting the electric vehicle industry in Asia and Europe. | |||
| NYIAX (NYX) | $20M | Technology | Boustead |
| Provides an advertising marketplace and contract management platform. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/2/2022, the Renaissance IPO Index was down 43.6% year-to-date, while the S&P 500 was down 11.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and CrowdStrike Holdings (CRWD). The Renaissance International IPO Index was down 26.9% year-to-date, while the ACWX was down 10.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
