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US IPO Weekly Winners & Losers

June 9, 2024

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The week’s IPO lineup started off with a handful of big listings, but it ended one deal short.

US aluminum company Novelis (NYSE: NVL) pulled its $878 million IPO in the largest post-launch postponement since Clarios in mid-2021. Novelis cited “market conditions” but with the S&P 500 at all-time highs, it likely came down to valuation. IPO investors still need a clear discount to public peers, or else the pitch better be airtight.

Otherwise the IPO market continued to warm up. Four sizable deals got done, and two more launched for the week ahead.

Hospital billing platform Waystar (Nasdaq: WAY) led the week’s lineup, pricing its $968 million offering at the midpoint. It traded off 4% in its debut. The high-margin software seller’s PE sponsors used the IPO to pay down debt, a trend to look out for in the second half.

The week’s IPOs also included ASX-listed safety app Life360 (Nasdaq: LIF), CNS disorder biotech Rapport Therapeutics (Nasdaq: RAPP), and Israeli glass film maker Gauzy (Nasdaq: GAUZ). The three delivered mixed trading.

On the calendar for next week: Precision medicine company Tempus AI (Nasdaq: TEM) and another Australian cross-listing Telix Pharmaceuticals (Nasdaq: TLX). Tempus is slated to raise $400 million, pitching a vision of AI-integrated healthcare. Telix plans to raise about $200 million to expand the label of its commercial product.

The IPO Index climbed +0.5% this week, compared to the S&P 500’s +1.3% return. Assisted driving tech developer Mobileye was the winner, gaining +23.5%, while water infrastructure company Core & Main traded off -17.5%.

Take care,
Bill Smith
CEO and Founder
Renaissance Capital

Weekly IPO Winners & Losers
Biggest price changes through Jun 7th in the Renaissance IPO Index
Top 5
Mobileye Global MBLY 23.5%
Nuvalent NUVL 20.7%
Arm Holdings ARM 13.3%
Clear Secure YOU 8.3%
Instacart (Maplebear) CART 8.2%
Bottom 5
Core & Main CNM -17.5%
dLocal DLO -11.5%
Fluence Energy FLNC -11.0%
CAVA Group CAVA -8.1%
GitLab GTLB -7.6%
Health Care 9.5%
Technology 1.0%
Financials 0.2%
Consumer Discretionary 0.2%
Consumer Staples -4.7%
Industrials -6.9%
Renaissance IPO Index Performance

Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index

The Renaissance IPO Index returned 0.5% last week vs. 1.3% for the S&P 500.