The IPO calendar was quiet this past week, but the pipeline got a boost from several large deals.
UK-based chip designer Arm (ARM) and grocery delivery platform Instacart (CART) led the week’s news, filing for IPOs that we estimate could raise up to $6 billion and $1 billion, respectively. Arm is expected to headline the 2023 IPO market, surpassing the year's current leader (KVUE) to complete the largest offering since late 2021 (RIVN). Based on the timing of their initial filings, both Arm and Instacart will be eligible to launch in the short Labor Day week.
Four other issuers filed to raise $100+ million: Vietnamese e-commerce play VNG (VNG.RC), radiopharmaceutical therapeutics biotech RayzeBio (RYZB), digital marketing software platform Klaviyo (KVYO), and brain disease biotech Neumora Therapeutics (NMRA).
| 12 Filings During the Week of August 21st, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Haoxi Health Technology (HAO) | $14M | Communication Services | EF Hutton |
| Provides online marketing solutions in China. | |||
| Instacart (CART) | $1,000M | Technology | Goldman |
| Operates a grocery delivery platform. | |||
| Klaviyo (KVYO) | $750M | Technology | Goldman |
| Provides a software platform that automates digital marketing campaigns. | |||
| Neumora Therapeutics (NMRA) | $250M | Health Care | JP Morgan |
| Phase 3 biotech developing therapies for brain diseases. | |||
| Mission Control Acq. (MISNU) | $100M | SPAC | EarlyBird |
| Blank check company targeting the aerospace and defense services industries. | |||
| RayzeBio (RYZB) | $100M | Health Care | JP Morgan |
| Phase 3 biotech developing radiopharmaceutical therapies for cancer. | |||
| Globavend (GVH) | $8M | Industrials | R. F. Lafferty |
| Provides cross-border logistics and shipping services. | |||
| VNG (VNG) | $100M | Technology | Citi |
| Diversified platform focused on gaming and media in Vietnam. | |||
| mF International (MFI.RC) | $8M | Technology | Pacific Century Securities |
| Hong Kong-based trading platform provider. | |||
| Arm (ARM) | $6,000M | Technology | Barclays |
| UK-based chip designer for smartphones and other markets. | |||
| New Century Logistics (NCEW) | $11M | Industrials | Craft Capital |
| Hong Kong-based provider of air and ocean freight forwarding services. | |||
| Quetta Acquisition (QETAU) | $60M | SPAC | EF Hutton |
| Blank check company targeting the fintech sector in Asia. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/24/2023, the Renaissance IPO Index was up 25.0% year-to-date, while the S&P 500 was up 15.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 14.2% year-to-date, while the ACWX was up 7.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
