One small IPO and one SPAC priced this past week as markets slowed around the Thanksgiving holiday.
Skincare company Elevai Labs (ELAB) priced at the low end to raise $6 million at a $69 million market cap. Small and highly unprofitable, the company offers “physician-dispensed” skincare products, meaning they are sold exclusively in physician clinics or medically-directed businesses. Its initial product line uses patent-pending stem cell processing technology and includes two post-skincare procedure care products. Elevai Labs finished down 7%.
Colombier Acquisition II (CLBR.U) upsized to raise $150 million. The blank check company plans to identify opportunities in the "entrepreneurship, innovation & growth" industries and focus on businesses with scalable growth platforms, strong competitive positioning, and enterprise values between $150 million and $2 billion, among other characteristics.
| 2 IPOs During the Week of November 20th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/24 |
| Colombier Acquisition II (CLBR.U) | $150M | $188M | 0% | +0% | +0% |
| Blank check company targeting "entrepreneurship, innovation & growth" industries. | |||||
| Elevai Labs (ELAB) | $6M | $69M | -20% | -15% | -7% |
| Makes physician-dispensed skincare products. | |||||
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| 3 Filings During the Week of November 20th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| SU Group (SUGP) | $6M | Industrials | Benchmark |
| Provides security-related engineering services in Hong Kong. | |||
| Top Wealth Group (TWG) | $10M | Consumer Staples | Pacific Century Securities |
| Hong Kong-based supplier of luxury caviar products. | |||
| COR3 & Co. (COC) | $17M | Consumer Discretionary | Eddid Securities |
| Malaysia-based fashion apparel retailer. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/22/2023, the Renaissance IPO Index was up 33.1% year-to-date, while the S&P 500 was up 20.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Palantir Technologies (PLTR) and Kenvue (KVUE). The Renaissance International IPO Index was down 16.9% year-to-date, while the ACWX was up 9.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
