Just one small IPO priced this past week, joined by one SPAC that began trading. Three IPOs joined the pipeline, including one that plans to raise $100 million, as well as four SPACs.
The sole pricing this week was steel framing manufacturer INNO HOLDINGS (INHD), which priced at the low end to raise $10 million at an $83 million market cap. Small and highly unprofitable, the company serves commercial, residential, and industrial customers, and its finished products and cold-formed steel members are used in a variety of building types. Unlike most US IPOs, INNO did not begin trading after pricing; it’s scheduled to debut in the week ahead.
While not included below, blank check Aimei Health Technology (AFJKU) began trading on Monday after raising $60 million the prior week. It plans to target small-cap healthcare businesses.
| 1 IPO During the Week of December 4th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/08 |
| INNO (INHD) | $10M | $83M | -11% | n/a | n/a |
| Manufactures cold-formed steel framing for the construction industry. | |||||
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Offshore transport services provider Hornbeck Offshore Services (HOS) filed to raise $100 million. The company provides marine transport services in the US and Latin America using its fleet of offshore and multi-purpose vessels, which it believes is one of the largest in the industry. Hornbeck was joined by UK-based energy services provider Energys Group (EGYS.RC), which filed to raise $15 million, and Malaysian wire and cable manufacturer Linkers Industries (LNKS), which filed to raise $11 million.
Four SPACs submitted initial filings this past week. Blue Room Acquisition (IBLUU) filed to raise $200 million to target financials. Legato Merger III (LEGT.U) filed to raise $175 million to target infrastructure, engineering, construction, industrials, and renewables. FG Merger III (FGTHU.RC) filed to raise $150 million to target financial services in North America. TechyBird Acquisition (TKBDU) filed to raise $60 million to target tech and biotech.
| 7 Filings During the Week of December 4th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Energys Group (EGYS.RC) | $15M | Industrials | Joseph Stone |
| UK-based provider of energy-saving products and services. | |||
| Linkers Industries (LNKS) | $11M | Industrials | Pacific Century Securities |
| Malaysian manufacturer and supplier of wire/cable harnesses. | |||
| Hornbeck Offshore (HOS) | $100M | Energy | JP Morgan |
| Provides marine transportation to the offshore oilfield and diversified non-oilfield markets. | |||
| Legato Merger III (LEGT.U) | $175M | SPAC | BTIG |
| Blank check company targeting the infrastructure, E&C, industrial and renewables industries. | |||
| Blue Room Acquisition (IBLUU) | $200M | SPAC | Maxim |
| Blank check company led by MKM Bolsa Privada executives targeting the financial sector. | |||
| FG Merger III (FGTHU.RC) | $150M | SPAC | ThinkEquity |
| Blank check company targeting the financial services industry in North America. | |||
| TechyBird Acquisition (TKBDU) | $60M | SPAC | Spartan Capital |
| Blank check company targeting the tech and biotech sectors. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/7/2023, the Renaissance IPO Index was up 38.7% year-to-date, while the S&P 500 was up 21.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Kenvue (KVUE). The Renaissance International IPO Index was down 19.2% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
