One small Asian issuer went public in the US this past week, ahead of the Christmas holiday.
This is the final edition of the Weekly Recap for 2023. Our weekly blogs will resume in the first week of January.
Japanese e-commerce firm Linkage Global (LGCB) priced at the low end to raise $6 million at an $86 million market cap. Operating through entities in Japan, Hong Kong, and mainland China, Linkage offers a system comprised of cross-border sales and integrated e-commerce services. The company is fairly small but profitable and growing. Linkage Global finished down 49%.
| 1 IPO During the Week of December 18th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/22 |
| Linkage Global (LGCB) | $6M | $86M | -20% | -22% | -49% |
| Japanese online retailer and provider of cross-border e-commerce services. | |||||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
There were a handful of new filings this past week, led by specialty insurer Aspen Holdings (AHL.RC), which filed for an IPO we estimate could raise up to $500 million.
| 7 Filings During the Week of December 18th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| LZ Technology (LZMH) | $60M | Communication Services | EF Hutton |
| Provides advertising services via a network of monitors across China. | |||
| Micropolis Holding (MCRO.RC) | $37M | Technology | Network 1 |
| Dubai-based developer of autonomous mobile robots and related software. | |||
| 3 E Network Technology (EEET) | $15M | Technology | Boustead |
| Chinese provider of software primarily for property and restaurant management applications. | |||
| Aspen Insurance (AHL.RC) | $500M | Financials | Goldman |
| Bermuda-based global provider of specialty P&C insurance and reinsurance. | |||
| High Roller Technologies (HRLR) | $17M | Consumer Discretionary | ThinkEquity |
| Operates an online casino gaming platform. | |||
| Massimo Group (MAMO) | $25M | Consumer Discretionary | Roth Cap. |
| Manufactures and distributes powersports vehicles and motor boats. | |||
| NeOnc Technologies (NTHI) | $50M | Health Care | Loop Capital |
| Phase 2 biotech developing intranasal and oral therapies for brain cancer. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/21/2023, the Renaissance IPO Index was up 50.9% year-to-date, while the S&P 500 was up 25.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Coinbase Global (COIN). The Renaissance International IPO Index was down 17.8% year-to-date, while the ACWX was up 14.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Wise.
