Only one small IPO debuted this past week.
Solar energy company SolarMax Technology (SMXT) raised $18 million at a $178 million market cap. It primarily sells and installs LED lighting and retrofitting services, as well as integrated photovoltaic systems in the US. The company owns a unit that provides solar project services in China, although it has not produced revenue for the past two years. SolarMax popped 100% on its first day of trading, but finished the week up a more modest 22%.
| 1 IPO During the Week of February 26th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/01 |
| SolarMax Technology (SMXT) | $18M | $178M | 0% | +100% | +22% |
| Sells solar energy equipment and LED light systems in the US and solar services China. | |||||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/29/2024, the Renaissance IPO Index was up 4.2% year-to-date, while the S&P 500 was up 7.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Coinbase Global (COIN) and Kenvue (KVUE). The Renaissance International IPO Index was down 3.5% year-to-date, while the ACWX was up 1.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
