Two small Asian issuers went public in the US this past week, while some scheduled deals delayed.
The biggest news came on Friday, with chipmaker Astera Labs (ALAB) launching its $507 million IPO. The deal is expected to price week after next. Social media platform Reddit (RDDT) also grabbed headlines on Friday, as it reportedly plans to kick off its IPO roadshow in the coming week.
Singapore-based ride-hailing app Ryde Group (RYDE) priced at the low end to raise $12 million at a $76 million market cap. The company currently providing on-demand and scheduled carpooling and ride-hailing services, as well as on-demand, scheduled, and multi-stop parcel delivery services. Ryde has delivered solid revenue growth, though transaction volume and GMV have declined. Ryde finished up 32%.
Chinese recruiting services provider Lucas GC (LGCL) priced at the low end to raise $6 million at a $318 million market cap. Initially focused as a recruitment assistance company, Lucas GC now operates two platforms that provide recruitment, outsourcing, and other services. The company is profitable and growing, but relies heavily on corporate customers for revenue. Lucas GC finished down 20%.
| 2 IPOs During the Week of March 4th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/08 |
| Ryde (RYDE) | $12M | $76M | -11% | +0% | +32% |
| Operates a ride-hailing app in Singapore. | |||||
| Lucas GC (LGCL) | $6M | $318M | -53% | -10% | -20% |
| Provides online recruiting and outsourcing services in China. | |||||
The week’s new filings were led by oncology biotech Boundless Bio (BOLD), which filed to raise $100 million. Its lead candidate is currently being studied in a Phase 1/2 trial in oncogene amplified cancers, with preliminary data expected in the 2H24.
| 8 Filings During the Week of March 4th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Eureka Acquisition (EURAU.RC) | $50M | SPAC | Maxim |
| Blank check company targeting businesses in Asia. | |||
| Cuprina Holdings (CUPR) | $10M | Health Care | Network 1 |
| Singapore-based provider of chronic wound care products. | |||
| Jyong Biotech (JBIO.RC) | $29M | Health Care | Joseph Stone |
| Commercial-ready Taiwanese biotech developing therapies for urinary diseases. | |||
| Boundless Bio (BOLD) | $100M | Health Care | Goldman |
| Phase 1 biotech developing inhibitor therapies for oncogene amplified tumors. | |||
| Primega Group (PGHL) | $9M | Industrials | Eddid Securities |
| Provides transportation services to the construction industry in Hong Kong. | |||
| Wing Yip Food (WYHG) | $30M | Consumer Staples | EF Hutton |
| Processes and sells meat products in China. | |||
| Luda Technology Group (LUD) | $9M | Materials | Pacific Century |
| Chinese manufacturer of stainless and carbon steel flanges and fittings products. | |||
| Skubbs Holdings (SKUB) | $8M | Technology | Revere Sec. |
| Singapore-based provider of app development and platform ad services. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/7/2024, the Renaissance IPO Index was up 6.6% year-to-date, while the S&P 500 was up 8.4%. 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 3.2% year-to-date, while the ACWX was up 3.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
