The IPO market was quiet as expected during election week, with only one nano-cap (ADUR) and two SPACs (GSRTU, WLACU) completing listings.
The biggest news of the week came from the pipeline, where a couple notable names provided updates. Software firm Solera (SLRA) disclosed updated financials ahead of an estimated $1.5 billion IPO, and China-based robotaxi developer Pony AI (PONY) filed an amendment ahead of its estimated $300 million listing.
| 2 IPOs During the Week of November 4th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/08 |
| GSR III Acquisition (GSRTU) | $200M | $262M | 0% | +0% | +0% |
| Blank check company led by SPAC veterans targeting "high potential" businesses in the US. | |||||
| Willow Lane Acquisition (WLACU) | $110M | $150M | 0% | +0% | +0% |
| Blank check company led by Luke Weil targeting consumer goods and other sectors. | |||||
| 8 Filings During the Week of November 4th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Flag Fish Acquisition (FFSHU) | $60M | SPAC | Lucid Cap. Mkts. |
| Blank check company targeting businesses with a connection to the Asian market. | |||
| Hennessy Capital VII (HVIIU) | $150M | SPAC | Cohen & Company |
| Blank check company formed by Hennessy Capital targeting industrial tech and energy transition. | |||
| Masonglory (MSGY) | $8M | Industrials | Benjamin Securities |
| Hong Kong-based subcontractor providing wet trades and other services. | |||
| Artius II Acquisition (AACBU) | $200M | SPAC | Santander |
| Second blank check company backed by Artius Capital targeting the tech sector. | |||
| RedCloud (RCT) | $86M | Technology | Roth Cap. |
| Operates a B2B platform for trading consumer goods. | |||
| Skycorp Solar (PN) | $12M | Industrials | Cathay Securities |
| Chinese provider of solar photovoltaic and high performance computing products. | |||
| Mega Fortune (MGRT) | $17M | Technology | EF Hutton |
| Provides Internet of Things solutions and services to businesses in the APAC region. | |||
| OMS Energy Technologies (OMSE) | $32M | Energy | Roth Cap. |
| Singapore-based manufacturer of surface wellhead systems and oil country tubular goods. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/7/2024, the Renaissance IPO Index was up 23.5% year-to-date, while the S&P 500 was up 26.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Nu Holdings (NU) and Arm Holdings (ARM). The Renaissance International IPO Index was down 8.5% year-to-date, while the ACWX was up 10.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Amman Mineral Internasional.
