After posting the busiest quarter in two decades, the IPO market is taking a breather in the week ahead, with one IPO currently on the calendar. While the recent pullback in IPO aftermarket returns could dampen spring listings, we attribute the current break to the Easter holiday; four of the past five years had no IPOs during the week after Easter, while one year saw one foreign company list in the US.
Israeli medical device developer Inspira Technologies OXY (IINN) plans to raise $17 million at an $89 million market cap. Inspira's lead product in development is a novel respiratory support system comprised of a minimally invasive, portable dual lumen cannula which is inserted into the jugular vein. The system has not been tested in humans, or cleared or approved by the FDA. It is aiming for FDA approval in the 2H22.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Inspira Technologies OXY (IINN) Tel-Aviv, Israel |
$17M $89M |
$5.50 - $6.50 2,750,000 |
Benchmark |
| Developing minimally invasive devices for mechanical ventilation. | |||
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Renaissance Capital has updated its 1Q 2021 US IPO Market Review, exploring the first quarter’s record-breaking activity, best and worst performers, and outlook for the 2Q.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/31/21, the Renaissance IPO Index was down 3.4% year-to-date, while the S&P 500 was up 5.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 6.4% year-to-date, while the ACWX was up 4.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou Technology and Nexi.
