The IPO market got a break during the shortened holiday week, with just one IPO and six SPACs. New issuers continued to join the pipeline ahead of the final stretch of 2021, with seven IPOs and 17 SPACs submitting initial filings.
Air purification company AeroClean Technologies (AERC) priced its Reg A+ IPO at the low end to raise $25 million at a $139 million market cap. AeroClean is currently initiating the full-scale launch of its first product Purgo, a proprietary continuous air sanitization product for indoor spaces, and began recognizing revenue in July 2021. AeroClean soared 689% on its first day and finished up 710%.
The week’s SPAC lineup was led by Rosenfeld and Sgro’s Legato Merger II (LGTOU), which upsized to raise $240 million. The company plans to target businesses in the infrastructure, engineering and construction, industrial, and renewables industries.
| 7 IPOs During the Week of November 22nd, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/26 |
| AeroClean Technologies (AERC) | $25M | $139M | -9% | +689% | +710% |
| Makes air purification devices. | |||||
| Mana Capital Acquisition (MAAQU) | $62M | $78M | 0% | +2% | +3% |
| Blank check company targeting businesses in North America, Europe, and Asia. | |||||
| 8i Acquisition 2 (LAXXU) | $75M | $96M | 0% | +1% | +2% |
| Second Asia-focused blank check company backed by 8i Capital. | |||||
| Everest Consolidator Acq. (MNTN.U) | $150M | $188M | 0% | +1% | +1% |
| Blank check company targeting the wealth management industry. | |||||
| Beard Energy Transition (BRD.U) | $200M | $250M | 0% | +1% | +1% |
| Blank check company targeting electric power grid opportunities. | |||||
| Vahanna Tech Edge Acq. I (VHNAU) | $174M | $218M | 0% | +1% | +1% |
| Blank check company targeting tech businesses with connections to India. | |||||
| Legato Merger II (LGTOU) | $240M | $313M | 0% | +1% | +0% |
| Blank check company targeting the infrastructure, E&C, industrial and renewables industries. | |||||
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Seven IPOs submitted initial filings. eDiscovery provider KLDiscovery (KDSC.RC) and fracking services provider ProFrac Holding (PFHC) both filed to raise $100 million. Crypto mining and hosting provider Applied Blockchain (APLD) filed to raise $75 million, and pregnancy care platform developer Nuvo Group (NUVO) filed to raise $50 million. Australian CNS biotech Bionomics (BNOX) filed to raise $25 million, primary clinic operator Mitesco (MITI) filed to raise $17 million, and micro-cap satellite developer Sidus Space (SIDU) filed to raise $15 million.
17 SPACs submitted initial filings led by electrification-focused Battery Future Acquisition (BFACU), science and tech-focused Ahren Acquisition (AHRNU), tech and media-focusedPapaya Growth Opportunities I (PPYAU), Athena Technology Acquisition II (ATEK.U), and Investcorp Europe Acquisition I (IVCBU), all of which filed to raise $250 million.
| 24 Filings During the Week of November 22nd, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Battery Future Acq. (BFAC.U) | $250M | SPAC | Cantor Fitz. |
| Blank check company targeting electrification transition. | |||
| Heartland Media Acq. (HMA.U) | $200M | SPAC | BofA |
| Blank check company formed by Heartland Media targeting media, entertainment, and sports. | |||
| Mitesco (MITI) | $17M | Health Care | EF Hutton |
| Operates primary care clinics in the US. | |||
| Ahren Acquisition (AHRNU) | $250M | SPAC | Citi |
| Blank check company formed by Ahren Innovation Capital targeting deep science and deep tech. | |||
| Growth For Good Acq. (GFGDU) | $220M | SPAC | Credit Suisse |
| Blank check company targeting sustainable businesses. | |||
| Hainan Manaslu Acq. (HMACU) | $60M | SPAC | Ladenburg |
| Blank check company targeting businesses in high growth industries. | |||
| LatAmGrowth SPAC (LATGU) | $130M | SPAC | BofA |
| Blank check company targeting high growth businesses in Latin America. | |||
| Papaya Growth Opp. I (PPYAU) | $250M | SPAC | Cantor Fitz. |
| Blank check company backed by Launchpad Capital targeting tech and media. | |||
| Pearl Holdings Acq. (PRLHU) | $175M | SPAC | Morgan Stanley |
| Blank check company targeting global consumer-focused industries. | |||
| Revelstone Capital Acq. (RCACU) | $150M | SPAC | BofA |
| Blank check company led by the founders of Revelstone Capital. | |||
| Southport Acquisition (PORT.U) | $200M | SPAC | BofA |
| Blank check company targeting the financial software space. | |||
| Spree Acquisition (SHAPU) | $175M | SPAC | Stifel |
| Blank check company targeting mobility-related technology businesses. | |||
| Virtuoso Acquisition 2 (VUSOU) | $200M | SPAC | Cantor Fitz. |
| Second blank check company led by the co-founders of Connoisseur Media targeting a media business. | |||
| Athena Technology Acq. II (ATEK.U) | $250M | SPAC | Citi |
| Blank check company targeting fintech, enterprise, and healthtech industries. | |||
| Forbion European Acq. (FRBNU) | $100M | SPAC | UBS |
| Blank check company formed by Forbion targeting the life sciences industry in Europe. | |||
| Investcorp Europe Acq. I (IVCBU) | $250M | SPAC | Citi |
| Blank check company formed by Investcorp targeting businesses in Europe. | |||
| KLDiscovery (KDSC.RC) | $100M | Technology | JP Morgan |
| Provider of eDiscovery, information governance, and data recovery solutions. | |||
| Nuvo Group (NUVO) | $50M | Health Care | Cantor Fitz. |
| Developing a remote platform for pregnancy care management. | |||
| Sidus Space (SIDU) | $15M | Industrials | Boustead |
| Provides satellite and space services and defense manufacturing. | |||
| Applied Blockchain (APLD) | $75M | Technology | B. Riley |
| Crypto mining company focused on building co-hosting facilities for other miners. | |||
| Bionomics (BNOX) | $25M | Health Care | Evercore ISI |
| Australian Phase 2 biotech developing allosteric ion channel modulators for CNS disorders. | |||
| FTAC Emerald Acquisition (FTAC.RC) | $220M | SPAC | Goldman |
| Blank check company led by SPAC veteran Betsy Cohen targeting sustainable businesses. | |||
| Igniting Consumer Acq. (ICGCU) | $200M | SPAC | RBC |
| Blank check company targeting growth-oriented consumer businesses. | |||
| ProFrac (PFHC) | $100M | Energy | JP Morgan |
| Provides hydraulic fracturing and completion services to upstream E&Ps in North America. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/24/2021, the Renaissance IPO Index was down 1.1% year-to-date, while the S&P 500 was up 25.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 22.4% year-to-date, while the ACWX was up 7.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
