Three IPOs debuted this past week, led by LNG services provider Excelerate Energy (EE), which completed the first $100+ million US IPO in over two months.
Excelerate Energy (EE) priced at the high end to raise $384 million at a $2.5 billion market cap. The company owns a fleet of floating storage and regasification units, which are used to regasify liquefied natural gas (LNG) for power generation and other applications. While it depends on few customers, Excelerate has benefited from accelerating growth of LNG demand tied to the war in Ukraine, and it currently has three projects under development. Excelerate Energy finished up 17%.
After slashing its valuation ahead of pricing, data center builder Applied Blockchain (APLD) priced below the downwardly revised range to raise $40 million at a $505 million market cap. Formerly listed on the OTC, the company is early stage with limited operating history. Applied Blockchain finished down 4%.
Singapore-based Genius Group (GNS) downsized and priced at the high end to raise $20 million at a $129 million market cap. The unprofitable company was the latest small issuer to soar on its debut, popping over 400%. Genius Group traded off in the aftermarket to finish up 33%.
One SPAC also priced during the week. Aura FAT Projects Acquisition (AFARU) raise $100 million to target emerging tech in Asia.
| 4 IPOs During the Week of April 11th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/15 |
| Genius Group (GNS) | $20M | $129M | 9% | +408% | +33% |
| Provides online and in-person entrepreneur education services. | |||||
| Excelerate Energy (EE) | $384M | $2,542M | 7% | +12% | +17% |
| Operates LNG storage and regasification infrastructure in emerging markets. | |||||
| Aura FAT Projects Acq. (AFARU) | $100M | $126M | 0% | +0% | +0% |
| Blank check company targeting Web 3.0, crypto, fintech, and other emerging tech in Southeast Asia and Australasia. | |||||
| Applied Blockchain (APLD) | $40M | $505M | -73% | -66% | -4% |
| Building data centers leased to crypto miners. | |||||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Two IPOs and one SPAC submitted initial filings. Piano maker Steinway Musical Instruments Holdings (STWY) filed to raise $100 million. Cancer biotech MAIA Biotechnology (MAIA) filed to raise $15 million. SPAC Feutune Light Acquisition (FLFVU) filed to raise $85 million.
| 3 Filings During the Week of April 11th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Steinway (STWY) | $100M | Consumer Discretionary | Goldman |
| Makes high-performance pianos and other musical instruments. | |||
| Feutune Light Acquisition (FLFVU) | $85M | SPAC | Tiger Brokers |
| Blank check company led by executives at Wui Kam USA and US Tiger Securities. | |||
| MAIA Biotechnology (MAIA) | $15M | Health Care | ThinkEquity |
| Phase 2 biotech developing targeted immunotherapies for cancer. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
This past week, Renaissance Capital released its 1Q22 IPO law firm rankings. See below for links to all of our quarterly content:
- 1Q22 US IPO Market Review
- The 1Q22 IPO Rankings for the Big Four Accounting Firms
- The 1Q22 IPO Market’s Law Firm Leaderboard
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/13/2022, the Renaissance IPO Index was down 27.0% year-to-date, while the S&P 500 was down 6.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and CrowdStrike Holdings (CRWD). The Renaissance International IPO Index was down 26.4% year-to-date, while the ACWX was down 7.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
