Three IPOs are slated to raise $405 million in the week ahead, led by fracking services provider ProFrac Holding (PFHC). One direct listing is also expected to come to market.
ProFrac plans to raise $360 million at a $3.2 billion market cap. The company believes it is the largest privately owned provider of hydraulic fracturing services in North America by hydraulic horsepower (HHP). Serving upstream E&Ps of unconventional oil and natural gas resources, ProFrac had an aggregate installed capacity of over 2.3 million HHP across 45 conventional fleets, 31 of which were active as of 3/23/22.
New York bank Hanover Bancorp (HNVR) plans to raise $30 million at a $158 million market cap. Hanover serves customers through seven branches in the New York metro area and western Long Island, and recently opened a branch in New Jersey. As of 12/31/21, Hanover had total assets of $1.5 billion, total deposits of $1.2 billion, and total stockholders' equity of $129 million.
Holdover Actelis Networks (ASNS), which provides hybrid fiber-copper equipment solutions to telecom and IoT networks, plans to raise $15 million at an $83 million market cap. Early-stage US cannabis producer Bright Green (BGXX) plans to direct list on the Nasdaq, with an estimated market cap at listing of $1.6 billion.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Actelis Networks (ASNS) Fremont, CA | $15M $83M | $4 - $6 3,000,000 | Boustead |
| Provides hybrid fiber-copper equipment solutions to telecom and IoT networks. | |||
| Bright Green (BGXX) Fort Lauderdale, FL | $1,582M $1,584M | $10 158,249,000 | |
| Federally-authorized US provider of cannabis products for medicinal research. | |||
| Hanover Bancorp (HNVR) Mineola, NY | $30M $158M | $21 - $23 1,363,636 | Stephens Piper Sandler |
| Community bank with eight branches in New York and New Jersey. | |||
| ProFrac (PFHC) Willow Park, TX | $360M $3,155M | $21 - $24 16,000,000 | JP Morgan Piper Sandler |
| 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 5/5/2022, the Renaissance IPO Index was down 41.6% year-to-date, while the S&P 500 was down 12.6%. 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 31.6% year-to-date, while the ACWX was down 12.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
