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US IPO Week Ahead: Fracking services leads a 3 IPO, 1 direct listing week

May 6, 2022
Week Ahead

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
Deal Size
Market Cap
Price Range
Shares Filed
Actelis Networks (ASNS)
Fremont, CA
$4 - $6
Provides hybrid fiber-copper equipment solutions to telecom and IoT networks.
Bright Green (BGXX)
Fort Lauderdale, FL
Federally-authorized US provider of cannabis products for medicinal research.
Hanover Bancorp (HNVR)
Mineola, NY
$21 - $23
Piper Sandler
Community bank with eight branches in New York and New Jersey.
ProFrac (PFHC)
Willow Park, TX
$21 - $24
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.