There were no pricings ahead of the long holiday weekend, the first week with no IPOs or SPACs in over two years, by Renaissance Capital’s standards.
Normally the IPO market is gearing up for a wave of post-Memorial Day launches, but new filings have been scarce in recent weeks. The pipeline got a boost from minerals exploration company Ivanhoe Electric (IE), which filed to raise $200 million in the first major filing since April. Singapore-based investment bank Boustead Wavefront (BOUW) also filed, planning to raise $15 million.
Six SPACs submitted initial filings. The largest of the group, ESH Acquisition (ESHU) will be led by a former Disney exec and retired NBA player Magic Johnson.
| 8 Filings During the Week of May 23rd, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Inkstone Feibo Acq. (IFACU.RC) | $60M | SPAC | Tiger Brokers |
| Blank check company focusing on biotech and green tech in the US and Taiwan. | |||
| Aquaron Acquisition (AQUNU) | $50M | SPAC | Chardan |
| Blank check company targeting the new energy sector. | |||
| Boustead Wavefront (BOUW) | $15M | Financials | Revere Securities |
| Singapore-based boutique investment bank providing market entry and advisory services. | |||
| ESH Acquisition (ESHU) | $300M | SPAC | I-Bankers |
| Blank check company led by industry veterans targeting entertainment, sports, and hospitality. | |||
| Mars Acquisition (MARXU) | $75M | SPAC | Maxim |
| Blank check company targeting the technology innovations market. | |||
| Ivanhoe Electric (IE) | $200M | Materials | BMO |
| Owns and develops US mineral projects with copper, gold, and critical metals. | |||
| Noble Education Acq. (NEATU) | $100M | SPAC | EF Hutton |
| Blank check company focusing on the EdTech sector. | |||
| SK Growth Opportunities (SKGRU) | $200M | SPAC | Deutsche Bank |
| Blank check company backed by Korean conglomerate SK targeting ESG. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/26/2022, the Renaissance IPO Index was down 47.6% year-to-date, while the S&P 500 was down 14.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index was down 31.1% year-to-date, while the ACWX was down 12.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
