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US IPO Week Ahead: Summer IPO market off to a slow start

June 3, 2022
Week Ahead

After weeks of little to no activity, the summer IPO market is starting with a vacant calendar, with just one small IPO that may price in the week ahead. Other small issuers and SPACs may join during the week.

SPI Energy spin-off Phoenix Motor (PEV) plans to raise $20 million at a $168 million market cap. Operating under the Phoenix Motorcars name, the company makes electric drive systems and electric vehicles, and markets and sells EV chargers. As of 12/31/21, it had delivered a total of 104 electric shuttle buses and work trucks. Phoenix Motor is highly unprofitable and has yet to generate significant revenues.

U.S. IPO Calendar
Deal Size
Market Cap
Price Range
Shares Filed
Phoenix Motor (PEV)
Anaheim, CA
$7 - $9
Prime Num. Cap.
Electric drive system and vehicle maker being spun out of SPI Energy.

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Street research is expected for three companies, and lock-ups will be expiring for up to four companies, including for some of the last large deals of 2021. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/2/2022, the Renaissance IPO Index was down 43.6% year-to-date, while the S&P 500 was down 11.8%. 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 26.9% year-to-date, while the ACWX was down 10.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.