After delaying its debut, Ivanhoe Electric (IE) completed the first major US IPO since mid-May in the week’s sole listing. Just one IPO and one SPAC submitted initial filings.
Ivanhoe Electric priced at the bottom of the range to raise $169 million at a $1.1 billion market cap, and plans to dual list on the NYSE American and the TSX. Focused on American copper mining, the exploration-stage company does not expect to generate meaningful revenue from its mining projects for the foreseeable future. Ivanhoe Electric traded down 8% on its first day and finished the week down 23%.
Ivanhoe Electric’s IPO capped off a challenging second quarter, which you can read more about in our 2Q22 US IPO Market Review.
| 1 IPO During the Week of June 27th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/01 |
| Ivanhoe Electric (IE) | $169M | $1,130M | -3% | -8% | -23% |
| Owns and develops US copper, gold, and other mineral and metal mining projects. | |||||
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China-based medical equipment maintenance provider YUKAI Health Group (YKAI.RC) filed to raise $20 million, and SPAC Trailblazer Merger I (TBMCU) filed to raise $68 million to target the US tech industry.
The biggest news out of the pipeline, vehicle battery maker Clarios (BTRY) revived its estimated $1 billion IPO on Thursday after postponing in July 2021, and human capital management platform Justworks (JW) provided updated financials.
| 2 Filings During the Week of June 27th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| YUKAI Health (YKAI.RC) | $20M | Health Care | Univest Sec. |
| Provides medical equipment maintenance services to hospitals in China. | |||
| Trailblazer Merger I (TBMCU) | $68M | SPAC | LifeSci Capital |
| Blank check company focusing on the US technology industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/30/2022, the Renaissance IPO Index was down 47.7% year-to-date, while the S&P 500 was down 20.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 29.2% year-to-date, while the ACWX was down 18.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
