Following a quiet holiday week for the IPO market, five small deals may begin trading in the week ahead, though only three meet our coverage criteria.
Cutting its deal size by 45% on Tuesday, Chinese chip designer Nano Labs (NA) now plans to raise $20 million at a $613 million market cap. Fast growing and highly unprofitable, Nano Labs designs fabless computing chips primarily for the mining of various cryptocurrencies.
Japan-based Warrantee (WRNT) plans to raise $15 million at a $91 million market cap. The company provides corporate sponsors' potential customers with extended warranty coverage on durables or certain healthcare benefits through sponsors. Warrantee is profitable on an EBITDA basis, though its revenue is concentrated to a few customers.
After increasing its proposed offering the end of last month, Virax Biolabs (VRAX) plans to raise $7 million at a $57 million market cap. Operating in the UK and Hong Kong, Virax Biolabs provides a portfolio of diagnostics test kits and med-tech and PPE products for viral diseases. The company has a limited operating history and is highly unprofitable.
Although not listed in the table below, two companies may complete unit offerings in the coming week. Energy storage system maker NeoVolta (NEOV) plans to raise $5 million at a $131 million market cap and crowdfunding platform Netcapital (NCPL) plans to raise $6 million at a $29 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Virax Biolabs (VRAX) London, United Kingdom | $7M $57M | $5 1,350,000 | Boustead |
| UK-based provider of diagnostic tests and PPE for viral diseases. | |||
| Nano Labs (NA) Hangzhou, China | $20M $613M | $11.35 - $11.51 1,770,000 | AMTD Global Maxim |
| Fabless chip designer in China focused on cryptocurrency mining. | |||
| Warrantee (WRNT) Osaka, Japan | $15M $91M | $6 - $8 2,142,857 | Network 1 |
| Provides extended warranties in exchange for marketable consumer data in Japan. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/7/2022, the Renaissance IPO Index was down 42.2% year-to-date, while the S&P 500 was down 17.5%. 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 29.3% year-to-date, while the ACWX was down 18.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
