It was another quiet week for the IPO market, with no pricings following the holiday, though one company submitted an initial filing.
The week’s sole filing came from Hong Kong-based GigaCloud Technology (GCT), which filed to raise $30 million. Fast growing and profitable, the company operates a B2B marketplace for large parcel merchandise like furniture, home appliances, and fitness equipment.
| 1 Filing During the Week of July 4th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| GigaCloud Technology (GCT) | $30M | Technology | Aegis Cap. |
| Operates a cross-border B2B marketplace for large parcel merchandise. | |||
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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.
