After an active week by 2022 standards, as many as four more micro-cap IPOs are scheduled to price in the third week of August. If the current market rally continues, we may see an increase in filing activity following Labor Day.
Innovative Eyewear (LUCY) raised $7 million by offering 1.0 million units at the $7; it begins trading on the Nasdaq on Monday. The company sells Bluetooth connected eyewear under the brand Lucyd, with $1 million in trailing sales. Because it offered units, it is not included in Renaissance Capital's 2022 IPO stats.
GigaCloud Technology (GCT) plans to raise $28 million at a $447 million market cap. The company offers an online B2B marketplace for large parcel merchandise, including furniture, home appliances, and fitness equipment. Its global marketplace connects manufacturers, primarily in Asia, with resellers, primarily in the US, Asia, and Europe. Although Revenue grew 19% in 1Q22, the company has since been confronted by several supply chain issues such as increasing fuel costs and shipping delays due to COVID-19 lockdowns in Shanghai.
Phase 2 Biotech PaxMedica (PXMD) plans to raise $8 million at an $80 million market cap. Initially filing for an IPO in July 2020, the company has since cut its original deal size in half as it seeks to develop therapies for neurodevelopmental disorders. In February 2021, PaxMedica announced positive topline data from its Phase 2 dose-ranging trial for the treatment of the core symptoms of autism spectrum disorder (ASD).
Graphex Group (GRFX), a manufactures graphene products for lithium-ion batteries in China, may price this week as well. It is on file to raise $8 million by offering 3.2 million shares at a price of $2 to $3 in its uplisting to the NYSE American.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Innovative Eyewear (LUCY) North Miami, FL | $8M $75M | $7.50 882,353 | Maxim |
| Sells Bluetooth connected eyewear under the brand Lucyd. | |||
| GigaCloud Technology (GCT) Hong Kong, China | $28M $447M | $10.25 - $12.25 2,450,000 | Aegis Cap. |
| Operates a wholesale marketplace for furniture and other bulky goods made in Asia. | |||
| Graphex Group (GRFX) Hong Kong, China | $8M $76M | $2 - $3 3,200,000 | EF Hutton |
| Manufactures graphene products for lithium-ion batteries in China. | |||
| PaxMedica (PXMD) Woodcliff Lake, NJ | $8M $80M | $4.50 - $6.50 1,545,454 | Craft Cap. Mgmt. R. F. Lafferty |
| Phase 2 biotech developing therapies for neurodevelopmental disorders. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/11/22, the Renaissance IPO Index was down -37.9% year-to-date, while the S&P 500 was down -10.9%. 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 -29.6% year-to-date, while the ACWX was down -13.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Zhejiang Kuaishou Information Technology and EQT.
