Two small deals are scheduled to price in the week ahead, only one of which is large enough to be included in our IPO stats. More small issuers may join the calendar during the week.
Starbox Group Holdings (STBX) plans to raise $23 million at a $203 million market cap. The company is building a fintech ecosystem targeting micro, small, and medium enterprises in Malaysia, with cash rebates at the foundation. As of 3/31/22, its GETBATS website and mobile app had roughly 614 thousand members and nearly 800 merchants. The company is profitable, but its revenue stream has been highly unstable.
Another Malaysia-focused payments app recently IPO'd in the US: Treasure Global (TGL) went public earlier this month and closed Friday 42% above offer (-68% from first-day close).
While not included below, ASX-listed Mobilicom (MOB) plans to raise $12 million at a $20 million market cap in its Nasdaq unit offering.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Starbox (STBX) Kuala Lumpur, Malaysia | $23M $203M | $4 - $5 5,000,000 | Network 1 |
| Provides a payments app in Malaysia that offers cash rebates. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Street research is expected for two companies. 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 8/18/2022, the Renaissance IPO Index was down 40.0% year-to-date, while the S&P 500 was down -9.2%. 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 31.6% year-to-date, while the ACWX was down 14.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
