A handful of small deals may begin trading in the week ahead as the third quarter comes to a close, though the actual lineup is uncertain as it was reported that the Nasdaq would step up scrutiny of smaller deals.
The news comes amid wild “pop-and-drop” trading from micro-caps, which post dizzying first-day returns only to collapse in the aftermarket. The most recent example, China-based Addentax Group (ATXG) soared +13,031% on its first day but closed Friday 25% below offer.
Two deals are tentatively targeting Nasdaq listings this week. YanGuFang (YGF), a Chinese producer of oat and grain products, plans to raise $30 million at a $210 million market cap. Oncology biotech Intensity Therapeutics (INTS) plans to raise $10 million at an $82 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Intensity Therapeutics (INTS) Westport, CT | $10M $82M | $4 - $5 2,222,223 | Roth Cap. Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
| YanGuFang (YGF) Shanghai, China | $30M $210M | $5 - $7 5,000,000 | EF Hutton |
| Chinese producer of oat and grain products. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/22/2022, the Renaissance IPO Index was down 49.9% year-to-date, while the S&P 500 was down 20.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index was down 40.0% year-to-date, while the ACWX was down 22.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
