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US IPO Week Ahead: Small IPOs tentatively set to close out the 3Q

September 23, 2022
Week Ahead

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
Deal Size
Market Cap
Price Range
Shares Filed
Intensity Therapeutics (INTS)
Westport, CT
$4 - $5
Roth Cap.
Phase 2 biotech developing intratumoral injection therapies for cancer.
YanGuFang (YGF)
Shanghai, China
$5 - $7
EF Hutton
Chinese producer of oat and grain products.

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One lock-up period will be expiring in the week ahead, and 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 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.