Three SPACs began trading this past week, joined by one micro-cap, though it was too small to be included in our IPO stats. Two small IPOs submitting initial filings.
The biggest news came from the pipeline, as gene editing biotech Prime Medicine (PRME) launched its $151 million IPO. It is expected to list on the Nasdaq in the week ahead.
The week’s blank check IPOs were led by Spring Valley Acquisition II (SVIIU), the second SPAC formed by Pearl Energy Investment Management, which raised $200 million to target the sustainability industry. Hudson Acquisition (HUDAU) raised $60 million to target the technology sector in the US, and TenX Keane Acquisition (TENKU) raised $60 million to target businesses in Asia.
While not included below, tech services provider Castellum (CTM) priced its NYSE American uplisting at the low end of the downwardly revised range to raise $3 million at an $89 million market cap.
| 3 IPOs During the Week of October 10th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/14 |
| Spring Valley Acq. II (SVIIU) | $200M | $267M | 0% | +1% | +1% |
| Second blank check company formed by Pearl Energy Investment Management targeting the sustainability industry. | |||||
| TenX Keane Acquisition (TENKU) | $60M | $79M | 0% | +0% | +0% |
| Blank check company targeting businesses in Asia. | |||||
| Hudson Acquisition I (HUDAU) | $60M | $80M | 0% | +0% | +0% |
| Blank check company targeting technology in the US. | |||||
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Two companies submitted initial filings this past week. SONDORS (SODR), an electric bike and motorcycle manufacturer, filed to raise $25 million. Gaming platform developer The NFT Gaming Company (NFTG) filed to raise $7 million.
| 2 Filings During the Week of October 10th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| The NFT Gaming Company (NFTG) | $7M | Technology | EF Hutton |
| Developing an NFT-focused digital gaming platform. | |||
| SONDORS (SODR) | $25M | Consumer Discretionary | Lake Street Cap. |
| Makes electric bikes and motorcycles. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/13/2022, the Renaissance IPO Index was down 51.6% year-to-date, while the S&P 500 was down 22.0%. 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 46.2% year-to-date, while the ACWX was down 27.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
