Intel’s Mobileye Global (MBLY) was the sole US IPO this past week. Six small IPOs submitted initial filings, including five Chinese companies.
Assisted-driving and self-driving car unit Mobileye dominated the week’s headlines, after pricing above the range – the year’s only sizable IPO to do so. It raised $861 million at a $17 billion market cap. The company’s offering represents the third largest in 2022 so far. Mobileye shares rose 38% on its debut, and finished the week up 29%.
| 1 IPO During the Week of October 24th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/28 |
| Mobileye (MBLY) | $861M | $17,014M | 11% | +38% | +29% |
| Intel's assisted-driving and self-driving systems unit. | |||||
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Six companies submitted initial filings this past week. Hong Kong-based furniture and fixture maker Decca Investment (DCCA) filed to raise $33 million, Hong Kong-based paper packing maker Millennium Group International Holdings (MGIH) filed to raise $23 million, Chinese advertising service provider Lemeng Holdings (LIAI) filed to raise $18 million, Hong Kong-based asset manager Prestige Wealth (PWM) filed to raise $15 million, and Chinese supplement producer Zhong Yuan Bio-Technology (ZYBT.RC) filed to raise $15 million.
The sole US-based company to submit an initial filing this past week was alternative medicine practice Nava Health MD (NAVA), which filed to raise $12 million.
| 6 Filings During the Week of October 24th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Millennium Group (MGIH) | $23M | Materials | Network 1 |
| Hong Kong-based producer of paper packaging. | |||
| Nava Health MD (NAVA) | $12M | Health Care | WestPark Capital |
| Provides alternative and holistic medicine services in clinics and online. | |||
| Zhong Yuan Bio-Technology (ZYBT.RC) | $15M | Consumer Staples | Revere Securities |
| Chinese producer of nervonic acid dietary supplements for cognitive health. | |||
| Decca Investment (DCCA) | $33M | Consumer Discretionary | Univest Sec. |
| Hong Kong-based maker of wooden furniture and fixtures. | |||
| Lemeng Holdings (LIAI) | $18M | Communication Services | Benchmark |
| Provides mobile advertising services in China. | |||
| Prestige Wealth (PWM) | $15M | Financials | Network 1 |
| Hong Kong-based wealth and asset management services provider. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/26/2022, the Renaissance IPO Index was down 50.8% year-to-date, while the S&P 500 was down 19.1%. 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 46.5% year-to-date, while the ACWX was down 23.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT and Nongfu Spring.
