The IPO market closed out October and started off November with no offerings. Four small IPOs and two SPACs submitted initial filings.
While there were no pricings, the calendar still saw some activity, as Acrivon Therapeutics (ACRV) launched its $100 million IPO. The oncology biotech’s listing is expected in the week ahead and comes against a backdrop of challenging market conditions. However, other recent large biotech IPOs (PRME and THRD) have held up, and the year’s large issuers have delivered strong trading lately.
| 6 Filings During the Week of October 31st, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aixin Life International (AIXN) | $58M | Consumer Staples | Network 1 |
| Sells nutritional and wellness products in China. | |||
| AlphaVest Acquisition (ATMVU) | $60M | SPAC | EarlyBird |
| Blank check company targeting businesses in Asia. | |||
| Brera Holdings (BREA) | $8M | Communication Services | Revere Securities |
| Operates the amateur football club Brera FC in Milan, Italy. | |||
| Golden Heaven Group (GDHG) | $35M | Consumer Discretionary | Revere Securities |
| Operates six amusement and water parks across southern China. | |||
| Iron Horse Acquisitions (IRON.U) | $100M | SPAC | BTIG |
| Blank check company targeting media and entertainment in the US. | |||
| VCI Global (VCIG) | $15M | Industrials | Boustead |
| Provides business and technology consulting services in Malaysia. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/3/2022, the Renaissance IPO Index was down 54.2% year-to-date, while the S&P 500 was down 20.9%. 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 46.3% year-to-date, while the ACWX was down 24.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nongfu Spring and EQT.
