Two small holdovers are currently on the calendar for the week ahead, though only one is large enough to be included in our IPO stats.
Adamas One (JEWL) may price in the week ahead, planning to raise $34 million at a $97 million market cap. The early-stage lab-grown diamond producer just recently began generating revenue. While not counted below, BullFrog AI Holdings (BFAI) plans to raise $8 million at a $34 million market cap. The pre-revenue company is developing an analytical AI/ML platform for drug development.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Adamas One (JEWL) Scottsdale, AZ | $34M $97M | $4.50 - $5 7,165,904 | Alexander Capital |
| Early-stage producer of lab-grown diamonds for jewelry and industrial uses. | |||
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The IPO market is heading into the final stretch of 2022, and while the calendar is mostly quiet right now, that could change. Several IPOs could launch after the holiday week, with a handful of sizable new filings in November, as well as updates from large issuers already in the pipeline. The list features childcare (KLC), thrift stores (SVV), restaurants (FOGO), renewable power (MNX), insurance (SKWD), and a few dividend-paying energy plays (BKV, BNTY, TXO).
| Several Large IPOs Could Launch After Thanksgiving | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| KinderCare (KLC) | $500M | Consumer Discretionary | Barclays |
| Largest private provider of early childhood education and care services in the US. | |||
| Savers Value Village (SVV) | $250M | Consumer Discretionary | JP Morgan |
| Largest for-profit thrift operator in the US and Canada. | |||
| Fogo Hospitality (FOGO) | $200M | Consumer Discretionary | Morgan Stanley |
| Brazilian steakhouse chain with 68 locations in the US and internationally. | |||
| BKV Corp (BKV) | $100M | Energy | Credit Suisse |
| US natural gas producer operating in the Barnett and Marcellus Shale. | |||
| TXO Energy Partners (TXO) | $100M | Energy | Raymond James |
| US oil and gas production company in the Permian and San Juan Basins. | |||
| Skyward Specialty (SKWD) | $100M | Financials | Barclays |
| Specialty property & casualty insurer focused on underserved markets. | |||
| Bounty Minerals (BNTY) | $100M | Energy | Raymond James |
| Owns natural gas mineral interests in the Appalachian Basin. | |||
| MN8 Energy (MNX) | $100M | Utilities | Goldman |
| Solar power and energy storage provider formed by Goldman Sachs. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/23/2022, the Renaissance IPO Index was down 53.7% year-to-date, while the S&P 500 was down 14.3%. 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 38.9% year-to-date, while the ACWX was down 15.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
