The November IPO market ended with a quiet week, as the small deals on the calendar pushed back their offering plans. While there was no wave of post-Thanksgiving launches, we could still see some companies join the calendar in the week ahead, though time is running out for those looking to go public before year end.
One IPO and two SPACs submitted initial filings this past week. Canadian mortgage brokerage Pineapple Financial (PAPL) filed to raise $17 million. Alchemy Investments Acquisition 1 (ALCYU) filed to raise $100 million to target deep tech, and Horizon Space Acquisition I (HSPOU) filed to raise $60 million to target emerging growth companies.
| 3 Filings During the Week of November 28th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Alchemy Investments Acq. (ALCYU) | $100M | SPAC | Cantor Fitz. |
| Blank check company targeting deep technology with a focus on data analytics. | |||
| Pineapple Financial (PAPL) | $17M | Financials | EF Hutton |
| Canadian mortgage brokerage. | |||
| Horizon Space Acq. I (HSPOU) | $60M | SPAC | Network 1 |
| Blank check company led by a Chinese executive targeting emerging growth companies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/30/2022, the Renaissance IPO Index was down 51.4% year-to-date, while the S&P 500 was down 13.2%. 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 34.8% year-to-date, while the ACWX was down 13.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
