Coya Therapeutics (COYA) was the only company to complete an IPO in the last week of 2022. China-based ASIC chip designer Intchains (ICG) and Hong Kong-based wealth and asset manager Prestige Wealth (PWM) delayed their $29 million and $15 million offerings, respectively. In the pipeline, five companies submitted initial filings, all of which are based outside of the US. They are joined by a direct listing.
While not included in our stats, Coya Therapeutics (COYA) raised $15 million at a $50 million market cap. The Phase 2 biotech is developing several Treg-based therapies focused on neurodegenerative, autoimmune, and metabolic diseases. It finished down 9%.
In an active filing week for foreign issuers by 2022’s standards, five companies announced plans to make their public debuts. Earlyworks (ELWS), a Japanese blockchain service provider and consultant, filed to raise $16 million. IMMRSIV (IMSV), a Singapore-based company that creates augmented/virtual reality software with applications for education and tourism, filed to raise $17 million. China-based AI learning software provider Ruanyun Edai Technology (RYET) filed to raise $28 million. An outsourced payroll provider from Hong Kong, Galaxy Payroll (GLXG), filed to raise $25 million and Columbian online grocery delivery platform, Merqueo (MERQ), filed to raise $14 million. Lastly, Courtside Group (PODC), a podcast producer and publisher being spun-out of LiveOne, filed for a direct listing.
| 6 Filings During the Week of December 26th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Earlyworks (ELWS) | $16M | Technology | Univest Sec. |
| Provides blockchain technology to a range of businesses in Japan. | |||
| IMMRSIV (IMSV) | $17M | Technology | Prime Num. Cap. |
| Singapore-based software company specializing in geospatial media solutions. | |||
| Ruanyun Edai Technology (RYET) | $28M | Technology | Univest Sec. |
| Provides learning software utilizing artificial intelligence in China. | |||
| Galaxy Payroll (GLXG) | $25M | Industrials | Prime Num. Cap. |
| Hong Kong-based provider of outsourced payroll and other business services. | |||
| Courtside Group (PODC) | $0M | Technology | |
| Podcast producer and publisher being spun out of LiveOne. | |||
| Merqueo (MERQ) | $14M | Technology | Aegis Cap. |
| Operates an online grocery delivery platform in Colombia and Brazil. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/29/2022, the Renaissance IPO Index was down 57.1% year-to-date, while the S&P 500 was down 17.9%. 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 32.8% year-to-date, while the ACWX was down 15.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
