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US IPO Weekly Recap: Foreign issuers and a direct listing cap off 2022 IPO filings

December 30, 2022
Weekly Recap

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
Earlyworks (ELWS)$16MTechnologyUnivest Sec.
Provides blockchain technology to a range of businesses in Japan.
IMMRSIV (IMSV)$17MTechnologyPrime Num. Cap.
Singapore-based software company specializing in geospatial media solutions.
Ruanyun Edai Technology (RYET)$28MTechnologyUnivest Sec.
Provides learning software utilizing artificial intelligence in China.
Galaxy Payroll (GLXG)$25MIndustrialsPrime Num. Cap.
Hong Kong-based provider of outsourced payroll and other business services.
Courtside Group (PODC)$0MTechnology 
Podcast producer and publisher being spun out of LiveOne.
Merqueo (MERQ)$14MTechnologyAegis 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.