The IPO market was quieter than expected this past week. Both deals on the calendar delayed (NYX and IZM), and there was no wave of post-Presidents’ Day launches.
The biggest news of the week came from the pipeline. Atmus Filtration Technologies (ATMU), the filtration unit of engine maker Cummins, filed for an IPO we estimate could raise up to $350 million. Serving end-users in approximately 150 countries, Atmus provides filtration products for various on- and off-highway vehicles and equipment. The company’s products are primarily used in the aftermarket, providing a strong recurring revenue base.
| 6 Filings During the Week of February 20th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| MED EIBY Holding (BSME) | $20M | Health Care | Boustead |
| Chinese medical device manufacturer and retailer. | |||
| NeoTV Group (NTV) | $55M | Communication Services | Prime Num. Cap. |
| Esport event operator and variety show producer in China. | |||
| CO2 Energy Transition (COETU.RC) | $80M | SPAC | EF Hutton |
| Blank check company targeting the carbon capture, utilization, and storage industry. | |||
| 99 Acquisition Group (NNAGU) | $80M | SPAC | EF Hutton |
| Blank check company targeting the real estate sector. | |||
| Atmus Filtration (ATMU) | $350M | Industrials | Goldman |
| Industrial and engine filtration business spun out of Cummins. | |||
| Azitra (AZTR.RC) | $17M | Health Care | ThinkEquity |
| Phase 1-ready dermatology biotech developing engineered bacteria therapies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/23/2023, the Renaissance IPO Index was up 15.4% year-to-date, while the S&P 500 was up 4.8%. 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 0.5% year-to-date, while the ACWX was up 5.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
