With no large post-Presidents’ Day launches this past week, six small companies are scheduled to list in the week ahead. Micro-caps have remained fairly active so far this year despite increased scrutiny from regulators, and should continue to boost deal flow due in part to a surge in small Chinese filers. Larger deals have picked up though, with seven IPOs (44%) raising $100 million or more year-to-date.
SolarJuice (SJA) may raise $17 million at a $154 million market cap in the coming week. Being spun out of SPI Energy, the company provides solar energy equipment and services for residential and small commercial uses in the US and Australia. Another SPI Energy spin-off, Phoenix Motor (PEV), went public last June and currently trades 85% below its IPO price.
Alternative medicine practice Nava Health MD (NAVA) plans to raise $16 million at an $83 million market cap. The company operates four physical locations in the Baltimore-Washington metro region, with up to eight more expected to open by year-end, and provides telehealth services in 12 states and DC.
China-based ASIC chip designer Intchains Group (ICG) may raise $10 million at a $481 million market cap. The company, which has been profitable since 2020, designs chips for blockchain applications. Originally planning to raise $29 million, Intchains cut its proposed ADS offering by 65% this past week.
Advertising contract marketplace NYIAX (NYX) plans to raise $9 million at a $71 million market cap. Small and highly unprofitable, NYIAX’s platform utilizes blockchain technology to allow companies to list, buy, and sell advertising and audience campaigns.
Opti-Harvest (OPHV), which produces agricultural equipment and technology to optimize sunlight intake for plant growing, plans to raise $8 million at a $111 million market cap. The company began commercializing its first products in 2021, and has yet to generate significant revenue.
Ultimax Digital (NFTU), which operates a video game development and publishing studio and an NFT marketplace, plans to raise $8 million at an $80 million market cap. Ultimax Digital expanded into the NFT business in 2021, and had no revenue in 2021 or the 9mo22.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Nava Health MD (NAVA) Columbia, MD | $16M $83M | $6 2,731,938 | WestPark Capital |
| Provides alternative and holistic medicine services in clinics and online. | |||
| NYIAX (NYX) New York, NY | $9M $71M | $5 1,850,000 | Boustead WestPark Capital |
| Provides an advertising marketplace and contract management platform. | |||
| Opti-Harvest (OPHV) Los Angeles, CA | $8M $111M | $4 2,000,000 | WestPark Capital |
| Makes sunlight optimization products for agriculture. | |||
| Ultimax Digital (NFTU) New York, NY | $8M $80M | $4 - $5 1,875,000 | WestPark Capital |
| Operates a video game development and publishing studio and an NFT marketplace. | |||
| Intchains (ICG) Shanghai, China | $10M $481M | $7 - $9 1,250,000 | Maxim |
| China-based fabless designer of ASIC chips for blockchain applications. | |||
| SolarJuice (SJA) Sydney, Australia | $17M $154M | $5 - $6 3,000,000 | Maxim |
| Provider of solar energy equipment and services being spun out of SPI Energy. | |||
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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.
