Two small issuers began trading this past week, one of which is eligible for inclusion in our IPO stats, joined by one blank check IPO. Three small IPOs and one SPAC submitted initial filings.
Though there were no large launches or pricings, three issuers on file to raise $100+ million disclosed updated financials: Chinese pet hospital company New Ruipeng Pet Group (RPET), musical instruments maker Steinway (STWY), and Brazilian steakhouse chain Fogo Hospitality (FOGO).
Chinese fabless chip designer Intchains Group (ICG) downsized and priced at the midpoint to raise $8 million at a $479 million market cap. The company designs ASIC chips in-house for use in blockchain applications. Intchains’ IPO float represented just 1.7% of basic shares outstanding. It finished up 3%.
While not included below, Chinese B2B e-commerce platform provider ICZOOM Group (IZM) raised $6 million at a $41 million market cap. It finished down 18%.
Blank check company Four Leaf Acquisition (FORLU) raised $52 million in a downsized IPO to target the IoT space or adjacent spaces.
| 2 IPOs During the Week of March 13th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/17 |
| Intchains (ICG) | $8M | $479M | 0% | +0% | +3% |
| China-based fabless designer of ASIC chips for blockchain applications. | |||||
| Four Leaf Acquisition (FORLU) | $52M | $69M | 0% | +2% | +2% |
| Blank check company targeting the IoT space or adjacent spaces. | |||||
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Three small IPOs and one SPAC submitted initial filings this past week. Unusual Machines (UMAC), a drone technology developer, filed to raise $20 million. Origin Life Sciences (OLSI), which is developing a high-energy plasma medical device, filed to raise $15 million at a $215 million market cap. Hong Kong-based construction contractor Chi Ko Holdings (CKHL) filed to raise $8 million. SPAC AI Transport Acquisition (AITRU) filed to raise $50 million to target artificial intelligence in transportation.
| 4 Filings During the Week of March 13th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Chi Ko Holdings (CKHL) | $8M | Industrials | EF Hutton |
| Hong Kong-based construction contractor specializing in foundation and site formation. | |||
| AI Transportation Acq. (AITRU) | $50M | SPAC | EF Hutton |
| Blank check company targeting the AI transportation industry. | |||
| Unusual Machines (UMAC) | $20M | Technology | --- |
| Drone technology developer acquiring the consumer operations of Red Cat. | |||
| Origin Life Sciences (OLSI) | $15M | Health Care | Boustead |
| Developing a high-energy plasma medical device for dermal and wound care. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/16/2023, the Renaissance IPO Index was up 11.1% year-to-date, while the S&P 500 was up 3.5%. 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 4.9% year-to-date, while the ACWX was up 1.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
