Renaissance Capital logo

US IPO Week Ahead: April IPO market cools off in a quiet week

April 21, 2023
Week Ahead

No companies are currently scheduled to list in the week ahead, although some may join the calendar last minute.

While any potential pickup is still likely several weeks out, two larger IPOs joined the pipeline last week (FIHL and SLRN), and a number of prospective issuers have filed updates. Last Friday, US natural gas producer BKV (BKV) provided updated financials ahead of its $100 million IPO, and this past week, natural gas compression firm Kodiak Gas Services (KGS) filed updated paperwork ahead of an IPO we estimate could raise $350 million. In the news, the CFO of J&J told Barron’s that consumer health division Kenvue (KVUE) could be moving forward with its estimated $5 billion IPO in the near term.

Other smaller issuers have continued to provide updates as well, including Korean social network Hanryu Holdings (HRYU), fitness equipment seller Interactive Strength (TRNR), and golf club designer Sacks Parente Golf (SPGC).

Street research is expected for six companies in the week ahead, and one lock-up period will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/20/2023, the Renaissance IPO Index was up 14.2% year-to-date, while the S&P 500 was up 8.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index was down 4.9% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and JD Health.