One small issuer began trading this past week. Six small IPOs submitted initial filings.
The week’s news was led by J&J’s consumer health unit Kenvue (KVUE), which set terms for its $3.3 billion listing on Monday. The company’s IPO would be the largest for US markets in over a year, and would more than double IPO proceeds YTD. Kenvue is expected to begin trading in the week ahead.
Fitness equipment brand Interactive Strength (TRNR) priced at the high end to raise $12 million at a $118 million market cap. Doing business as Forme, the company sells home fitness equipment and offers personal training classes, with its connected fitness mirror at the core of its offerings. The company is very small and highly unprofitable. Interactive Strength finished down 17%.
| 1 IPO During the Week of April 24th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/28 |
| Interactive Strength (TRNR) | $12M | $118M | 14% | -17% | -17% |
| Sells connected home fitness equipment and personal training classes. | |||||
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Six IPOs submitted initial filings this past week. Nature Wood Group (NWGL), a Macau-based forestry company with operations in Peru, filed to raise $30 million. Chinese supply chain management provider Majestic Ideal Holdings (MJID) filed to raise $17 million at a $62 million market cap. Hong Kong-based brokerage Solowin Holdings (SWIN) filed to raise $17 million. Chinese office equipment retailer EShallGo (EHGO) filed to raise $15 million at a $116 million market cap. Plant-based snack brand BranchOut Food (BOF) filed to raise $12 million. Chinese medical product maker WORK Medical Technology Group (WOK) filed to raise $10 million.
| 6 Filings During the Week of April 24th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Majestic Ideal Holdings (MJID) | $17M | Industrials | Univest Sec. |
| Provides supply chain management services to apparel companies in China. | |||
| Solowin (SWIN) | $17M | Financials | EF Hutton |
| Hong Kong-based securities brokerage and investment advisory firm. | |||
| EShallGo (EHGO) | $15M | Consumer Discretionary | Tiger Brokers |
| Sells and leases office equipment in China. | |||
| WORK Medical Technology (WOK) | $10M | Health Care | Univest Sec. |
| Chinese manufacturer of disposable medical products. | |||
| Nature Wood Group (NWGL) | $30M | Materials | Orientiert XYZ Securities |
| Vertically-integrated forestry company with operations in Peru. | |||
| BranchOut Food (BOF) | $12M | Consumer Staples | Alexander Cap. |
| Sells branded plant-based dehydrated foods. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/27/2023, the Renaissance IPO Index was up 11.8% year-to-date, while the S&P 500 was up 8.3%. 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 5.4% year-to-date, while the ACWX was up 8.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and JD Health.
