There were no IPOs this past week, as the sole scheduled offering (AZTR) delayed to the week ahead. Along with no post-Memorial Day launches, the pipeline was quiet with no new initial filings.
The summer IPO market is off to a slow start coming out of May, which was the year’s slowest month for IPOs to date but also the biggest for proceeds since December 2021. However, movement in the pipeline indicates a potential pickup in the coming months, with large initial filings from restaurant chain CAVA Group (CAVA) and diagnostics company Advanced Biomed (ADVB), as well as updates from large companies already in the pipeline (FOGO, MNX, KGS, SVV, FIHL).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/1/2023, the Renaissance IPO Index was up 22.4% year-to-date, while the S&P 500 was up 10.8%. 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 8.5% year-to-date, while the ACWX was up 6.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
