Two deals are currently on the calendar for the week ahead, only one of which qualifies for inclusion in our stats. One SPAC is also tentatively scheduled to price.
After scrapping plans for a SPAC merger in 2022, aviation company Surf Air Mobility (SRFM) is slated to begin trading on the NYSE in the first direct listing of 2023. Surf Air provides a regional air mobility platform and intends to develop powertrain technology to electrify existing fleets with its commercial partners, though it does not yet have FAA approval for its hybrid and electric planes. Together with Southern Airways (pending merger), the company’s footprint covers 44 cities, serving over 99,000 passengers with over 18,000 departures in the 1Q23. Surf Air is currently highly unprofitable, with a going concern warning.
While not included below, holdover Opti-Harvest (OPHV) plans to raise $8 million at a $70 million market cap in a unit offering. Opti-Harvest provides equipment and related technology that allows commercial crop growers to better utilize sunlight. The company is very small and highly unprofitable.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Surf Air Mobility (SRFM) Hawthorne, CA | $281M $744M | $11.86 23,693,645 | |
| Regional air travel company focused on electrified aircraft. | |||
| Keen Vision Acquisition (KVACU) Summit, NJ | $130M $169M | $10 13,000,000 | EF Hutton Brookline Cap. Mkts. |
| Blank check company formed by Keen Vision Capital focused on ESG. | |||
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The annual August break is on the horizon, but we could still see a few more large deals in the next couple weeks. There are eight sizable issuers in the active pipeline, including battery maker Clarios (BTRY), which is on file for an estimated $1 billion IPO, as well as American Healthcare REIT (AHR), energy plays BKV Corp (BKV) and MN8 Energy (MNX), and Brazilian steakhouse Fogo Hospitality (FOGO).
Street research is expected for six companies in the week ahead, and lock-up periods will be expiring for five companies. 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 7/20/2023, the Renaissance IPO Index was up 41.3% year-to-date, while the S&P 500 was up 19.2%. 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 7.4% year-to-date, while the ACWX was up 12.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
