A handful of small IPOs and one direct listing closed out the last full week of July.
Aviation company Surf Air Mobility (SRFM) completed the first direct listing of 2023, opening 75% below its reference price to begin trading at $5. The company 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. From its opening price, Surf Air finished down 49%.
Two small Japanese issuers debuted on the Nasdaq. Insurance services provider Warrantee (WRNT) downsized its ADS offering to raise $10 million at a $97 million market cap. After a modest first day, it finished down 45%. Blockchain firm Earlyworks (ELWS) raised $6 million at an $80 million market cap, and finished down 56%.
Two blank check IPOs also priced this past week. Steven and Andrew Heyer’s Haymaker Acquisition 4 (HYAC.U) raised $200 million to acquire a consumer business, and Keen Vision Capital’s ESG-focused Keen Vision Acquisition (KVACU) raised $130 million.
While not included below, real estate lending platform Janover (JNVR) raised $6 million at a $40 million market cap, and drone tech developer ParaZero Technologies (PRZO) priced at the low end to raise $8 million at a $27 million market cap.
| 5 IPOs During the Week of July 24th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/28 |
| Haymaker Acquisition 4 (HYAC.U) | $200M | $258M | 0% | +1% | +1% |
| Fourth blank check company led by Steven and Andrew Heyer targeting consumer businesses. | |||||
| Keen Vision Acquisition (KVACU) | $130M | $169M | 0% | +1% | +1% |
| Blank check company formed by Keen Vision Capital focused on ESG. | |||||
| Warrantee (WRNT) | $10M | $97M | -43% | +8% | -45% |
| Provides extended warranties in exchange for marketable consumer data in Japan. | |||||
| Earlyworks (ELWS) | $6M | $80M | 0% | -28% | -56% |
| Provides blockchain technology to businesses in Japan. | |||||
| Surf Air Mobility (SRFM) | $0M | $1,849M | 0% | -84% | -87% |
| Regional air travel company focused on electrified aircraft. | |||||
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New filings were led by the month’s first sizable pipeline addition, cancer biotech Adlai Nortye (ANL), which filed to raise $115 million.
| 4 Filings During the Week of July 24th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Adlai Nortye (ANL) | $115M | Health Care | Cantor Fitz. |
| Phase 3 biotech developing immunotherapies for various cancers. | |||
| PreTam Holdings (PFAB) | $17M | Materials | Maxim |
| Makes and sells precast concrete products in Chile. | |||
| GRD Biotechnology Acq. (CGRD) | $40M | SPAC | |
| Blank check company targeting the biotech sector in Asia. | |||
| INNO (INHD) | $10M | Industrials | AC Sunshine Securities |
| Manufactures cold-formed steel framing for the construction industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/27/2023, the Renaissance IPO Index was up 40.4% year-to-date, while the S&P 500 was up 19.3%. 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 4.5% year-to-date, while the ACWX was up 13.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
