Four or more companies could list in the week ahead. While it is not an IPO, the week’s largest and most notable new listing comes from US-based appliance maker SharkNinja (SN). We could still see a notable deal or two launch, but time is running out before the IPO market’s annual “August break” in sizable offerings.
SharkNinja is set to enter public waters on Monday, July 31, when shares held by existing owners will become freely tradable on the NYSE. The company’s former parent and largest supplier, Hong Kong-listed JS Global Lifestyle (1691.HK), recently distributed SharkNinja shares to its shareholders, with the aim of unlocking value on a US exchange. SharkNinja has the #1-selling vacuum and #1 selling blender brands in the US, with $3.8 billion in annual revenue (12% EBITDA margin); going forward it will need to prove that it can return to meaningful growth post-COVID.
Japanese device maker Pixie Dust Technologies (PXDT) plans to raise $19 million at a $143 million market cap, with cornerstone investors covering 43% of the deal. The company’s products include an ultrasonic scalp care device, a voice detection device, an acoustic stimulation device, a sound-absorbing material, and a factory workflow tool.
Australian gym and fitness equipment retailer Fitell (FTEL) plans to raise $17 million at a $61 million market cap. The company’s branded equipment includes weights, bars, power racks, benches, and gym machines.
While not included below, nano-cap NeurAxis (NRXS) plans to raise $7 million at a $44 million market cap (below our stats cut-off); it makes a non-surgical device to treat IBS-related pain in children.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Pixie Dust Technologies (PXDT) Tokyo, Japan | $19M $143M | $9 - $10 2,000,000 | Boustead Sutter Securities |
| Japanese maker of consumer personal care devices and spatial materials. | |||
| Fitell (FTEL) Taren Point, Australia | $17M $61M | $5 - $6 3,000,000 | Revere Sec. R. F. Lafferty |
| Online retailer of gym and fitness equipment in Australia. | |||
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Lock-up periods will be expiring for two companies, including high-flying biotech Structure Therapeutics (GPCR; +131% from IPO). For access to 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 7/27/2023, 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.
