There were five pricings this past week, four of which are included in our IPO stats. Three issuers submitted initial filings. With the July IPO market behind us, and no notable launches this past week, we likely won't see any major deals until the fall.
While not included in the table below, SharkNinja (SN) began trading on Monday after completing its direct distribution in connection with its spin-off from Hong Kong-listed parent JS Global Lifestyle. The company opened for trading at $30.05, implying an initial market cap of $4.2 billion. SharkNinja has the #1-selling vacuum and #1 selling blender brands in the US, with $3.8 billion in annual revenue. It jumped more than 40% on the first day, but finished the week down 11%.
Japanese device maker Pixie Dust Technologies (PXDT) priced at the low end to raise $15 million at a $132 million market cap. 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. Pixie Dust Technologies finished the week down 1%.
Korean social media platform Hanryu Holdings (HRYU) raised $9 million at a $528 million market cap, representing an IPO float of less than 2% of basic shares outstanding. Hanryu Holdings operates FANTOO, a social media platform for fans of Korean culture, primarily K-pop. The company is early stage and has yet to generate revenue from its FANTOO platform. Hanryu Holdings finished the week down 40%.
THC-focused drug developer MIRA Pharmaceuticals (MIRA) raised $9 million at a $107 million market cap. The US-based company is developing a new molecular synthetic THC analog for the treatment of adult patients with anxiety and cognitive decline typically associated with early-stage dementia. It plans to submit its first IND by the end of the 3Q24. MIRA Pharmaceuticals finished the week down 14%.
Luxury car importer Cheetah Net Supply Chain Service (CTNT) priced at the low end to raise $5 million at a $72 million market cap. The company purchases automobiles, primarily luxury brands such as Mercedes and BMW, from the US market and resells them to parallel import car dealers in both China and the US. Cheetah Net finished the week down 34%.
| 4 IPOs During the Week of July 31st, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/04 |
| Pixie Dust Technologies (PXDT) | $15M | $132M | -5% | -11% | -1% |
| Japanese maker of consumer personal care devices and spatial materials. | |||||
| MIRA Pharmaceuticals (MIRA) | $9M | $107M | 0% | +6% | -14% |
| Preclinical developer of molecular synthetic THC analogs for anxiety and neurologic indications. | |||||
| Cheetah Net (CTNT) | $5M | $72M | -20% | +73% | -34% |
| Sells parallel import luxury cars in China. | |||||
| Hanryu Holdings (HRYU) | $9M | $528M | 0% | -22% | -40% |
| Provides a social networking platform for fans of Korean culture. | |||||
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Three issuers submitted initial filings this past week. Video sharing platform Triller (ILLR) filed for a direct listing on the NYSE. Service robot developer Richtech Robotics (RR) filed to raise $22 million. Hong Kong-based financial services provider Vittoria (VITT) filed to raise $15 million.
| 3 Filings During the Week of July 31st, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Richtech Robotics (RR) | $22M | Technology | Pacific Century Securities |
| Develops and sells service robots for the hospitality and other industries. | |||
| Triller (ILLR) | $0M | Technology | |
| Operates a video sharing platform with owned media content. | |||
| Vittoria (VITT) | $15M | Financials | Joseph Stone |
| Hong Kong-based provider of financial advisory and listing sponsorship services. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/3/2023, the Renaissance IPO Index was up 41.1% year-to-date, while the S&P 500 was up 18.4%. 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 5.6% year-to-date, while the ACWX was up 10.6%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
