The IPO market’s annual August lull is here, and with no notable launches this past week, we likely won’t see any major deals until the fall. Three small deals are currently on the calendar for the week ahead, two of which qualify for inclusion in our stats, though others may join last minute.
Sacks Parente Golf (SPGC) plans to raise $14 million at a $70 million market cap. Founded by experience golf equipment designers, Sacks Parente designs and sells golf putters, as well as shafts, grips, and head covers. Very small and highly unprofitable, the company opened a new manufacturing facility in Missouri in 2022, and intends to manufacture and assemble substantially all of its products in the US.
Holdover Fitell (FTEL) may raise $17 million at a $61 million market cap. The Australia-based fitness retailer sells branded equipment including weights, bars, power racks, benches, and gym machines. It plans to launch smart equipment and virtual fitness offerings in 2023. Fitell is small and competes with much larger players in the fitness market.
While not included below, Vitro Biopharma (VTRO) plans to raise $10 million at a $37 million market cap. The biotech is developing novel stem cell-based therapies for autoimmune diseases and inflammatory disorders, and it plans to initiate Phase 1/2a trials in pediatric orphan disease Pitt Hopkins syndrome and long COVID in mid- to late-2023.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Sacks Parente Golf (SPGC) Camarillo, CA | $14M $70M | $4 - $5 3,000,000 | Benchmark |
| Designs and manufactures premium golf putters. | |||
| 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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Street research is expected for two 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 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.
