Just one small issuer and two blank checks went public this past week, though the calendar got a billion-dollar boost.
Sandal maker Birkenstock (BIRK) launched its $1.5 billion IPO on Monday morning, which would be one of the largest consumer discretionary IPOs of the past two decades. Profitable and growing with a well-known brand, Birkenstock shares some similarities with the year’s other successful, very large listings.
The week’s sole new listing, specialty grocer Maison Solutions (MSS) raised $10 million at a $74 million market cap. The company operates a network of four center-satellite stores in Los Angeles County, California, offering traditional Asian food and merchandise with a particular focus on Asian-American communities. After popping 120%+, Maison Solutions finished the week up 83%.
| 3 IPOs During the Week of October 2nd, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/06 |
| Maison Solutions (MSS) | $10M | $74M | 0% | +124% | +83% |
| Specialty Asian grocer with four stores in Los Angeles County. | |||||
| Spark I Acquisition (SPKLU) | $100M | $164M | 0% | +1% | +1% |
| Blank check company formed by SparkLabs Group targeting late-stage tech startups with ties to Asia. | |||||
| Quetta Acquisition (QETAU) | $60M | $78M | 0% | +1% | +1% |
| Blank check company targeting the fintech sector in Asia. | |||||
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A few decent-sized IPOs joined the pipeline this past week, led by two that plan to raise $100+ million: pharmacy services provider Guardian Pharmacy Services (GRDN) and air transport company PHI Group (ROTR).
| 5 Filings During the Week of October 2nd, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Colombier Acquisition II (CLBR.U) | $130M | SPAC | BTIG |
| Blank check company targeting "entrepreneurship, innovation & growth" industries. | |||
| Shimmick (SHIM) | $50M | Industrials | Roth Cap. |
| California-based construction firm specializing in public water infrastructure. | |||
| PHI Group (ROTR) | $100M | Industrials | Barclays |
| Provides helicopter transportation services to the oil and air medical industries. | |||
| Trident Digital Tech (TDTH) | $50M | Industrials | Tiger Brokers |
| Provides business consulting and IT customization services in Singapore. | |||
| Guardian Pharmacy (GRDN) | $115M | Health Care | Raymond James |
| Provides pharmacy services to long-term healthcare facilities. | |||
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This past week, we released our 3Q reports on the Big Four in the IPO market and the most active IPO law firms. We also updated our reviews of the 3Q23 US and global IPO markets, where we cover activity over the past quarter, IPO performance, our outlook going forward, and more.
- 3Q 2023 IPO Rankings for the Big Four Accounting Firms
- The Most Active Law Firms of the 3Q 2023 IPO Market
- 3Q 2023 US IPO Market Review
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/5/2023, the Renaissance IPO Index was up 23.1% year-to-date, while the S&P 500 was up 12.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Airbnb (ABNB). The Renaissance International IPO Index was down 20.9% year-to-date, while the ACWX was up 3.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
