Two companies completed listings this week, while three SPACs and three IPOs submitted initial filings.
Oil and gas producer Mach Natural Resources (MNR) priced at the bottom of the range to raise $190 million at a $1.8 billion market cap. Focused on acquiring distressed assets, the company uses horizontal wells tap into previously inaccessibly reserves, largely in the Anadarko Basin. The company plans to offer a dividend, although some investors may be turned off by corporate governance issues. Mach Natural Resources finished the week down -1%.
Short-term rental operator reAlpha Tech (AIRE) completed its direct listing on the Nasdaq. Shares opened for trading at $23.01 per share, more than double the $10 price paid for its shares in its January 2023 Regulation A offering. It soared from there, as low trading volumes contributed to wild price swings, but plummeted in the aftermarket. reAlpha Tech finished the up 1% from its opening price.
| 2 IPOs During the Week of October 23rd, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/27 |
| reAlpha Tech (AIRE) | $0M | $425M | 0% | +3967% | +132% |
| Operates short-term rental properties and a related investment platform. | |||||
| Mach Natural Resources (MNR) | $190M | $1,805M | -5% | -3% | -1% |
| US oil and gas production company in the Anadarko Basin. | |||||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Three IPOs and three SPACs submitted initial filings this past week. Personal care appliance wholesaler Raytech Holding (RAY) filed to raise $14 million at an $86 million market cap. Video compression products provider Reticulate Micro (RMIC) filed to raise $12 million at a $75 million market cap. Electric car sharing platform provider EV Mobility (EVMO) filed to raise $9 million at a $59 million market cap. Blank check Ag & Nat Solutions Acquisition (ANSCU) filed to raise $300 million to target decarbonization in agriculture, while FG Merger II (FGIIU.RC) filed to raise $75 million to target financial services businesses, and JVSPAC Acquisition (JVSAU) filed to raise $50 million to target lifestyle-focused tech businesses.
| 6 Filings During the Week of October 23rd, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Raytech (RAY) | $14M | Consumer Discretionary | Revere Sec. |
| Sources and wholesales personal care electrical appliances. | |||
| JVSPAC Acquisition (JVSAU) | $50M | SPAC | Maxim |
| Blank check company targeting businesses at the intersection of lifestyle and tech. | |||
| Ag & Nat Solutions Acq. (ANSCU) | $300M | SPAC | Citi |
| Blank check company backed by Riverstone and Impact Ag focused on decarbonization in agriculture. | |||
| FG Merger II (FGIIU.RC) | $75M | SPAC | ThinkEquity |
| Blank check company targeting the financial services industry in North America. | |||
| EV Mobility (EVMO) | $9M | Industrials | WestPark Capital |
| Provides an electric car sharing platform for hotels and apartments. | |||
| Reticulate Micro (RMIC) | $12M | Technology | Boustead |
| Provides video compression-based software and hardware products. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/26/2023, the Renaissance IPO Index was up 18.5% year-to-date, while the S&P 500 was up 9.2%. 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 25.8% year-to-date, while the ACWX was up 1.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
