After ending October on shaky footing, the IPO market kicked off November with a fairly quiet week. Three new issuers began trading, two of which qualified for inclusion in our stats, while one deal was pushed back (SHIM). Four small Asia-based companies submitted initial filings.
In other notable news, reinsurer Hamilton Group (HG) launched its $255 million US IPO, with pricing slated for the week ahead. Healthcare billing platform Waystar (WAY), which was also eligible to launch this past week, is reportedly delaying its IPO until December at the earliest.
Biotech Lexeo Therapeutics (LXEO) priced at the low end to raise $100 million at a $282 million market cap. The company is focused on advancing in-licensed gene therapies for neurological and cardiovascular diseases. Its two lead candidates are currently being evaluated in Phase 1/2 trials, with interim data from both expected in mid to late 2024. Lexeo stumbled in its debut amid more challenging market conditions, finishing Friday down 9% from offer.
Hong Kong-based tech services provider Alpha Technology Group (ATGL) priced at the low end to raise $7 million at a $60 million market cap, and finished the week up 47%. While not included in the table below, Canadian mortgage broker Pineapple Financial (PAPL) priced at the low end to raise $4 million at a $29 million market cap, and finished down 54%.
| 2 IPOs During the Week of October 30th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/03 |
| Alpha Technology Group (ATGL) | $7M | $60M | -11% | +10% | +47% |
| Provides software development and other services in Hong Kong. | |||||
| Lexeo Therapeutics (LXEO) | $100M | $282M | -21% | -9% | -9% |
| Phase 1 biotech developing gene therapies for cardio and neuro diseases. | |||||
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| 4 Filings During the Week of October 30th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Neo-Concept International (NCI) | $9M | Consumer Discretionary | Revere Sec. |
| Hong Kong-based apparel retailer and supply chain services provider. | |||
| Ten-League International (TLIH) | $32M | Industrials | Eddid Securities |
| Singapore-based provider of heavy equipment and engineering consultancy services. | |||
| Baiya International (BIYA) | $15M | Industrials | Revere Sec. |
| Chinese HR platform that connects companies and blue-collar staffing agencies. | |||
| BloomZ (BLMZ) | $17M | Communication Services | Network 1 |
| Japanese audio production and voice actor management company. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/2/2023, the Renaissance IPO Index was up 23.5% year-to-date, while the S&P 500 was up 14.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Palantir Technologies (PLTR) and Kenvue (KVUE). The Renaissance International IPO Index was down 22.4% year-to-date, while the ACWX was up 4.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
