Three IPOs are currently scheduled for the week ahead, though other small issuers may join the calendar late.
Hong Kong-based DDC Enterprise (DDC) plans to raise $45 million at a $226 million market cap. Starting as an online recipe platform, DDC has since shifted to sales of prepared food products under its DayDayCook brand, as well as private label items. The company utilizes an omnichannel distribution strategy, which includes several large stores like 7/11 and Carrefour. Revenue growth was weighed down by China’s zero-COVID policy in 2022, though it reaccelerated in the 1H23.
Holdover Shimmick (SHIM) is tentatively scheduled to raise $50 million at a $333 million market cap. The company specializes in public water infrastructure, including dams, reservoirs, water treatment, and desalination plans. Its project backlog is worth $1+ billion, though it is subject to cancellation and adjustments.
Holdover Signing Day Sports (SGN) plans to raise $8 million at a $58 million market cap. Signing Day Sports provides a digital platform to help student athletes get discovered and recruited by coaches and recruiters across the country. The company is very small and highly unprofitable.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Signing Day Sports (SGN) Scottsdale, AZ | $8M $58M | $4 - $6 1,500,000 | Boustead |
| Operates a recruiting platform for student athletes. | |||
| DDC Enterprise (DDC) Hong Kong, China | $45M $226M | $9.50 - $11.50 4,250,000 | CMBI Benchmark |
| Sells prepared food products and operates a recipe sharing platform in China. | |||
| Shimmick (SHIM) Irvine, CA | $50M $333M | $10 - $12 4,550,000 | Roth Cap. |
| California-based construction firm specializing in public water infrastructure. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/9/2023, the Renaissance IPO Index was up 24.1% year-to-date, while the S&P 500 was up 14.8%. 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 19.8% year-to-date, while the ACWX was up 6.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
