Despite expectations of some major post-Thanksgiving launches, just two small Asian issuers listed in the US this past week.
Hong Kong-based financial services firm Garden Stage (GSIW) offered more shares and priced at the low end to raise $10 million at a $64 million market cap. Through its subsidiaries, the company provides placement and underwriting services, securities dealing and brokerage services, and asset management services. Garden Stage popped 155%.
Hong Kong-based hair appliance maker Fenbo Holdings (FEBO) raised $5 million at a $55 million market cap. The company primarily generates revenue from flat irons and hair straighteners and curling wands and irons. Since 2006, it has served as an OEM for Spectrum Brands and its sole customer, producing electrical hair styling products under the "Remington" brand. Fenbo finished flat.
| 2 IPOs During the Week of November 27th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/01 |
| Garden Stage (GSIW) | $10M | $64M | 0% | +155% | +155% |
| Hong Kong-based provider of underwriting and brokerage services. | |||||
| Fenbo Holdings (FEBO) | $5M | $55M | 0% | -11% | +0% |
| Hong Kong-based manufacturer of electrical hair styling products. | |||||
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| 1 Filing During the Week of November 27th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| EvoAir (EVOH) | $15M | Industrials | Network 1 |
| Malaysia-based maker of "eco-friendly" HVAC systems. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/30/2023, the Renaissance IPO Index was up 35.5% year-to-date, while the S&P 500 was up 20.4%. 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 17.3% 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.
