Updated Monday, 12/11.
One foreign issuer is currently scheduled to price a US IPO in the week ahead, though some small deals may join the calendar late.
China-based ZKH Group (ZKH) plans to raise $66 million at a $2.8 billion market cap. The company provides MRO (materials for maintenance, repair, and operations) procurement services through two platforms, ZKH platform and GBB platform. ZKH Group served over 64,000 customers in the 12 months ended 9/30/23, with product offerings spanning 17.2 million SKUs and all major MRO product lines. The company is unprofitable, and growth slowed in the 9mo23.
While not included below, steel framing manufacturer INNO HOLDINGS (INHD) is scheduled to begin trading in the coming week. The company raised $10 million this past week, but unlike most US IPOs, it did not begin trading the day after pricing.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| ZKH Group (ZKH) Shanghai, China | $66M $2,752M | $15.50 - $17.50 4,000,000 | Deutsche Bank China Ren. |
| Chinese B2B procurement platform for industrial supplies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/7/2023, the Renaissance IPO Index was up 38.7% year-to-date, while the S&P 500 was up 21.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Kenvue (KVUE). The Renaissance International IPO Index was down 19.2% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
