Two foreign issuers listed in the US this past week, joined by one blank check. Four IPOs joined the pipeline, as well as one SPAC.
Kazakhstan’s Kaspi.kz (KSPI) raised $1.0 billion at a $17.4 billion market cap in its upsized deal, becoming the second company from the country to list on a major US exchange. Kaspi.kz operates a payments, marketplace, and fintech "super app" that provides a range of services for both consumers and merchants. The company is highly profitable and has achieved strong growth in recent years, though its revenue is highly concentrated in Kazakhstan, an emerging market with a history of volatility. It closed its first day up 4%.
Hong Kong-based interconnect products provider CCSC Technology International (CCTG) offered more shares but priced at the low end to raise $6 million at a $51 million market cap. Through its operating subsidiaries, the company designs, manufactures, and sells interconnect products, including connectors, cables, and wire harnesses. CCSC Technology International finished the week up 125%.
JVSPAC Acquisition (JVSAU) raised $50 million in the year’s first blank check IPO. The SPAC plans to target business at the intersection of lifestyle and technology.
| 3 IPOs During the Week of January 15th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/19 |
| CCSC Technology (CCTG) | $6M | $51M | -20% | +93% | +125% |
| Hong Kong-based provider of electronic interconnect products. | |||||
| Kaspi.kz (KSPI) | $1,040M | $17,413M | 0% | +4% | +4% |
| Kazakhstan-based provider of an online banking, payments, and marketplace app. | |||||
| JVSPAC Acquisition (JVSAU) | $50M | $67M | 0% | +1% | +1% |
| Blank check company targeting businesses at the intersection of lifestyle and tech. | |||||
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Four IPOs submitted initial filings this past week, led by Mexican discount grocery chain BBB Foods (TBBB), which filed to raise $300 million. Operating under the name Tiendas 3B, the company offers a limited assortment of value grocery products and had nearly 2,300 stores at the end of 2023. Autoimmune disease biotech Kyverna Therapeutics (KYTX) filed to raise $100 million. Singapore-based safety equipment provider Rectitude Holdings (RECT) filed to raise $10 million at a $73 million market cap. Brazilian packaged food company BRB Foods (BRB.RC) filed to raise $8 million.
| 5 Filings During the Week of January 15th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| BBB Foods (TBBB) | $300M | Consumer Staples | JP Morgan |
| Operates more than 2,200 discount grocery stores in Mexico. | |||
| Helix Acquisition II (HLXB) | $100M | SPAC | Leerink Partners |
| Blank check company formed by Cormorant Asset Management targeting healthcare. | |||
| BRB Foods (BRB.RC) | $8M | Consumer Staples | Network 1 |
| Brazilian manufacturer and distributor of dry food products. | |||
| Kyverna Therapeutics (KYTX) | $100M | Health Care | JP Morgan |
| Phase 2-ready biotech developing cell therapies for autoimmune diseases. | |||
| Rectitude Holdings (RECT) | $10M | Industrials | A.G.P. |
| Singapore-based provider of safety equipment and other industrial products. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/18/2024, the Renaissance IPO Index was down 9.3% year-to-date, while the S&P 500 was up 0.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 9.2% year-to-date, while the ACWX was down 3.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
