Two nano-caps debuted this past week, neither of which are included in our IPO stats. Two OTC-listed companies filed for uplistings.
Pain relief biotech Chromocell Therapeutics (CHRO) raised $7 million at a $34 million market cap. The company is focused on developing and commercializing therapeutics to alleviate pain by selectively target the sodium ion-channel known as NaV1.7. Its lead candidate, CC8464, has been evaluated in a Phase 1 trial, and the company has developed a dose escalation study design. It finished down 20%.
Drone tech developer Unusual Machines (UMAC) raised $5 million at a $31 million market cap. The company agreed to acquire the consumer division of drone company Red Cat Holdings (RCAT) in November 2022, which consists of subsidiaries Rotor Riot and Fat Shark Holdings. The transaction is expected to close simultaneously with the IPO closing. Unusual Machines traded down 25%.
Two issuers submitted initial filings this past week, both currently listed on the OTC. Media content hub TPT Global Tech (TPTW) filed to raise $50 million, as did robotic surgical systems maker SS Innovations (SSII).
| 2 Filings During the Week of February 12th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| SS Innovations (SSII) | $50M | Health Care | Freedom Capital |
| Makes robotic surgical systems. | |||
| TPT Global Tech (TPTW) | $50M | Communication Services | |
| Media content hub and tech services provider. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/15/2024, the Renaissance IPO Index was up 2.5% year-to-date, while the S&P 500 was up 5.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Coinbase Global (COIN) and Kenvue (KVUE). The Renaissance International IPO Index was down 6.9% year-to-date, while the ACWX was down 0.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
