Three small listings are currently scheduled for the week ahead, although other issuers may join the calendar throughout the week.
Japanese property reseller Metros Development (MTRS) plans to raise $6 million at a $364 million market cap. The company identifies and purchases what it believes to be underdeveloped land and buildings, and resells them to developers. As of May 31, 2023, it had real estate inventories of more than $190 million, including more than 60 material real estate inventories in excess of $1 million. The proposed IPO float is just 2.0% of basic shares outstanding.
Maritime tour operator Amphitrite Digital (AMDI) plans to raise $7 million at a $61 million market cap. The company provides in-destination tours, activities, and attractions in the continental US and US Virgin Islands, with an owned fleet of 26 luxury catamarans and power boats in the USVI and Panama City. Amphitrite Digital is small but growing.
China-based CDT Environmental Technology Investment Holdings (CDTG) is tentatively scheduled to raise $9 million at a $50 million market cap. The company provides and operates sewage treatment systems, and it also provides sewage treatment services.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Metros Development (MTRS) Tokyo, Japan | $6M $364M | $6.40 1,000,000 | Boustead EF Hutton |
| Purchases and resells underdeveloped properties in Japan. | |||
| Amphitrite Digital (AMDI) St. Thomas, U.S. Virgin Islands | $7M $61M | $3.50 - $4.50 1,750,000 | Kingswood Cap. Mkts. |
| Provides maritime tours and activities in the continental US and US Virgin Islands. | |||
| CDT Environmental (CDTG) Shenzhen, China | $9M $50M | $4 - $5 2,000,000 | WestPark Capital |
| Provides sewage treatment systems and services in China. | |||
Street research is expected for four companies in the week ahead, and one lock-up period will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/22/2024, the Renaissance IPO Index was down 0.6% year-to-date, while the S&P 500 was up 6.9%. 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 4.6% year-to-date, while the ACWX was up 1.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
