A few small issuers are currently scheduled to price in the week ahead, though others may join late.
While the calendar is relatively quiet for now, we expect activity to pick back up in March, with tech names Astera Labs (ALAB) and Reddit (RDDT) primed for listings in the coming weeks.
Singapore-based ride-hailing app Ryde Group (RYDE) plans to raise $14 million at an $86 million market cap. The company currently providing on-demand and scheduled carpooling and ride-hailing services, as well as on-demand, scheduled, and multi-stop parcel delivery services. Ryde has delivered solid revenue growth, though transaction volume and GMV have declined.
Hong Kong-based financial PR firm Intelligent Group (INTJ) plans to raise $9 million at a $60 million market cap. The firm provides services to clients during mergers and acquisitions, IPOs, and restructurings on a variety of complex business. Intelligent Group is small and saw revenue decline in the FY22.
Holdover CDT Environmental Technology Investment Holdings (CDTG) plans to raise $9 million at a $50 million market cap. The China-based company provides and operates sewage treatment systems, and it also provides sewage treatment services.
Holdover NYIAX (NYX) plans to raise $8 million at an $82 million market cap. Small and highly unprofitable, NYIAX’s platform utilizes blockchain technology to allow companies to list, buy, and sell advertising and audience campaigns.
Holdover Amphitrite Digital (AMDI) may 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.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| 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. | |||
| Intelligent Group (INTJ) Hong Kong, China | $9M $60M | $4 - $5 2,000,000 | WestPark Capital |
| Provides financial public relations consulting in Hong Kong. | |||
| CDT Environmental (CDTG) Shenzhen, China | $9M $50M | $4 - $5 2,000,000 | WestPark Capital |
| Provides sewage treatment systems and services in China. | |||
| NYIAX (NYX) New York, NY | $8M $82M | $4 2,106,250 | WestPark Capital EF Hutton |
| Provides an advertising marketplace and contract management platform. | |||
| Ryde (RYDE) | $14M $86M | $4 - $5 3,000,000 | Maxim |
| Operates a ride-hailing app in Singapore. | |||
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 2/29/2024, the Renaissance IPO Index was up 4.2% year-to-date, while the S&P 500 was up 7.1%. 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 3.5% 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.
