Three IPOs and one SPAC debuted this past week, while three IPOs submitted initial filings.
Phase 1 oncology biotech Boundless Bio (BOLD) raised $100 million at a $396 million market cap. The company is focused on developing therapies for oncogene amplified tumors by targeting extrachromosomal DNA (ecDNA). Its lead ecDTx, BBI-355, is a novel, oral, selective inhibitor of checkpoint kinase 1, which manages ecDNA replication and transcription in cancer cells. BBI-355 is currently being studied in a first-in-human, Phase 1/2 trial in patients with oncogene amplified cancers, with preliminary data expected in the 2H24. It finished down -11%.
Chinese business services provider U-BX Technology (UBXG) raised $10 million at a $135 million market cap. U-BX Technology's business consists of digital promotion services, risk assessment services, and value-added bundled benefits. Utilizing its proprietary algorithmic model, the company is able to generate individualized risk reports based on the vehicle brand, model, travel area, and vehicle age. It finished down -18%.
Australia-based fitness program provider Alta Global Group (MMA) raised $7 million at a $58 million market cap. Alta offers a platform for martial arts and combat sports, featuring four core products: the Warrior Training Program, UFC Fight Fit Program, Alta Academy, and the Alta Community. To date, the company has monetized its Warrior Training Program. It finished down -16%.
The sole SPAC to debut was IB Acquisition (IBACU), which raised $100 million to target fintech, healthcare, entertainment, and consumer goods.
| 4 IPOs During the Week of March 25th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/29 |
| IB Acquisition (IBACU) | $100M | $137M | 0% | +0% | +0% |
| Blank check company targeting fintech, healthcare, entertainment, and consumer goods. | |||||
| Boundless Bio (BOLD) | $100M | $396M | 0% | -11% | -11% |
| Phase 1 biotech developing inhibitor therapies for oncogene amplified tumors. | |||||
| Alta Global Group (MMA) | $7M | $58M | 0% | -16% | -16% |
| Provides martial art and combat sport training through a network of partner gyms. | |||||
| U-BX Technology (UBXG) | $10M | $135M | 0% | -18% | -18% |
| Provides a variety of services to insurance companies in China. | |||||
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Three IPOs submitted initial filings this week, led by UK-based commodities broker and trading services firm Marex Group (MRX), which filed to raise an estimated $500 million. Hong Kong-based logistics services provider Reitar Logtech Holdings (RITR) filed to raise $11 million at a $281 million market cap. China-based professional education software provider NetClass Techonology (NTCL) filed to raise $10 million at a $97 million market cap, and simultaneously withdrew its previous IPO filings.
| 3 Filings During the Week of March 25th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Reitar Logtech (RITR) | $11M | Industrials | Univest Sec. |
| Provides design and other services to the logistics industry in Hong Kong. | |||
| Marex Group (MRX) | $500M | Financials | Barclays |
| UK commodities broker and trading services firm. | |||
| NetClass Technology (NTCL) | $10M | Consumer Discretionary | Revere Sec. |
| Provides professional education software and services in China. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/27/2024, the Renaissance IPO Index was up 9.8% year-to-date, while the S&P 500 was up 10.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Coinbase Global (COIN). The Renaissance International IPO Index was down 2.0% year-to-date, while the ACWX was up 4.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Wise.
