Six IPOs debuted this past week, four of which were included on our stats, and two IPOs submitted initial filings.
Enterprise data management and security platform Rubrik (RBRK) priced its upsized IPO above the range to raise $752 million at a $6.6 billion market cap. Its Rubrik Security Cloud platform delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. The platform is by a wide range of industries and geographies, and, as of January 31, 2024, Rubrik had more than 6,100 customers. The company has substantially grown its subscriptions, giving it a sticky customer base, but remains highly unprofitable. Rubrik finished the week up 19%.
Niche aerospace and defense components maker Loar Holdings (LOAR) priced above the range to raise $308 million at a $2.5 billion market cap. The company designs, manufactures, and sells niche components for aircraft and aerospace and defense systems. Its products span a range of applications, including auto throttles, temperature and fluid sensors and switches, and RAM air components. The company has benefitted from strong tailwinds in defense spending, although it is significantly leveraged. Loar Holdings finished the week up 78%.
Commodities broker and trading services provider Marex Group (MRX) priced slightly below the midpoint to raise $292 million at a $1.4 billion market cap. The company’s business consists of five segments: clearing, agency and execution, market making, hedging and investment solutions, and corporate. Marex provides connectivity to 58 exchanges, had a base of more than 4,000 clients as of December 31, 2023, and it executed approximately 129 million trades and cleared approximately 856 million contracts in 2023. It has a leading position among global commodities brokers, an industry characterized by difficult to predict trading volumes and volatility. Marex Group finished the week flat.
Hong Kong-based apparel retailer and supply chain services provider Neo-Concept International Group Holdings (NCI) priced its US IPO at the low end of the range to raise $9 million at an $81 million market cap. The company primarily generates revenue through the sale of private-label apparel products under the licensed brand "les 100 ciels". Neo-Concept International Group finished the week down 53%.
While not included in our stats, cleaning products maker CleanCore Solutions (ZONE) raised $5 million at a $41 million market cap, and finished down 13%, while Singapore-based outsourcing firm YY Group Holdings (YYGH) raised just under $5 million at a $159 market cap, and finished down 27%.
| 4 IPOs During the Week of April 22nd, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/26 |
| Loar Holdings (LOAR) | $308M | $2,464M | 12% | +74% | +78% |
| Makes niche aerospace and defense components. | |||||
| Rubrik (RBRK) | $752M | $6,633M | 8% | +16% | +19% |
| Provides a hybrid cloud data management and security platform for enterprises. | |||||
| Marex Group (MRX) | $292M | $1,419M | -3% | +0% | +0% |
| UK commodities broker and trading services firm. | |||||
| Neo-Concept International (NCI) | $9M | $81M | -11% | +138% | -53% |
| Hong Kong-based apparel retailer and supply chain services provider. | |||||
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Two IPOs submitted initial filings this past week. Global hot pot restaurant chain Super Hi International (HDL) filed to raise $100 million, and Malaysia-based payments platform Fintech Scion (FINR) filed to raise $10 million.
| 2 Filings During the Week of April 22nd, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Fintech Scion (FINR) | $10M | Technology | Spartan Capital |
| Malaysia-based payments platform for merchants. | |||
| Super Hi International (HDL) | $100M | Consumer Discretionary | Morgan Stanley |
| Operates hot pot restaurants under the Haidilao brand in the international market. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/25/2024, the Renaissance IPO Index was down 0.4% year-to-date, while the S&P 500 was up 6.3%. 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 3.1% year-to-date, while the ACWX was up 2.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Barito Renewables Energy.
