Cruise operator Viking (VIK) led the week’s deals, completing the year’s largest US IPO to date. It was joined by a small uplisting and a blank check company.
Viking Holdings priced an upsized deal above the midpoint to raise $1.5 billion at a $10.2 billion market cap. The company currently has a fleet of 92 vessels, and it plans to add a total of 24 new river and ocean ships over the next few years, though this will require high upfront capital. It has delivered solid growth, and its early booking rates provide revenue visibility. Viking finished up 21%.
Freeze dried candy maker Sow Good (SOWG) raised $12 million at a $117 million market cap in its Nasdaq uplisting. The company began commercializing its products in the 1Q23 and now sells 18 SKUs across two product lines using an omnichannel strategy, with a focus on wholesale and retail channels. Sow Good finished up 2%.
Michael Klein’s Churchill Capital Corp IX (CCIXU) raised $250 million in the first blank check IPO in over a month. The SPAC plans to target businesses that generate stable free cash flow and have a committed and capable management team, among other characteristics.
| 3 IPOs During the Week of April 29th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/03 |
| Viking (VIK) | $1,537M | $10,652M | 4% | +9% | +21% |
| Global luxury river and ocean cruise line. | |||||
| Sow Good (SOWG) | $12M | $117M | -55% | -3% | +2% |
| Makes freeze dried candy. | |||||
| Churchill Capital IX (CCIXU) | $250M | $319M | 0% | +1% | +0% |
| Blank check company founded by dealmaker and former Citi executive Michael Klein. | |||||
| 2 Filings During the Week of April 29th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Tamboran Resources (TBN) | $100M | Energy | BofA |
| Natural gas E&P focused on the Beetaloo Basin in the Northern Territory of Australia. | |||
| DT Cloud Star Acquisition (DTSQU) | $60M | SPAC | A.G.P. |
| Blank check company led by an executive from CITIC Securities. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/2/2024, the Renaissance IPO Index was up 1.1% year-to-date, while the S&P 500 was up 6.6%. 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 up 3.7% year-to-date, while the ACWX was up 3.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Porsche.
