There were no IPOs in the short Memorial Day week, but a few larger names joined the calendar for early June listings, and two sizable issuers submitted initial filings.
Notable launches included hospital billing platform Waystar (WAY) and aluminum company Novelis (NVL), with each planning to raise nearly $1 billion, as well as Israeli glass manufacturer Gauzy (GAUZ), which is targeting $75 million.
Five IPOs submitted initial filings this past week, led by two sizable issuers. Web comic platform WEBTOON Entertainment (WBTN) filed for an IPO we estimate could raise $500 million, and oil land acquirer LandBridge (LB) filed to raise $100 million.
| 8 Filings During the Week of May 27th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Graf Global (GRAF.U) | $200M | SPAC | Cantor Fitz. |
| Blank check company led by SPAC veteran James Graf. | |||
| LandBridge (LB) | $100M | Energy | Goldman |
| Oil property acquirer in the Delaware Basin formed by Five Point Energy and WaterBridge. | |||
| Melar Acquisition I (MACIU) | $150M | SPAC | Cohen & Company Securities |
| Blank check company targeting the "emerging finance" sector. | |||
| Powell Max (PMAX) | $8M | Industrials | Revere Sec. |
| Provides financial communication services in Hong Kong. | |||
| WEBTOON Entertainment (WBTN) | $500M | Communication Services | Goldman |
| Leading global online cartoon platform carved-out of South Korea's NAVER. | |||
| Cambodia Airways (CAKR) | $7M | Industrials | Univest Sec. |
| Cambodian airline primarily serving Southeast Asia and mainland China. | |||
| Linkers Industries (LNKS) | $11M | Industrials | Revere Sec. |
| Malaysian manufacturer and supplier of wire/cable harnesses. | |||
| Lionheart Holdings (CUBBU) | $200M | SPAC | Cantor Fitz. |
| Blank check company formed by Lionheart Capital. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/30/2024, the Renaissance IPO Index was up 5.6% 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 Nu Holdings (NU). The Renaissance International IPO Index was up 2.0% year-to-date, while the ACWX was up 5.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Wise.
