One IPO and three SPACs debuted this week. Meanwhile, six IPOs and seven SPACs submitted initial filings this past week.
Singapore-based safety equipment provider Rectitude Holdings (RECT) priced at the bottom of the range to raise $8 million at a $58 million market cap. The company makes safety equipment, encompassing items such as personal protective clothing, hand gloves, safety footwear, and personal fall arrest systems; portable fire extinguishers; and traffic products such as rubber speed humps, wheel stops, and wheel chocks. It finished down 3%.
Three blank check IPOs priced this past week. Lionheart Capital-backed Lionheart Holdings (CUBWU) raised $200 million, Melar Acquisition I (MACIU) raised $150 million to target “emerging finance”, and Flag Ship Acquisition (FSHPU) raised $60 million to target middle-market growth businesses.
| 4 IPOs During the Week of June 17th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/21 |
| Melar Acquisition I (MACIU) | $150M | $203M | 0% | +0% | +0% |
| Blank check company targeting the "emerging finance" sector. | |||||
| Flag Ship Acquisition (FSHPU) | $60M | $77M | 0% | +0% | +0% |
| Blank check company targeting middle-market growth businesses. | |||||
| Lionheart Holdings (CUBWU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company formed by Lionheart Capital. | |||||
| Rectitude Holdings (RECT) | $8M | $58M | -20% | -3% | -3% |
| Singapore-based provider of safety equipment and other industrial products. | |||||
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Six IPOs submitted initial filings this past week. Hospital and health care clinic operator Ardent Health (ARDT) led the pack, filed to raise an estimated $500 million. Country club owner and operator Aureus Greenway Holdings (AGH) filed to raise $19 million at a $119 million market cap. Real estate platform Linkhome (LHAI) filed to raise $12 million. China-based TV program distributor Unitrend Entertainment Group (INHI) filed to raise $6 million at a $186 million market cap. Chinese business services provider YSX Tech (YSXT) filed to raise $6 million at a $116 million market cap. Chinese precision parts manufacturer ZJK Industrial (ZJK) filed to raise $5 million at a $305 million market cap.
Seven SPACs submitted initial filings this week. Voyager Acquisition (VACHU) filed to raise $261 million to target healthcare. SIM Acquisition I (SIMAU), formed by Sauvegarder Investment Management, filed to raise $200 million to target healthcare. SilverBox IV (SBXD.U), the fourth SPAC formed by members of SilverBox Capital, filed to raise $200 million. HCM II Acquisition (HONDU), backed by Hondiu Capital Management, filed to raise $200 million. Tavia Acquisition (TAVAU.RC) filed to raise $175 million to target energy transition, the circular economy, and food tech. Black Spade Acquisition II (BSIIU) filed to raise $150 million to target entertainment, lifestyle, and technology. Future Vision II Acquisition (FVNNU) filed to raise $50 million to target the TMT industry in the Greater China region.
| 13 Filings During the Week of June 17th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Ardent Health (ARDT) | $500M | Health Care | JP Morgan |
| Operates hospitals and health care clinics in six states. | |||
| Black Spade Acq. II (BSIIU) | $150M | SPAC | Clear Street |
| Blank check company targeting the entertainment, lifestyle, and tech industries. | |||
| Linkhome (LHAI) | $12M | Technology | EF Hutton |
| Operates a platform for buying and selling real estate. | |||
| ZJK Industrial (ZJK) | $5M | Industrials | Revere Sec. |
| Chinese manufacturer of precision fasteners and other parts for electronic devices. | |||
| Aureus Greenway (AGH) | $19M | Consumer Discretionary | Revere Sec. |
| Owns and operates two public golf country clubs in Florida. | |||
| Future Vision II Acq. (FVNNU) | $50M | SPAC | EF Hutton |
| Blank check company targeting the TMT industry in the Greater China region. | |||
| HCM II Acquisition (HONDU) | $200M | SPAC | Cantor Fitz. |
| Second blank check company formed by Hondius Capital Management. | |||
| SilverBox IV (SBXD.U) | $200M | SPAC | Santander |
| Fourth blank check company formed by members of SilverBox Capital. | |||
| Voyager Acquisition (VACHU) | $261M | SPAC | Cantor Fitz. |
| Blank check company targeting the healthcare sector. | |||
| YSX Tech (YSXT) | $6M | Industrials | Tiger Brokers |
| Provides value-added and other services primarily to insurers and brokerages in China. | |||
| SIM Acquisition I (SIMAU) | $200M | SPAC | Cantor Fitz. |
| Blank check company formed by Sauvegarder Investment Management targeting healthcare. | |||
| Tavia Acquisition (TAVAU.RC) | $175M | SPAC | EarlyBird |
| Blank check company targeting energy transition, the circular economy, and food tech. | |||
| Unitrend Entertainment (INHI) | $6M | Communication Services | Revere Sec. |
| Provides TV program distribution and ad placement 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 6/20/2024, the Renaissance IPO Index was up 5.2% year-to-date, while the S&P 500 was up 15.5%. 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 4.9% year-to-date, while the ACWX was up 6.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Porsche.
