Two SPAC debuted this week, and one company completed an uplisting from the OTC. Meanwhile, three IPOs and two SPACs submitted initial filings this past week.
Two SPACs priced this past week: SIM Acquisition I (SIMAU), which raised $200 million to target healthcare, and Launch One Acquisition (LPAAU), which also raised $200 million to target healthcare.
While not included below, Talen Energy (TLN) completed its uplisting to the Nasdaq this week. Previously listed on the OTC, Talen owns and operates power infrastructure in the United States. It produces and sells energy into wholesale power markets. It did not complete an underwritten offering in connection with its uplisting.
| 2 IPOs During the Week of July 8th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/12 |
| SIM Acquisition I (SIMAU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company formed by Sauvegarder Investment Management targeting healthcare. | |||||
| Launch One Acquisition (LPAAU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company targeting the healthcare sector. | |||||
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Three foreign issuers submitted initial filings this past week. Chinese learning software provider YXT.COM GROUP HOLDING (YXT) filed to raise $50 million. Singapore-based video commerce platform BeLive Holdings (BLIV) filed to raise $15 million at a $56 million market cap. Canada-based super activated carbon products developer AdvEn (ADVEN) filed to raise $8 million at a $109 million market cap.
Two SPACs submitted initial filings this week: Bleichroeder Acquisition I (BACQU) filed to raise $250 million to target the TMT sector, and Dynamix (DMIXU.RC) filed to raise $150 million to target the energy and power value chain.
| 5 Filings During the Week of July 8th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| AdvEn (ADVEN) | $8M | Materials | Spartan Capital |
| Pre-revenue Canadian producer of advanced super activated carbon products. | |||
| Bleichroeder Acq. I (BACQU) | $250M | SPAC | Santander |
| Blank check company formed by investment veterans targeting the TMT sector. | |||
| YXT.COM GROUP (YXT) | $50M | Technology | EF Hutton |
| Chinese provider of corporate learning software. | |||
| BeLive (BLIV) | $15M | Technology | R. F. Lafferty |
| Provides a video commerce platform for retail and e-commerce businesses. | |||
| Dynamix Corp (DMIXU.RC) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the energy and power value chain. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/11/2024, the Renaissance IPO Index was up 9.5% year-to-date, while the S&P 500 was up 18.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Nu Holdings (NU) and Kenvue (KVUE). The Renaissance International IPO Index was down 2.1% year-to-date, while the ACWX was up 10.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
