With August in full swing, one might expect the IPO calendar be on pause for the usual summer break. However, one large deal is expected to price.
China-based autonomous vehicle systems developer WeRide (WRD) is scheduled to raise $100 million at a $5.7 billion market cap; Bosch has indicated on the majority of the offering, while other investors are kicking in $321 million in concurrent private placements. At that size, it would be largest deal completed during the month of August since 2021. WeRide is developing autonomous driving products and services, including Level 4 autonomy. It is currently operating and testing its products throughout 30 cities in 7 countries, and also offers paid autonomous robotaxi services to the public. It has accumulated 10,000 vehicle orders. It also sells robobuses, robosweepers, and related sensor suites.
Holdover Trident Digital Tech (TDTH) may also complete its $11 million IPO, coming public a $387 million market cap. Through its business consulting segment, Trident provides a variety of services including business strategy advisory, design of business workflows and processes, brand and reputation, and digital marketing. Through its IT customization segment, the company offers tailor-made IT solutions and packaged software solutions to meet client objectives.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| WeRide (WRD) Guangzhou, China | $110M $5,665M | $15.50 - $18.50 6,452,000 | Morgan Stanley JP Morgan |
| Chinese developer of autonomous vehicle systems and software. | |||
| Trident Digital Tech (TDTH) | $11M $387M | $5 - $7 1,800,000 | WallachBeth Revere Sec. |
| Provides business consulting, marketing, and IT services to SMEs in Singapore. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/8/2024, the Renaissance IPO Index was up 0.8% year-to-date, while the S&P 500 was up 11.5%. 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 11.5% year-to-date, while the ACWX was up 2.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Barito Renewables Energy.
