Three IPOs are currently scheduled to list in the week ahead, all based in the Asia Pacific region. One SPAC is also expected to price.
China-based autonomous vehicle systems developer WeRide (WRD) is scheduled to raise $110 million at a $5.7 billion market cap, after delaying its listing this past week at the last minute. 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.
Singapore-based Holdover Trident Digital Tech (TDTH) is scheduled to raise $11 million at $387 million market cap. Through its business consulting segment, Trident provides a variety of services to SMEs in Singapore, including business strategy advisory, design of business workflows and processes, brand and reputation, and digital marketing. The company also offers tailor-made IT solutions and packaged software solutions through its IT customization segment.
Hong Kong financial communications firm Powell Max (PMAX) is set to raise $8 million at a $74 million market cap. Powell Max provides financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its services include financial printing, corporate reporting, communications, and language support services from inception to completion.
Blank check YHN Acquisition I (YHNAU), led by executives from boutique SPAC firm Norwich Capital, plans to raise $60 million.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Powell Max (PMAX) Hong Kong, China | $8M $74M | $4 - $6 1,650,000 | WallachBeth Revere Sec. |
| Provides financial communication services in Hong Kong. | |||
| 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. | |||
| 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. | |||
| YHN Acquisition I (YHNAU) Hong Kong, China | $60M $78M | $10 6,000,000 | Lucid Capital Markets |
| Blank check company led by executives from boutique SPAC firm Norwich Capital. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/15/2024, the Renaissance IPO Index was up 7.0% year-to-date, while the S&P 500 was up 17.2%. 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 6.9% year-to-date, while the ACWX was up 7.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
