This week was another slow week for pricings, with two companies making their public debut, along with three SPACs. WeRide (WRD) was set to break the August drought for large IPOs, but pushed back its expected pricing date to next week. Six new companies and one SPAC filed this week. They were led by HMH Holding (HMHW), which filed to raise $100 million.
YXT.com (YXT) completed its $25 million IPO at a $599 million market cap. The Chinese provider of corporate learning software uses a combination of in-house development and external collaboration to offer over 8,200 courses covering approximately 20 industries and served over 2,400 subscription customers as of March 31, 2024. It traded down 9%.
Holdover Actuate Therapeutics (ACTU) also raised $22 million. After revising terms several times and raising less than half of the original proceeds, the company, which is developing inhibitor-based cancer therapies, went public at a $161 million market cap. Actuate’s lead candidate, Elraglusib, is currently being evaluated in a randomized Phase 2 trial in patients with metastatic pancreatic cancer, with top line results expected in the 1Q25. The trial is not expected to be pivotal. It finished the week up 11%.
Three SPACs also priced. SilverBox IV (SBXD.U) and HCM II Acquisition (HONDU) both raised $200 million while Cantor Equity Partners (CEP) raised $100 million.
| 5 IPOs During the Week of August 12th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/16 |
| Actuate Therapeutics (ACTU) | $22M | $161M | -11% | +8% | +9% |
| Phase 2 biotech developing an inhibitor therapy for difficult to treat cancers. | |||||
| HCM II Acquisition (HONDU) | $200M | $250M | 0% | +0% | +0% |
| Second blank check company formed by Hondius Capital Management. | |||||
| Cantor Equity Partners (CEP) | $100M | $128M | 0% | +0% | +0% |
| Ninth blank check company formed by Cantor Fitzgerald. | |||||
| SilverBox IV (SBXD.U) | $200M | $255M | 0% | +0% | +0% |
| Fourth blank check company formed by members of SilverBox Capital. | |||||
| YXT.com Group (YXT) | $25M | $599M | -8% | -9% | -9% |
| Chinese provider of corporate learning software. | |||||
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On the filing side, offshore-focused drilling equipment and aftermarket service provider HMH Holding (HMHW), filed to raise $100 million. A batch of smaller issuers also submitted initial filings during the week, including automated parking garage developer Huachen Technology (HCAI), which filed to raise $25 million. Chinese plastics distributor Texxon (NPT) and recycling truckload services company Toppoint Holdings (TOPP) both filed to raise $17 million. Legacy Education (LGCY) provides career-focused training in the healthcare industry. It filed to raise $10 million. Thoughtful Media (TMGX) also filed and set terms to raise $6 million. It connects advertisers, brands, and merchants with over 10,000 influencers to targeted audiences across Southeast Asia.
SPAC FACT II Acquisition (FACTU) filed to raise $175 million.
| 7 Filings During the Week of August 12th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| FACT II Acquisition (FACTU) | $175M | SPAC | Cohen & Company |
| Second SPAC led by former executives of Credit Suisse targeting financial services. | |||
| Legacy Education (LGCY) | $10M | Consumer Discretionary | Northern Capital |
| Owns and operates healthcare vocational institutions. | |||
| Thoughtful Media (TMGX) | $6M | Communication Services | Cathay Securities |
| South East Asia-focused influencer advertising platform spun out of Society Pass. | |||
| Huachen Technology (HCAI) | $25M | Industrials | EF Hutton |
| Chinese developer of automated parking garages and related equipment. | |||
| Texxon (NPT) | $17M | Industrials | EF Hutton |
| Chinese distributor of plastics and chemicals. | |||
| HMH Holding (HMHW) | $100M | Energy | JP Morgan |
| Provider of drilling equipment and services. | |||
| Toppoint Holdings (TOPP) | $17M | Industrials | A.G.P. |
| Truckload services provider focused on the recycling export supply chain. | |||
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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.
