Two small IPOs debuted this past week, while six IPOs submitted initial filings.
Notably, China-based autonomous driving developer WeRide (WRD) postponed its $110 million US IPO. The company, which had already delayed its IPO earlier, stated that its registration documents could not be finalized within the timeframe allotted by Chinese regulators.
Hong Kong-based logistics services firm Reitar Logtech (RITR) priced its IPO at the bottom of the range to raise $9 million at a $249 million market cap. The company’s business primarily consists of two segments: asset management and professional consultancy services, and construction management and engineering design services. For logistics operators, the company procures capital partners to invest in logistics property development and redevelopment projects, and provides support for customers in their bidding for projects, among other services. For capital partners investing in its projects, the company provides comprehensive asset management and
project management services. It finished the week up 4%.
China-based medical product maker WORK Medical Technology (WOK) priced its IPO at $4, as expected, to raise $8 million at a $58 million market cap. Through its subsidiaries, its develops, manufactures, and sells disposable medical products. Its portfolio currently consists of 21 medical products, including medical face masks, artery compression tourniquets, disposable breathing circuits, laryngeal mask airways, and endotracheal tubes. All of the devices are sold domestically, and 15 are sold internationally. WORK Medical Technology finished the week down 10%.
| 2 IPOs During the Week of August 19th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/23 |
| Reitar Logtech (RITR) | $9M | $249M | -11% | +4% | +4% |
| Provides design and other services to the logistics industry in Hong Kong. | |||||
| WORK Medical Technology (WOK) | $8M | $58M | -11% | -10% | -10% |
| Chinese manufacturer of disposable medical products. | |||||
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Six IPOs submitted initial filings this week, including four names which filed to raise $100 million or more. Oncology biotech Bicara Therapeutics (BCAX) filed to raise $200 million. Immunology-focused biotech Zenas BioPharma (ZBIO) filed to raise $150 million. Brazil Potash (GRO), a pre-revenue potash miner, filed to raise $100 million. Endocrine and metabolic disease-focused biotech MBX Biosciences (MBX) filed to raise $100 million. Hong Kong-based financial printing services provider Cre8 Enterprise (CRE) filed to raise $8 million at a $109 million market cap. Singapore-based furniture retailer HomesToLife (HTLM) filed to raise $6 million at a $73 million market cap.
| 6 Filings During the Week of August 19th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| MBX Biosciences (MBX) | $100M | Health Care | JP Morgan |
| Phase 2 biotech developing precision peptides for endocrine and metabolic diseases. | |||
| Bicara Therapeutics (BCAX) | $200M | Health Care | Morgan Stanley |
| Phase 1 biotech developing a bifunctional antibody to target solid tumors. | |||
| HomesToLife (HTLM) | $6M | Consumer Discretionary | Tiger Brokers |
| Home furnishings retailer with six locations in Singapore. | |||
| Zenas BioPharma (ZBIO) | $150M | Health Care | Morgan Stanley |
| Phase 3 biotech developing therapies for autoimmune and inflammatory diseases. | |||
| Brazil Potash (GRO) | $100M | Materials | Cantor Fitz. |
| Developing a potash mining project in Brazil's Amazon basin. | |||
| Cre8 Enterprise (CRE) | $8M | Industrials | Benjamin Securities |
| Hong Kong provider of printing and other services for financial reporting. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/22/2024, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 17.8%. 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 4.4% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
