While major IPOs are on hold until after Labor Day, three small deals were completed in the last week of August. Two SPACs also priced.
JBDI Holdings (JBDI) raised $11 million at a $99 million market cap, pricing at the high end of its $4 to $5 range. The company has evolved from a small reconditioning and recycling business into a comprehensive provider of revitalized, reconditioned, and recycled drums. Its product range includes open top drums, metal drums, plastic drums, plastic carboys, and intermediate bulk containers. JBDI has also diversified into selling new drums and collecting waste drums and related products. The stock had an impressive 102% first-day pop and finished the week up 147%.
Military contractor Safe Pro Group (SPAI) completed a downsized IPO, raising $5 million at a $72 million market cap. The company sells protective gear, including military-grade ballistic and bomb vests, helmets, and other equipment. In 2023, it was awarded a Multiple Award Schedule (MAS) contract by the US General Services Administration (GSA) for its Safe-Pro USA ballistic protection products. Additionally, Safe Pro provides AI-based software and tools that analyze drone imagery to detect landmines, along with other drone services. The company is also under contract with a Florida police department to provide "Drone as a Responder" services in 2024. The stock ended the week down 15%.
Autozi Internet Tech (AZI) priced its $10 million IPO at the low end of its $4 range, debuting with a $420 million market cap. The company provides automotive products and services through both online and offline channels in China. Its business segments include new car sales, primarily parallel import cars; auto parts and accessories sales, primarily lubricating oil; and automotive insurance-related services. The stock ended the week down 25%.
Two SPACs, GigCapital7 (GIGGU) and Black Spade Acquisition II (BSIIU), raised $200 million and $150 million, respectively.
| 5 IPOs During the Week of August 26th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/30 |
| JBDI Holdings (JBDI) | $11M | $99M | 11% | +102% | +147% |
| Singapore-based supplier of new and reconditioned steel and plastic drums. | |||||
| Black Spade Acq. II (BSIIU) | $150M | $188M | 0% | -1% | +0% |
| Blank check company targeting the entertainment, lifestyle, and tech industries. | |||||
| GigCapital7 (GIGGU) | $200M | $367M | 0% | -1% | -1% |
| Blank check company led by semiconductor veteran Avi Katz. | |||||
| Safe Pro Group (SPAI) | $5M | $72M | 0% | -15% | -15% |
| Provides military grade ballistic protective products and drone services. | |||||
| Autozi Internet Tech (AZI) | $10M | $420M | -11% | -35% | -25% |
| Sells parallel import cars and auto parts in China. | |||||
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Five companies and one SPAC submitted initial filings this week, led by medical device maker Ceribell (CBLL), which filed to raise $100 million. Concorde International (CIGL), a provider of integrated security solutions in Singapore, filed to raise $5 million. Consumer-focused HTL Capital (NCG) and Park Ha (PHH) filed to raise $15 million and $7 million, respectively. Health In Tech (HIT), which offers a marketplace for companies to list various stop-loss policy options for self-funded benefits plans, set terms to raise $10 million. The only SPAC filing this week, Ribbon Acquisition (RIBBU), plans to raise $50 million.
| 6 Filings During the Week of August 26th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Health In Tech (HIT) | $10M | Financials | ATIS |
| Provides a stop-loss policy marketplace and services for self-funded benefits plans. | |||
| Ribbon Acquisition (RIBBU) | $50M | SPAC | A.G.P. |
| Tokyo-based blank check company led by Angshuman Ghosh. | |||
| Concorde International (CIGL) | $5M | Technology | R. F. Lafferty |
| Provides integrated security solutions and facilities management services in Singapore. | |||
| Ceribell (CBLL) | $100M | Health Care | BofA |
| Medical device maker with an EEG platform that uses AI to monitor patient seizures. | |||
| HTL Capital (NCG) | $15M | Consumer Discretionary | Kingswood |
| India-based distributor of upholstered furniture. | |||
| Park Ha (PHH) | $7M | Consumer Staples | Dawson James |
| Sells skincare and cosmetic products in China. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/29/2024, the Renaissance IPO Index was up 10.1% year-to-date, while the S&P 500 was up 18.3%. 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 3.3% year-to-date, while the ACWX was up 11.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
