Two small IPOs and two SPACs debuted this past week. Eight IPOs submitted initial filings.
Chinese cancer radiotherapy treatment planning systems provider Pheton Holdings (PTHL) priced its US IPO at the low end to raise $9 million at a $57 million market cap. Through its Chinese operating entity, Pheton sells brachytherapy treatment planning systems (TPS) designed to kill cancer cells and shrink tumors. Its lead product, Feitian Treatment Planning Software (FTTPS) includes TPS made to treat a wide variety of malignant tumors, and is modifiable to enable features such as 3D printing. The company says that during an operation, FTTPS can determine the target volume, prescription dose, and dose limitation to protect organs at risk (OARs) and produce a dose distribution plan for brachytherapy for cancer patients. Pheton Holdings finished down 3%.
Hong Kong-based financial communication services firm Powell Max (PMAX) priced its US IPO at the low end to raise $6 million at a $58 million market cap. The company 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. The company's clients consist of domestic and international companies listed on the Stock Exchange of Hong Kong, as well as companies who are seeking to list in Hong Kong and their advisors. Powell Max finished up 3%.
Two blank check companies also priced this week. Vine Hill Capital (VCICU) raised $200 million to target industrials and service industries. Andretti Acquisition II (POLEU), the second SPAC affiliated with racecar driver Michael Andretti, also raised $200 million.
| 4 IPOs During the Week of September 2nd, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/06 |
| Powell Max (PMAX) | $6M | $58M | -20% | +0% | +3% |
| Provides financial communication services in Hong Kong. | |||||
| Andretti Acquisition II (POLEU) | $200M | $257M | 0% | +0% | +0% |
| Second blank check company affiliated with racing driver Michael Andretti. | |||||
| Vine Hill Capital (VCICU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company targeting the industrial and services industries. | |||||
| Pheton (PTHL) | $9M | $57M | -11% | -6% | -3% |
| Chinese provider of treatment planning systems for cancer radiotherapy. | |||||
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Eight IPOs submitted initial filings this past week, including three names that filed to raise $100 million or more. Aerospace engine services provider StandardAero (SARO) filed to raise an estimated $1 billion. Early child education services provider KinderCare (KLC) filed to raise an estimated $500 million. It previously filed in October 2021, and planned to raise to $503 million before withdrawing in July 2023. Metabolic disease biotech BioAge Labs (BIOA) filed to raise $100 million.
Singapore-based entertainment marketing firm FAST TRACK GROUP (FTRK) filed to raise $17 million at a $96 million market cap. Hong Kong-based apparel retailer 707 Cayman Holdings (MKR) filed to raise $11 million at a $99 million market cap. Hong Kong-based interior design firm Mint (MIMI) filed to raise $8 million at a $102 million market cap. China-based cross-border logistics services provider Eastern International (ELOG) filed to raise $7 million at a $54 million market cap. Chinese EV retailer AoChuang Holdings (ANE) filed to raise $6 million at a $176 million market cap.
| 8 Filings During the Week of September 2nd, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| AoChuang Holdings (ANE) | $6M | Consumer Discretionary | EF Hutton |
| Electric vehicle retailer in China. | |||
| FAST TRACK GROUP (FTRK) | $17M | Communication Services | Network 1 |
| Singapore-based provider of event management and marketing services. | |||
| KinderCare (KLC) | $500M | Consumer Discretionary | Goldman |
| Largest private provider of early childhood education and care services in the US. | |||
| StandardAero (SARO) | $1,000M | Industrials | JP Morgan |
| Provider of aerospace engine aftermarket services. | |||
| 707 Cayman Holdings (MKR) | $11M | Consumer Discretionary | Bancroft Capital |
| Hong Kong-based provider of apparel and supply chain management solutions. | |||
| Mint (MIMI) | $8M | Consumer Discretionary | Benjamin Securities |
| Hong Kong provider of interior design and fit-out works under the brand Matter. | |||
| BioAge Labs (BIOA) | $100M | Health Care | Goldman |
| Phase 2 biotech developing small molecule therapies for metabolic diseases. | |||
| Eastern International (ELOG) | $7M | Industrials | Maxim |
| Chinese provider of domestic and cross-border logistics. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/5/2024, the Renaissance IPO Index was up 8.1% year-to-date, while the S&P 500 was up 16.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU) and The Renaissance International IPO Index was down 5.3% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
