Two small IPOs and two SPACs debuted this past week. Seven IPOs and three SPACs submitted initial filings.
Hong Kong-based ICT solutions provider Global Engine Group (GLE) priced its downsized IPO at the bottom of the range to raise $8 million at a $72 million market cap. The company is an integrated ICT solutions provider that delivers custom tailored solutions in the broader areas of cloud, security, networking, data management and visualization, edge computing, and other innovative and emerging technologies. It finished the week up 5%.
Cancer biotech Kairos Pharma (KAPA) priced its $6 million IPO at the expected price, at a $51 million market cap. The Los Angeles, CA-based company is developing lead candidate ENV 105, which it obtained from its acquisition of Enviro Therapeutics in 2021. Designed to reverse resistance to standard-of-care drugs, the ENV 105 antibody is in a Phase 2 trial for prostate cancer and a Phase 1 trial for lung cancer. It finished the week down -45%.
Two SPACs also priced. Norwich Capital-led YHN Acquisition I (YHNAU) and Asia-focused Cayson Acquisition (CAPNU) both raised $60 million apiece.
| 4 IPOs During the Week of September 16th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/20 |
| Global Engine Group (GLE) | $8M | $72M | -11% | +5% | +5% |
| Hong Kong-based provider of telecom consulting services and cloud solutions. | |||||
| YHN Acquisition I (YHNAU) | $60M | $78M | 0% | +0% | +0% |
| Blank check company based in Hong Kong and led by executives from boutique SPAC firm Norwich Capital. | |||||
| Cayson Acquisition (CAPNU) | $60M | $78M | 0% | +0% | +0% |
| Blank check company targeting businesses in Asia. | |||||
| Kairos Pharma (KAPA) | $6M | $51M | 0% | -35% | -45% |
| Phase 2 biotech developing therapies for cancer. | |||||
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Seven IPOs submitted initial filings this past week. Brazil-based lubricant producer Moove (MOOV) filed to raise $250 million. Respiratory disease-focused biotech Upstream Bio (UPB) filed to raise $100 million. Oil and natural gas producer Peak Resources LP (PRB) filed to raise $86 million. Genetic disease-focused biotech CAMP4 Therapeutics (CAMP) filed to raise $75 million. Chinese online insurance distributor Yuanbao (YB) filed to raise $50 million. Spirits Capital (SSCC.RC), a developer of whiskey-focused investing products, filed to raise $6 million. Malaysia-based face mask and cosmetics producer Empro Group (EMPG) filed to raise $5 million.
Three SPACs also submitted initial filinings. Bold Eagle Acquisition (BEAGU), led by SPAC veteran Jeff Sagansky, filed to raise $250 million. Cohen Circle Acquisition (CCIRU), led by SPAC veteran Betsy Cohen, filed to raise $200 million. Tech-focused SPAC Roman DBDR Acquisition II (DRDBU) filed to raise $200 million.
| 10 Filings During the Week of September 16th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Bold Eagle Acquisition (BEAGU) | $250M | SPAC | UBS |
| Eighth blank check company formed by SPAC veteran Jeff Sagansky and former MGM CEO Harry Sloan. | |||
| CAMP4 Therapeutics (CAMP) | $75M | Health Care | JP Morgan |
| Clinical-stage biotech developing RNA-based therapies to target genetic diseases. | |||
| Cohen Circle Acquisition (CCIRU) | $200M | SPAC | Cantor Fitz. |
| Blank check company led by SPAC veteran Betsy Cohen targeting fintech. | |||
| Upstream Bio (UPB) | $100M | Health Care | JP Morgan |
| Clinical-stage biotech developing a monoclonal antibody to target respiratory disorders. | |||
| Roman DBDR Acquisition II (DRDBU) | $200M | SPAC | B. Riley |
| Blank check company targeting cybersecurity, AI, and fintech. | |||
| Spirits Capital (SSCC.RC) | $6M | Technology | R. F. Lafferty |
| Pre-revenue fintech developing investing and trading products for whiskey. | |||
| Yuanbao (YB) | $50M | Financials | Goldman |
| Online distributor of insurance policies in China. | |||
| Empro Group (EMPG) | $5M | Consumer Staples | Spartan Capital |
| Malaysia-based producer and distributor of surgical face masks and cosmetics. | |||
| Moove (MOOV) | $250M | Materials | JP Morgan |
| Produces and distributes lubricants for automotive, agricultural, and industrial uses. | |||
| Peak Resources LP (PRB) | $86M | Energy | Janney |
| US oil and natural gas producer operating in the Powder Ridge Basin. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/20/2024, the Renaissance IPO Index was up 13.8% year-to-date, while the S&P 500 was up 19.7%. 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 13.3% year-to-date, while the ACWX was up 9.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
