Six IPOs are currently scheduled to list in the week ahead.
Aircraft engine maintenance provider StandardAero (SARO) is scheduled to raise $1.3 billion at a $7.2 billion market cap. Acquired by Carlyle in 2019, StandardAero is a leading independent provider of aerospace engine aftermarket services, consisting of maintenance, repair, and overhaul solutions for fixed and rotary wing aircraft across commercial, military, and business aviation sectors. The company has longstanding relationships with both engine manufacturers and aircraft operators, and is authorized by OEMs such as GE Aerospace, CFM International, and Rolls Royce. StandardAero's services include scheduled and unscheduled engine maintenance, component repair, on-wing support, asset management, and engineering solutions.
Outparcel-focused FrontView REIT (FVR) is set to raise $251 million at a $518 million market cap. FrontView is an internally-managed net-lease REIT that specializes in acquiring, owning, and managing outparcel properties across the United States. The company focuses on properties with direct frontage on high-traffic roads, providing high visibility to consumers. As of June 30, 2024, FrontView's portfolio comprised 278 properties across 31 states, totaling approximately 2.1 million rentable square feet. Its tenants include service-oriented businesses such as restaurants, cellular stores, financial institutions, automotive stores, and medical providers.
Chinese courier service BingEx (FLX) is scheduled to raise $64 million at a $1.1 billion market cap. Branded as FlashEx in China, or Shan Song, BingEx states that it is the country's leading independent on-demand dedicated courier service provider. Unlike many competitors, the company does not combine multiple orders or use multiple couriers, instead assigning a dedicated rider to make a single delivery.
Consumer products provider Synergy CHC (SNYR) is scheduled to raise $20 million at a $96 million market cap. Synergy's current brand portfolio consists of three brands, comprising a patented brain health supplement, a lifestyle brand, and a hand care brand. Its products are sold through club, mass drug, and other retailers such as Costco, Amazon, Walmart, Walgreens, CVS, The Vitamin Shoppe, Target, H-E-B, and SuperValu.
Singapore-based wound care product maker Cuprina Holdings (CUPR) is tentatively scheduled to raise $16 million at a $92 million market cap in the week ahead. Cuprina is focused on the development and commercialization of products for the management of chronic wounds. The company currently manufactures and distributes a line of medical grade sterile blowfly larvae bio-dressing products, as well as two lines of chronic wound care products in its pipeline. Cuprina has been selling its MEDIFLY products primarily in Singapore since 2020 and expanded into Hong Kong in 2023.
Singapore-based auto parts distributor SAG Holdings (SAG) is tentatively set to raise $8 million at a $80 million market cap. SAG Holdings is a distributor of OEM, third party branded, and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines, with operations primarily based in Singapore and global sales primarily generated from the Middle East and Asia. The company distributes parts for passenger and commercial vehicles through its On-Highway Business. Its Off-Highway Business serves various industrial sectors including marine, energy, and mining, among others.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| FrontView REIT (FVR) Dallas, TX | $251M $518M | $17 - $21 13,200,000 | Morgan Stanley JP Morgan |
| Commercial REIT focused on net lease outparcel properties. | |||
| StandardAero (SARO) Scottsdale, AZ | $1,290M $7,196M | $20 - $23 60,000,000 | JP Morgan Morgan Stanley |
| Provider of aerospace engine aftermarket services. | |||
| Synergy CHC (SNYR) Westbrook, ME | $20M $96M | $9 - $11 2,000,000 | Roth Cap. |
| Provides consumer health care, beauty, and lifestyle products. | |||
| BingEx (FLX) Beijing, China | $64M $1,136M | $15 - $17 4,000,000 | Deutsche Bank CICC |
| Operates a leading on-demand dedicated courier service in China. | |||
| Cuprina Holdings (CUPR) | $16M $92M | $4 - $4.50 3,750,000 | Network 1 |
| Singapore-based provider of skincare and chronic wound care products. | |||
| SAG Holdings (SAG) | $8M $80M | $8 1,000,000 | Wilson-Davis Dominari Securities |
| Singaporean distributor of spare automotive and industrial parts. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/26/2024, the Renaissance IPO Index was up 14.6% year-to-date, while the S&P 500 was up 21.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was down 4.1% year-to-date, while the ACWX was up 14.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Porsche.
