After a fairly active two weeks by 2024's standards, the US IPO market should slow down in the week ahead, partly due to the Monday holiday. While there are no major listings on the calendar, a number of SPACs and micro-cap companies may go public, many of which seek to price on a day-to-day basis.
With less than 25 days until the US Presidential election, we are in one of the final IPO windows of 2024, in addition to a brief period in mid-November and early December. Leading tech products distributor Ingram Micro (INGM) and energy services provider Hornbeck Offshore Services (HOS) both look like potential launches. Cerebras Systems (CBRS) did too, until reports that a CFIUS review could delay its listing plans.
Two lock-ups from sizable 2024 IPOs should expire in the week ahead: consumer tech platform Ibotta's (IBTA) remaining shares are expected to be released, along with biotech Artiva (ARTV).
Currently as many as 10 micro-cap companies are looking to IPO in October. With roughly the most likely names this week near the top:
- Synergy CHC (SNYR)
- Samfine Creation Holdings (SFHG)
- FBS Global (FBGL)
- SAG Holdings (SAG)
- PTL (PTLE)
- High Roller Technologies (ROLR)
- Cuprina Holdings (CUPR)
- Diginex (DGNX)
- Libera Gaming Operations (LBRJ)
- Jupiter Neurosciences (JUNS)
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/11/2024, the Renaissance IPO Index was up 15.7% year-to-date, while the S&P 500 was up 21.9%. 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 9.4% year-to-date, while the ACWX was up 11.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche AG and Amman Mineral Internasional.
