Four very small Asian issuers listed in the US this past week. The offerings raised just $26 million combined.
The week’s big news came from the pipeline, with China-based autonomous driving play Pony AI (PONY) filing for a $300 million US IPO. The company currently operates a fleet of over 250 robotaxis, licensed to operate in all four Tier-1 cities in China, and 190 robotrucks.
Hong Kong printer Samfine Creation Holdings Group (SFHG) priced at the low end to raise $8 million at an $80 million market cap. The company traded up on its debut and jumped further in the aftermarket, finishing the week with a 124% return from offer. Another Chinese name, tea producer Oriental Rise Holdings (ORIS) raised $7 million at an $87 million market cap. It also traded well, ending up 94%.
Two Singapore companies completed US IPOs, both of which priced their offerings at the low end. Construction firm Springview Holdings (SPHL) raised $6 million at an $86 million market cap, and fuel logistics provider PTL (PTLE) raised $5 million at a $50 million market cap. Both finished with modest gains.
| 4 IPOs During the Week of October 14th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/18 |
| Samfine Creation Holdings (SFHG) | $8M | $80M | -11% | +33% | +124% |
| Hong Kong-based provider of printing services. | |||||
| Oriental Rise (ORIS) | $7M | $87M | 0% | +50% | +94% |
| Vertically-integrated tea producer in China. | |||||
| PTL (PTLE) | $5M | $50M | -20% | +2% | +13% |
| Provides fueling logistic services to commercial ships in the Asia Pacific region. | |||||
| Springview (SPHL) | $6M | $86M | -11% | +6% | +4% |
| Designs and constructs residential and commercial buildings in Singapore. | |||||
| 4 Filings During the Week of October 14th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Skyline Builders (SKBL) | $6M | Industrials | Pacific Century |
| Provides construction services for roads and drainage projects in Hong Kong. | |||
| Pony AI (PONY) | $300M | Technology | Goldman (Asia) |
| China-based developer of autonomous vehicle systems for robotaxis and robotrucks. | |||
| Curanex Pharmaceuticals (CURX) | $10M | Health Care | Dominari Sec. |
| Preclinical biopharma developing botanical-based treatments for various diseases. | |||
| Guo Jin Sheng Shi Gold (CGGJ) | $7M | Consumer Discretionary | |
| Plans to acquire and operate a jewelry retailer in China. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/17/2024, the Renaissance IPO Index was up 16.9% year-to-date, while the S&P 500 was up 23.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Nu Holdings (NU). The Renaissance International IPO Index was down 8.1% year-to-date, while the ACWX was up 11.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Interasional and Porsche.
