Two IPOs are currently scheduled for the week ahead.
China-based Pony AI (PONY) plans to raise $180 million at a $4.6 billion market cap. Through partnerships with leading OEMs, Pony AI aims to mass produce autonomous driving technology used in robotaxis, robotrucks, and more. It currently operates a fleet of over 250 robotaxis, which are licensed to operate in China’s Tier-1 cities, as well as 190 robotrucks. Pony AI is highly unprofitable and is likely to remain that way in the near term.
Brazil Potash (GRO) may also list in the week ahead, planning to raise $70 million at an $806 million market cap. The Canada-based company is developing a potash mining project in Brazil’s Amazon basin, with plans to extract and process potash ore to sell domestically in Brazil. The company is currently pre-revenue, working to obtain the necessary permits and licenses to start construction on the project.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Pony AI (PONY) Guangzhou, China | $180M $4,602M | $11 - $13 15,000,000 | Goldman (Asia) BofA |
| China-based developer of autonomous vehicle systems for robotaxis and robotrucks. | |||
| Brazil Potash (GRO) Toronto, Canada | $70M $806M | $15 - $18 4,250,000 | Cantor Fitz. Bradesco |
| Developing a potash mining project in Brazil's Amazon basin. | |||
Street research is expected for seven companies in the week ahead, and three lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/14/2024, the Renaissance IPO Index was up 20.9% year-to-date, while the S&P 500 was up 26.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Nu Holdings (NU) and Kenvue (KVUE). The Renaissance International IPO Index was down 9.6% year-to-date, while the ACWX was up 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Porsche.
