One small Chinese issuer and two SPACs went public in the US this past week. The only major scheduled offering, robotaxi developer Pony AI (PONY) delayed, while the pipeline got a boost from a sizable tech issuer.
Software provider ServiceTitan (TTAN) filed for an estimated $750 million IPO and is currently expected to debut before the end of the year. ServiceTitan is the latest US tech unicorn to join the pipeline, following AI chipmaker Cerebras Systems (CBRS) this past September.
The week’s sole IPO, Ming Shing Group Holdings (MSW) priced at the low end to raise $8 million at a $70 million market cap. The Hong Kong-based subcontractor mainly engages in wet trades works for residential and commercial developments. Ming Shing Group finished up 2%.
| 3 IPOs During the Week of November 18th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/22 |
| Ming Shing Group (MSW) | $8M | $70M | 38% | +2% | +2% |
| Hong Kong construction subcontractor focused on wet trades services. | |||||
| CO2 Energy Transition (NOEMU) | $60M | $84M | 0% | +0% | +0% |
| Blank check company targeting the carbon capture, utilization, and storage industry. | |||||
| Dynamix Corp (DYNXU) | $150M | $200M | 0% | +0% | +0% |
| Blank check company targeting the energy and power value chain. | |||||
One other notable name joined the pipeline this past week. Australian medical device company Anteris Technologies (AVR) filed to raise $75 million.
| 6 Filings During the Week of November 18th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Anteris (AVR) | $75M | Health Care | TD Cowen |
| Australia-based maker of artificial heart valves. | |||
| Papa Medical (PAPA) | $28M | Consumer Discretionary | Benjamin Securities |
| Sells branded cannabis vape devices primarily in North American and Europe. | |||
| Waton Financial (WTF) | $40M | Financials | Cathay Securities |
| Hong Kong-based securities brokerage and financial services firm. | |||
| NusaTrip (NUTR) | $12M | Technology | Cathay Securities |
| Indonesia-based online travel agent spun out of Society Pass. | |||
| FG Holdings (FGO) | $9M | Financials | Revere Sec. |
| Provides mortgage loan brokerage services in Hong Kong. | |||
| ServiceTitan (TTAN) | $750M | Technology | Goldman |
| Provides business management software for services contractors. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/21/2024, the Renaissance IPO Index was up 21.4% year-to-date, while the S&P 500 was up 26.3%. 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 10.6% year-to-date, while the ACWX was up 7.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Galderma.
