Six IPOs and one SPAC listed this week. One IPO and two SPACs submitted initial filings.
China-based robotaxi developer Pony AI (PONY) priced its upsized $260 million IPO at the top of the range, at a $5.1 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. However, Pony AI is highly unprofitable and is likely to remain that way in the near term. It finished the week flat.
Pre-revenue potash miner Brazil Potash (GRO) further downsized its IPO, and priced at the low end, to raise $30 million at a $709 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, and expects construction of its project to take four years. Brazil Potash finished the week down 13%.
Four smaller listings also priced, undeterred by the Thanksgiving holiday. Music venue and restaurant operator Venu Holding (VENU) upsized its IPO to raise $10 million at a $374 million market cap; it finished the week up 8%. Singapore-based women’s intimate apparel company BrilliA (BRIA) priced its IPO at the low end to raise $10 million at a $100 million market cap; it finished down 2%. Chinese meat processor Wing Yip Food (WYHG) priced at the low end to raise $8 million at a $200 million market cap; it finished down 2%. Hong Kong-based consumer electronics seller Creature Global Tech (CGTL) also priced at the low end to raise $5 million at an $85 million market cap; it finished down 7%.
The sole SPAC to price this week was FACT II Acquisition (FACTU), the second blank check company led by former Credit Suisse executives, which raised $175 million.
| 7 IPOs During the Week of November 25th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/29 |
| Venu Holding (VENU) | $12M | $374M | 0% | +1% | +8% |
| Owns and operates music venues and restaurants. | |||||
| Pony AI (PONY) | $260M | $5,050M | 8% | -8% | +0% |
| China-based developer of autonomous vehicle systems for robotaxis and robotrucks. | |||||
| FACT II Acquisition (FACTU) | $175M | $240M | 0% | -1% | -1% |
| Second blank check company led by former Credit Suisse executives. | |||||
| BrilliA (BRIA) | $10M | $100M | -11% | +0% | -2% |
| Provider of women's lingerie and intimate apparel. | |||||
| Wing Yip Food (WYHG) | $8M | $200M | -11% | +6% | -2% |
| Processes and sells meat products in China. | |||||
| Creative Global Tech (CGTL) | $5M | $85M | -11% | -2% | -7% |
| Hong Kong-based seller of pre-owned consumer electronics. | |||||
| Brazil Potash (GRO) | $30M | $709M | -9% | -10% | -13% |
| Developing a potash mining project in Brazil's Amazon basin. | |||||
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One small IPO submitted initial filings this week: Hong Kong-based watch wholesaler Top Win (TOPW) filed to raise $13 million at a $124 million market cap.
Two SPACs also submitted initial filings this week. Inflection Point Acquisition III (IPCXU), the third blank check company formed by Kingstown Capital, filed to raise $220 million. Range Capital Acquisition (RANGU) filed to raise $100 million to target overlooked and capital-constrained sectors.
| 3 Filings During the Week of November 25th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Range Capital Acquisition (RANGU) | $100M | SPAC | EarlyBird |
| Blank check company targeting overlooked and capital-constrained sectors. | |||
| Inflection Point Acq. III (IPCXU) | $220M | SPAC | Cantor Fitz. |
| Third blank check company formed by Kingstown Capital targeting disruptive growth sectors | |||
| Top Win (TOPW) | $13M | Consumer Discretionary | Revere Sec. |
| Hong Kong-based luxury watch wholesaler. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/27/2024, the Renaissance IPO Index was up 23.6% year-to-date, while the S&P 500 was up 27.3%. 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 10.1% year-to-date, while the ACWX was up 7.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Galderma.
