Four small IPOs priced this past week, joined by two SPACs.
The biggest news came from software provider ServiceTitan (TTAN), which kicked off the roadshow for its $480 million offering. It’s expected to price in the week ahead.
Neuro-inflammation biotech Jupiter Neurosciences (JUNS) priced at the low end to raise $11 million at a $168 million market cap. The company’s sole candidate completed a Phase 1 safety and tolerability trial in March 2021, with Phase 2 trials expected to commence post-IPO. Jupiter finished up 95%.
California-based zSpace (ZSPC) raised $9 million at a $125 million market cap. The company provides augmented and virtual reality educational technology solutions, with a current focus on the K-12 and Career & Technical Education (CTE) markets in the US. Its K-12 platform is currently deployed in over 80% of the largest 100 K-12 public school districts in the US, and its CTE solutions have been deployed in about 73% of the public school districts it serves. zSpace popped more than 300% on day one but deflated from there, closing the week up 223%.
Two small Asian issuers also went public in the US this past week, both of which priced downsized offerings at the low end of the range. Malaysian cable manufacturer Linkers Industries (LNKS) raised $8 million at a $53 million market cap, and finished up 8%. Chinese digital textbook provider Jinxin Technology Holding (NAMI) raised $5 million at a $256 million market cap, and finished up 11%.
| 6 IPOs During the Week of December 2nd, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/06 |
| zSpace (ZSPC) | $9M | $125M | 0% | +340% | +223% |
| Provides an AR/VR hardware and software platform for the education industry. | |||||
| Jupiter Neurosciences (JUNS) | $11M | $168M | -33% | +37% | +95% |
| Phase 1 biotech developing an oral therapy for neuro-inflammation. | |||||
| Jinxin Technology (NAMI) | $5M | $256M | -11% | +11% | +11% |
| Provides a digital textbook and educational content platform for K-9 students in China. | |||||
| Linkers Industries (LNKS) | $8M | $53M | -20% | +8% | +8% |
| Malaysian manufacturer and supplier of wire/cable harnesses. | |||||
| Shepherd Ave Capital Acq. (SPHAU) | $75M | $96M | 0% | +0% | +0% |
| Blank check company targeting businesses with underexploited expansion opportunities. | |||||
| Tavia Acquisition (TAVIU) | $100M | $139M | 0% | +0% | +0% |
| Blank check company targeting energy transition, the circular economy, and food tech. | |||||
One sizable issuer joined the pipeline. Energy services provider Flowco Holdings (FLOC) filed for an estimated $300 million IPO.
| 5 Filings During the Week of December 2nd, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Flowco (FLOC) | $300M | Energy | JP Morgan |
| Provides lifts, gauges, controllers, and various services for oil and gas wells. | |||
| The Great Restaurant (HPOT) | $10M | Consumer Discretionary | Revere Sec. |
| Operates seven hotpot restaurants in Hong Kong. | |||
| Stellar V Capital (SVCCU) | $150M | SPAC | BTIG |
| Blank check company formed by Greek shipping executives targeting established businesses. | |||
| Mountain&Sea Health (SYH) | $9M | Health Care | Tiger Brokers |
| Provides nutritional products and health services to the older population in China. | |||
| GATES GROUP (GTSG) | $15M | Real Estate | Loop Capital |
| Purchases and resells condominiums and solar power generation facilities in Japan. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/5/2024, the Renaissance IPO Index was up 23.6% year-to-date, while the S&P 500 was up 29.0%. 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 9.1% year-to-date, while the ACWX was up 10.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Galderma.
