Four small IPOs priced this past week, joined by one SPAC.
The biggest development came from the pipeline, with natural gas exporter Venture Global (VG) filing for an estimated $3 billion IPO. In other notable news, we released our 2024 US IPO Market Review this past week.
The week’s deals all came from small Chinese issuers, led by digital transformation firm Youxin Technology (YAAS), which raised $10 million at a $151 million market cap. It finished the week down 12%. The others were freight forwarder New Century Logistics (NCEW; -38% from IPO), energy services provider Leishen Energy (LSE; +24%), and business services firm YSX Tech (YSXT; +13%).
| 5 IPOs During the Week of December 16th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/20 |
| Leishen Energy (LSE) | $6M | $68M | -11% | +9% | +24% |
| Chinese provider of equipment and technical services for oil and gas companies. | |||||
| YSX Tech (YSXT) | $5M | $93M | -20% | +8% | +13% |
| Provides value-added and other services primarily to insurers and brokerages in China. | |||||
| Range Capital Acquisition (RANGU) | $100M | $140M | 0% | +0% | +0% |
| Blank check company targeting overlooked and capital-constrained sectors. | |||||
| Youxin Technology (YAAS) | $10M | $151M | 13% | -12% | -12% |
| Chinese provider of digital transformation software and services for retailers. | |||||
| New Century Logistics (NCEW) | $6M | $86M | -11% | -37% | -38% |
| Hong Kong-based provider of air and ocean freight forwarding services. | |||||
| 3 Filings During the Week of December 16th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Copley Acquisition (COPAU.RC) | $150M | SPAC | Clear Street |
| Blank check company targeting the tech and lifestyle sectors in APAC and North America. | |||
| Venture Global (VG) | $3,000M | Energy | Goldman |
| US-based export-focused LNG producer operating in Louisiana. | |||
| JAJI Global (JAJI.RC) | $20M | Technology | Aegis Cap. |
| Provides IT services to the securities and automotive industries in China. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/19/2024, the Renaissance IPO Index was up 16.5% year-to-date, while the S&P 500 was up 24.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was down 9.1% year-to-date, while the ACWX was up 5.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Amman Mineral Internasional.
