Two small IPOs listed this week. Four IPOs and two SPACs submitted initial filings.
Chinese industrial machinery producer INLIF (INLF) priced at the bottom of the range to raise $8 million at a $58 million market cap. The company develops, manufactures, and sells injection
molding machine-dedicated manipulator arms. Its product portfolio includes transverse single and double-axis manipulator arms, transverse and longitudinal multi-axis manipulator arms, and large bullhead multi-axis manipulator arms. INLIF finished the week up 28%.
Hong Kong-based steelwork contractor OneConstruction Group (ONEG) priced at the bottom of the range to raise $7 million at a $52 million market cap. The company focuses on the procurement and installation of structural steel for construction projects, and functions as a subcontractor, providing services for both public and private sector projects. OneConstruction Group finished the week down 19%.
| 2 IPOs During the Week of December 30th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/03 |
| INLIF (INLF) | $8M | $58M | -20% | +11% | +28% |
| Chinese producer of industrial manipulator arms for injection molding. | |||||
| OneConstruction (ONEG) | $7M | $52M | -20% | -25% | -19% |
| Structural steel construction company based in Hong Kong. | |||||
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Five issuers submitted initial filings this week. Taiwan-based drug delivery wafer developer Everfront Biotech (EFB) filed to raise $10 million. Germany-based in vitro diagnostics developer Anbio (NNNN) filed to raise $9 million at a $791 million market cap. Online investment research platform Aether (ATHR) filed to raise $8 million at a $53 million market cap. Construction material distributor Capstone Holding (CAPS) filed to raise $6 million. Oncology biotech NeOne Technologies (NTHI) filed for a direct listing on the Nasdaq.
Two SPACs also submitted initial filings this week. Industrial technology-focused SPAC NewHold Investment III (NHICU) filed to raise $175 million. Maywood Acquisition (MAYAU) filed to raise $75 million to target companies in areas with large unmet demand.
| 7 Filings During the Week of December 30th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Everfront Biotech (EFB) | $10M | Health Care | Roth Cap. |
| Developing implantable wafers and oral therapies for hard-to-treat diseases. | |||
| NeOnc Technologies (NTHI) | $0M | Health Care | |
| Phase 2 biotech developing intranasal and oral therapies for brain cancer. | |||
| NewHold Investment III (NHICU) | $175M | SPAC | BTIG |
| Blank check company formed by NewHold Enterprises targeting industrial technology. | |||
| Anbio (NNNN) | $9M | Health Care | AC Sunshine Sec. |
| Germany-based developer of in vitro diagnostics products. | |||
| Capstone Holding (CAPS) | $6M | Industrials | Joseph Gunnar |
| Wholesale distributor of stone-based construction materials in the northeast US. | |||
| Aether (ATHR) | $8M | Financials | Benchmark |
| Provides an online platform for investment data analytics and research. | |||
| Maywood Acquisition (MAYAU) | $75M | SPAC | Cohen & Company |
| Blank check company targeting areas with large unmet demand. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 01/02/2025, the Renaissance IPO Index was up 2.0% year-to-date, while the S&P 500 was down 0.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Astera Labs (ALAB). The Renaissance International IPO Index was down 0.7% year-to-date, while the ACWX was down 0.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
