Three very small Asian issuers and one blank check company listed in the US this past week, though the biggest headlines came from a sizable launch and notable new filings.
Energy equipment and services provider Flowco (FLOC) launched the year’s first major IPO, planning to raise $392 million and list in the week ahead. In the pipeline, pork producer Smithfield Foods (SFD) filed for an IPO we estimate could raise $1+ billion. Other notable filings came from healthcare companies Beta Bionics (BBNX), Maze Therapeutics (MAZE), and Metsera (MTSR).
Hong Kong interior design firm Mint (MIMI) led the week’s deals, raising $7 million at a $91 million market cap, followed by Chinese animal health company Zhengye Biotechnology (ZYBT), which raised $6 million. While not included below, Chinese software firm 3 E Network Technology (MASK) raised $5 million, but did not meet Renaissance Capital’s $50 million market cap criteria.
| 3 IPOs During the Week of January 6th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/10 |
| Zhengye Biotechnology (ZYBT) | $6M | $188M | -11% | +22% | +15% |
| Chinese provider of veterinary vaccines with a focus on livestock. | |||||
| Mint (MIMI) | $7M | $91M | -11% | +3% | +3% |
| Hong Kong provider of interior design and fit-out works under the brand Matter. | |||||
| Cantor Equity Partners I (CEPO) | $200M | $255M | 0% | +1% | +1% |
| Tenth blank check company formed by Cantor Fitzgerald. | |||||
| 10 Filings During the Week of January 6th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aspargo Labs (AAGO) | $0M | Health Care | |
| Makes an oral liquid suspension formulation of a drug for erectile dysfunction. | |||
| CH4 Nat. Sol. Acquisition (MTNE.U) | $250M | SPAC | Citi |
| Blank check company backed by Impact Ag, Riverstone's David Leuschen, and Overview Capital's Lauren Singer. | |||
| Live Oak Acquisition V (LOKVU) | $200M | SPAC | Banco Santander |
| Blank check company formed by Live Oak Merchant Partners. | |||
| Metsera (MTSR) | $100M | Health Care | BofA |
| Phase 2 biotech developing nutrient stimulated hormone analog peptides for obesity. | |||
| Origin Investment I (ORGCU.RC) | $60M | SPAC | ThinkEquity |
| Blank check company targeting middle market and emerging growth businesses in Asia. | |||
| Maze Therapeutics (MAZE) | $100M | Health Care | JP Morgan |
| Phase 2 biotech developing precision small molecule therapies for kidney disease. | |||
| Beta Bionics (BBNX) | $100M | Health Care | BofA |
| Makes an automated insulin delivery system for type 1 diabetes. | |||
| Phaos Technology (POAS) | $12M | Technology | Network 1 |
| Singapore-based provider of advanced microscopy technologies. | |||
| Smithfield Foods (SFD) | $1,000M | Consumer Staples | Morgan Stanley |
| Leading US producer of meat products being spun out of China's WH Group. | |||
| Zenta Group (ZGM) | $7M | Technology | Cathay Securities |
| Offers a credit risk analysis platform and distributes fintech products in China. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/8/2025, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 0.6%. 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 up 1.4% year-to-date, while the ACWX was up 0.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
