Three IPOs and three SPACs listed this week. Eight IPOs and one SPAC submitted initial filings.
Energy equipment and services provider Flowco Holdings (FLOC) priced above the range to raise $427 million at a $2.1 billion market cap. The company was formed this year through the merger of Flowco Production Solutions, Estis Compression, and Flogistix. It calls itself a leading provider of production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry. Its core products include high pressure gas lift, conventional gas lift, plunger lift, and vapor recovery unit solutions, overlaid by its proprietary digital systems. The company has posted strong, but slowing, revenue growth. It is a leader in high pressure gas lifts and vapor recovery units, although it faces significant competition. Flowco finished the week up 25%.
Singapore-based marine fuel provider Uni-Fuels Holdings (UFG) raised $8 million at a $128 million market cap. Uni-Fuels markets, resells, and brokers marine fuels products to shipping companies and marine fuels suppliers worldwide in-port and offshore. During the six months ended June 30, 2024, Uni-Fuels provided sales of marine fuels to 87 customers (+444% y/y) and 52 ports (+174% y/y). It finished the week up 6%.
Japan-based wireless tech company PicoCELA (PCLA) priced its downsized IPO at the bottom of the range to raise $7 million at a $99 million market cap. PicoCELA is engaged in the manufacturing and installation of, and provision of services for enterprise wireless mesh solutions, and derives most its revenue from the sale of product equipment (83% of 1H FY24 revenue), which includes mesh Wi-Fi access point devices. PicoCELA finished the week down 36%.
While not included below, Hong Kong-based pharma services provider Hong Kong Pharma Digital Technology (HKPD) priced at the low end to raise $6 million at a $44 million market cap. It finished down 31%.
Three SPACs priced this week. Hennessy Capital VII (HVIIU) raised $175 million to target industrial tech and energy transition names. Plum Acquisition IV (PLMKU), backed by investment company Plum Partners, raised $150 million. Tokyko-based Ribbon Acquisition (RIBBU) raised $50 million.
6 IPOs During the Week of January 13th, 2025 | |||||
---|---|---|---|---|---|
Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/17 |
Flowco (FLOC) | $427M | $2,127M | 9% | +24% | +25% |
Provides equipment and services that optimize the production of oil and gas wells. | |||||
Uni-Fuels (UFG) | $8M | $128M | -11% | +0% | +6% |
Singapore-based provider of marine fuels. | |||||
Plum Acquisition IV (PLMKU) | $150M | $210M | 0% | +0% | +0% |
Blank check company sponsored by investment company Plum Partners. | |||||
Ribbon Acquisition (RIBBU) | $50M | $65M | 0% | +0% | +0% |
Tokyo-based blank check company led by Angshuman Ghosh. | |||||
Hennessy Capital VII (HVIIU) | $175M | $240M | 0% | +0% | +0% |
Blank check company formed by Hennessy Capital targeting industrial tech and energy transition. | |||||
PicoCELA (PCLA) | $7M | $99M | -20% | -29% | -36% |
Japanese maker of mesh Wi-Fi access point devices. |
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Eight issuers submitted initial filings this week, including a handful of sizable names. Identity governance software provider SailPoint (SAIL), which filed to raise an estimated $1 billion. Titan America (TTAM), the US business of global cement producer Titan Cement, filed to raise an estimated $500 million. Autoimmune disease biotech Odyssey Therapeutics (ODTX) filed to raise $100 million. Cystic fibrosis biotech Sionna Therapeutics (SION) filed to raise $100 million.
Meanwhile, Malaysian vertical farming company Agroz (AGRZ) filed to raise $10 million at a $95 million market cap. Home improvement products distributor Marwynn (MWYN) filed to raise $9 million at a $77 million market cap, Hong Kong-based substructure contractor Phoenix Asia (PHOE) filed to raise $8 million at a $108 million market cap, and Malaysian property developer Antharas (AAS) filed to raise $6 million at an $86 million market cap.
Iron Horse Acquisition II (IRHAU.RC), this week's sole SPAC to submit initial filings, filed to raise $250 million to target media and entertainment.
9 Filings During the Week of January 13th, 2025 | |||
---|---|---|---|
Issuer Business | Deal Size | Sector | Lead Underwriter |
Iron Horse Acq. II (IRHAU.RC) | $250M | SPAC | D. Boral Capital |
Blank check company targeting media and entertainment. | |||
Odyssey Therapeutics (ODTX) | $100M | Health Care | Goldman |
Phase 2-ready biotech developing precision therapies for autoimmune diseases. | |||
SailPoint (SAIL) | $1,000M | Technology | Morgan Stanley |
Provides identity governance software to enterprises. | |||
Sionna Therapeutics (SION) | $100M | Health Care | Goldman |
Phase 2 biotech developing novel therapies for cystic fibrosis. | |||
Agroz (AGRZ) | $10M | Consumer Staples | Tiger Brokers |
Vertically-integrated operator of indoor vertical farms in Malaysia. | |||
Antharas (AAS) | $6M | Real Estate | D. Boral Capital |
Full-service community property developer in Malaysia. | |||
Marwynn (MWYN) | $9M | Consumer Discretionary | ATIS |
Distributes home improvement products and consumables in the US. | |||
Phoenix Asia (PHOE) | $8M | Industrials | D. Boral Capital |
Substructure contractor in Hong Kong. | |||
Titan America (TTAM) | $500M | Materials | Citi |
US business of global cement producer Titan Cement. |
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/16/2025, the Renaissance IPO Index was up 4.1% year-to-date, while the S&P 500 was up 1.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 2.8% year-to-date, while the ACWX was up 0.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.