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US IPO Weekly Recap: Venture Global prices a pared-down IPO as more sizable deals join the pipeline

January 24, 2025
Weekly Recap

Seven IPOs and one SPAC priced this past week, as more sizable issuers filed to go public in the US.

Natural gas exporter Venture Global (VG) led the week’s listings, completing the largest US energy IPO in over a decade, though it raised less at a much smaller valuation than originally anticipated. After upping its shares and cutting the range earlier in the week, Venture priced at the downwardly-revised midpoint to raise $1.8 billion at a $67.3 billion market cap. The company develops and operates natural gas liquefaction and export projects in Louisiana. It currently operates one facility, but has plans for five projects. Venture Global finished down 4%.

Hong Kong-listed cancer biotech Ascentage Pharma (AAPG) raised $126 million at a $1.5 billion market cap. Its lead drug olverembatinib is the only approved (2021) BCR-ABL1 inhibitor in China for a subset of patients with chronic or accelerate myeloid leukemia. It is currently being studied in a registrational Phase 3 trial in the US as a monotherapy, with an NDA submission expected in 2026. Initially trading under the symbol AAPGV, Ascentage finished up 1%.

Five other very small and primarily China-based issuers also listed in the US this past week, spanning software (DGNX), advertising (MCTR), and industrial services (TOPP, SKBL, DXST).

8 IPOs During the Week of January 20th, 2025
Issuer
Business
Deal
Size
Market Cap
at IPO
Price vs.
Midpoint
First Day
Return
Return
at 01/24
Diginex (DGNX)$9M$93M-18%+83%+109%
Provides software that enables businesses to collect, analyze, and report ESG data.
CTRL Group (MCTR)$8M$60M-11%+8%+33%
Hong Kong-based provider of ad services to mobile game developers.
Skyline Builders (SKBL)$6M$120M0%+17%+3%
Provides construction services for roads and drainage projects in Hong Kong.
Columbus Acquisition (COLAU)$60M$79M0%+0%+0%
Blank check company led by Chinese executives.
Ascentage Pharma (AAPG)$126M$1,517M0%+1%+0%
Commercial-stage Chinese biotech developing small molecule inhibitors for cancer.
Venture Global (VG)$1,750M$67,325M-42%-4%-4%
US export-focused LNG producer operating in Louisiana.
Toppoint Holdings (TOPP)$10M$70M-20%-6%-24%
Truckload services provider focused on the recycling export supply chain.
Decent Holding (DXST)$5M$65M-6%+2%-49%
Provides waste water and river treatment services in China.
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The week’s new filers included four that plan to raise $100+ million: Michigan-based bank Northpointe Bancshares (NPB), defense systems maker Karman (KRMN), biotechs Aardvark Therapeutics (AARD) and Aurion Biotech (AURN), and renewable power play One Power (ONE).

10 Filings During the Week of January 20th, 2025
Issuer
Business
Deal
Size
SectorLead
Underwriter
Aurion Biotech (AURN)$100MHealth CareJP Morgan
Commercial-stage biotech developing regenerative cell therapies for eye diseases.
Softto (SFTO)$15MConsumer StaplesRevere Sec.
Sells branded personal care products in China.
Soulpower Acquisition (SOULU)$200MSPACCantor Fitz.
Blank check company targeting businesses in insurance services and retirement savings.
Aardvark Therapeutics (AARD)$100MHealth CareMorgan Stanley
Phase 3 biotech developing novel small molecule therapies for metabolic diseases.
Northpointe Bancshares (NPB)$201MFinancialsKBW
Michigan-based bank that offers loan and deposit services across the US.
One Power (ONE)$100MUtilitiesStifel
Provides on-site renewable power solutions for industrial clients.
Center Mobile (CTMB)$13MCommunication ServicesR. F. Lafferty
Mobile virtual network operator in Japan.
Karman (KRMN)$100MIndustrialsCiti
Makes mission-critical systems for defense and space programs.
One and one Green Tech (YDDL)$14MIndustrialsBenchmark
Waste materials and scrap metal recycling company in the Philippines.
Silver Pegasus Acq. (SPEGU)$150MSPACRoth Cap.
Blank check company targeting the semiconductor industry.
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/23/2025, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 4.1%. 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 4.1% year-to-date, while the ACWX was up 2.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.