Two sizable companies and a handful of small Asian issuers listed in the US this past week.
Titan America (TTAM), the US business unit of Titan Cement, priced slightly below the midpoint to raise $384 million at a $2.9 billion market cap. Operating primarily on the Eastern Seaboard, the company operates through a network of 100+ facilities that includes some of the largest cement plants, import terminals, and other facilities in its core markets. The company is profitable and should benefit from some industry tailwinds, but its business is capital-intensive. Titan America finished up 4%.
Cystic fibrosis biotech Sionna Therapeutics (SION) upsized and priced at the high end to raise $191 million at an $811 million market cap. Sionna is developing therapies that normalize the function of the cystic fibrosis transmembrane conductance regulator (CFTR) protein as a treatment for CF patients. The company is currently conducting Phase 1 trials for two lead candidates, and expects to begin Phase 2a trials in the 2H25. Sionna finished up 39%.
Four small Asia-based issuers also went public in the US: Chinese services marketplace EPWK Holdings (EPWK), Singapore building services provider FBS Global (FBGL), Hong Kong financials firm Plutus Financial Group (PLUT), and Chinese parking solutions provider Huachen AI Parking Management Technology (HCAI).
| 7 IPOs During the Week of February 3rd, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/07 |
| Sionna Therapeutics (SION) | $191M | $811M | 6% | +39% | +39% |
| Phase 1 biotech developing novel therapies for cystic fibrosis. | |||||
| Huachen Technology (HCAI) | $6M | $126M | -20% | -4% | +28% |
| Chinese developer of automated parking garages and related equipment. | |||||
| Titan America (TTAM) | $384M | $2,950M | -3% | +4% | +4% |
| US business of global cement producer Titan Cement. | |||||
| Plutus Financial Group (PLUT) | $8M | $56M | -20% | +0% | +4% |
| Hong Kong-based provider of securities and asset management services. | |||||
| EPWK Holdings (EPWK) | $11M | $90M | -45% | +0% | +1% |
| Operates an online freelance and crowdsourcing marketplace in China. | |||||
| K&F Growth Acq. II (KFIIU) | $250M | $342M | 0% | +0% | +0% |
| Blank check company targeting in-person and mobile experiential entertainment. | |||||
| FBS Global (FBGL) | $10M | $61M | 13% | -23% | -61% |
| Provides interior design and fit-out services in Singapore. | |||||
| 4 Filings During the Week of February 3rd, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Ambitions Enterprise (AHMA) | $12M | Consumer Discretionary | AC Sunshine Sec. |
| Dubai-based tour operator and travel agency. | |||
| Digital Asset Acquisition (DAAQU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting digital asset and cryptocurrency businesses. | |||
| Real Asset Acquisition (RAAQU) | $150M | SPAC | Cohen & Company |
| Blank check company led by Cambium Capital partner Peter Ort targeting sectors underpinned by real assets. | |||
| Rithm Acquisition (RAC.U) | $200M | SPAC | Citi |
| Blank check company formed by Rithm Capital targeting financial services and real estate. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/6/2025, the Renaissance IPO Index was up 9.2% year-to-date, while the S&P 500 was up 3.5%. 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 6.7% year-to-date, while the ACWX was up 4.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
