The summer IPO market is wrapping up, and while we could see a few more launches, this past week’s two deals should be some of the last IPOs before fall. SPAC activity continued to bounce back, with 17 blank check IPOs during the week.
After slashing its range, holdover Eliem Therapeutics (ELYM) raised $80 million at a $344 million market cap. Its lead candidates are ETX-810, which is initially being developed for diabetic peripheral neuropathic pain and pain associated with sciatica, and ETX-155, which is initially being developed for major depressive disorder, perimenopausal depression, and focal onset seizures. ETX-810 is currently in two Phase 2a trials, and Eliem plans to initiate two Phase 2a trials for ETX-155. Eliem finished up 16%.
Alabama bank Southern States Bancshares (SSBK) priced at the low end to raise $38 million at a $166 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million. Southern States Bancshares finished up 2%.
17 SPACs raised $2.9 billion led by consumer-focused Conyers Park III Acquisition (CPAAU), which raised $350 million.
| 19 IPOs During the Week of August 9th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 08/13 |
| Eliem Therapeutics (ELYM) | $80M | $344M | -31% | +27% | +16% |
| Phase 2a biotech developing therapies for neuronal excitability disorders. | |||||
| Southern States Bank (SSBK) | $38M | $166M | -5% | +4% | +2% |
| Alabama bank with 15 branches in Alabama and Georgia. | |||||
| Kensington Capital Acq. V (KCGI.U) | $240M | $300M | 0% | +1% | +1% |
| Blank check company led by the founder of Kensington Capital targeting industrials. | |||||
| Chardan NexTech Acq. 2 (CNTQU) | $110M | $138M | 0% | +0% | +1% |
| Blank check company formed by Chardan targeting disruptive technologies. | |||||
| TPB Acquisition I (TPBAU) | $175M | $219M | 0% | -1% | +1% |
| Blank check company formed by venture foundry The Production Board targeting sustainable businesses in food and bio. | |||||
| Oxbridge Acquisition (OXACU) | $100M | $126M | 0% | +0% | +1% |
| Blank check company formed by Oxbridge Re Holdings targeting insurtech and blockchain. | |||||
| PHP Ventures Acquisition (PPHPU) | $50M | $65M | 0% | +1% | +1% |
| Blank check company targeting consumer-facing businesses with exposure to Africa. | |||||
| PONO Capital (PONOU) | $100M | $129M | 0% | +0% | +0% |
| Blank check company targeting businesses driving growth through technology. | |||||
| Decarbonization Plus IV (DCRDU) | $275M | $344M | 0% | +0% | +0% |
| Blank check company formed by Riverstone targeting businesses advancing global decarbonization. | |||||
| Abri SPAC I (ASPAU) | $50M | $65M | 0% | +1% | +0% |
| Blank check company targeting FinTech and InsurTech businesses. | |||||
| Avista Public Acq. II (AHPAU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Avista Capital Partners targeting the healthcare sector. | |||||
| Conyers Park III Acq. (CPAAU) | $350M | $438M | 0% | +0% | +0% |
| Third blank check company led by consumer industry veterans from Centerview Capital. | |||||
| World Quantum Growth Acq. (WQGA.U) | $200M | $250M | 0% | -1% | +0% |
| Blank check company led by the former LSEG CEO targeting the financials sectors in the US and EMEA. | |||||
| 10X Capital Venture II (VCXAU) | $200M | $273M | 0% | -1% | -1% |
| Second blank check company formed by 10X Capital targeting a tech-enabled business. | |||||
| CENAQ Energy Corp. (CENQU) | $150M | $188M | 0% | -1% | -1% |
| Blank check company led by industry veterans targeting the energy industry in North America. | |||||
| AfterNext HealthTech Acq. (AFTR.U) | $250M | $313M | 0% | -1% | -1% |
| Blank check company formed by TPG targeting healthcare technology. | |||||
| AxonPrime Infr. Acq. (APMIU) | $150M | $188M | 0% | -2% | -2% |
| Blank check company formed by Axon Capital and Prime Movers Lab targeting the infrastructure industry. | |||||
| Armada Acquisition (AACIU) | $150M | $200M | 0% | -2% | -2% |
| Blank check company led by the former CEO of Cantaloupe Inc. targeting fintech. | |||||
| Jupiter Acquisition (JAQCU) | $150M | $193M | 0% | -3% | -3% |
| Blank check company formed by SPAC veteran James Hauslein targeting the consumer sector. | |||||
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One Chinese issuer filed for a US IPO: Meihua International Medical Technologies (MHUA.RC), a provider of disposable medical devices, plans to raise $69 million.
Five SPACs submitted initial filings led by fintech-focused Insight Acquisition (INAQ.U), which filed to raise $240 million.
| 6 Filings During the Week of August 9th, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Phoenix Acquisition (PHOEU.RC) | $40M | SPAC | Ladenburg |
| Blank check company targeting the TMT sectors in Asia and North America. | |||
| TG Venture Acquisition (TGVCU) | $100M | SPAC | ThinkEquity |
| Blank check company targeting the space technology, fintech, and TMT industries. | |||
| DTRT Health Acquisition (DTRTU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting home and community based healthcare services. | |||
| Insight Acquisition (INAQ.U) | $240M | SPAC | Cantor Fitz. |
| Blank check company targeting the fintech or financial services industry. | |||
| Meihua International (MHUA.RC) | $69M | Health Care | Prime Num. Cap. |
| Chinese provider of disposable medical devices. | |||
| Canna-Global Acquisition (CANN.U) | $200M | SPAC | EF Hutton |
| Blank check company targeting the cannabis industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/12/2021, the Renaissance IPO Index was up 0.8% year-to-date, while the S&P 500 was up 18.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 9.7% year-to-date, while the ACWX was up 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.
