The start of December was marked with a quiet week. While there were no IPOs, SPACs remained active, with 12 blank check IPOs raising $2.3 billion. The pace of new filers also slowed heading into the final stretch of 2021, with just one IPO and six SPACs submitting initial filings.
The week’s SPAC lineup was led by oil tank and shipping billionaire John Fredriksen’s ST Energy Transition I (STET.U), which raised $250 million to target energy transition and clean energy technology.
| 12 IPOs During the Week of November 29th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/03 |
| Canna-Global Acquisition (CNGLU) | $200M | $257M | 0% | +1% | +2% |
| Blank check company targeting the cannabis industry. | |||||
| G&E Experience Acq. (GEEXU) | $175M | $219M | 0% | +1% | +1% |
| Blank check company formed by Brazil's Gamers Club targeting gaming and esports. | |||||
| Capitalworks EM Acq. (CMCAU) | $200M | $250M | 0% | +0% | +1% |
| Blank check company backed by Capitalworks targeting growth businesses in emerging markets. | |||||
| PROOF Acquisition I (PACI.U) | $240M | $300M | 0% | +0% | +1% |
| Blank check company targeting enterprise software, healthcare, fintech, and consumer. | |||||
| ROC Energy Acquisition (ROCAU) | $180M | $234M | 0% | +0% | +0% |
| Blank check company targeting the non-operated, upstream oil and gas sector in the US. | |||||
| Roth CH Acquisition V (ROCLU) | $100M | $129M | 0% | +0% | +0% |
| Fifth blank check company formed by executives at Roth Capital and Craig-Hallum. | |||||
| Bullpen Parlay Acq. (BPACU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Bullpen Capital and Bettor Capital targeting online betting firms. | |||||
| BioPlus Acquisition (BIOSU) | $200M | $256M | 0% | +0% | +0% |
| Blank check company targeting the life sciences industry. | |||||
| Blue Ocean Acquisition (BOCNU) | $165M | $206M | 0% | +0% | +0% |
| Blank check company targeting high-growth internet and media sectors. | |||||
| ST Energy Transition I (STET.U) | $250M | $263M | 0% | +0% | +0% |
| Blank check company targeting energy transition and clean energy technology. | |||||
| UTA Acquisition (UTAAU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by United Talent Agency targeting the gaming industry. | |||||
| TLGY Acquisition (TLGY.U) | $200M | $250M | 0% | n/a | +0% |
| Blank check company formed by TLGY Holdings targeting the biopharma and tech-enabled B2C industries. | |||||
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EV spin-off Phoenix Motor (PEV) filed to raise $150 million. Six SPACs submitted initial filings led by Atlantic Coastal Acquisition II (ACABU), which filed to raise $250 million to target the next-generation mobility sector.
| 7 Filings During the Week of November 29th, 2021 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| DUET Acquisition (DUACU.RC) | $75M | SPAC | EF Hutton |
| Blank check company targeting enabling technologies in the APAC region. | |||
| Keyarch Acquisition (KYCHU) | $100M | SPAC | EarlyBird |
| Blank check company targeting disruptive technology and innovative services. | |||
| USA Acquisition (USAXU) | $150M | SPAC | Jefferies |
| Blank check company formed by Union Square Advisors targeting the tech sector. | |||
| Atlantic Coastal Acq. II (ACABU) | $250M | SPAC | Cantor Fitz. |
| Blank check company targeting the next-generation mobility sector. | |||
| Welsbach Tech Metals Acq. (WTMAU) | $75M | SPAC | Chardan |
| Blank check company targeting the technology metals and ETMs sectors. | |||
| AP Acquisition (APCAU) | $150M | SPAC | Credit Suisse |
| Blank check company targeting the decarbonization and renewable energy sectors. | |||
| Phoenix Motor (PEV) | $150M | Consumer Discretionary | Maxim |
| Electric drive system and vehicle maker being spun out of SPI Energy. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/2/2021, the Renaissance IPO Index was down 7.0% year-to-date, while the S&P 500 was up 21.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Snowflake (SNOW). The Renaissance International IPO Index was down 26.7% year-to-date, while the ACWX was up 5.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
