After another volatile week for the IPO market, up to eight deals may price in the week ahead, all raising $30 million or less. It's unlikely that all eight will be completed, given the current market conditions and the fact that a number of IPOs are marked as "day-to-day" or "week of" Feb 7.
OTC-listed holdover The Arena Group (AREN) plans to raise $30 million at a $250 million market cap. Formerly known as theMaven, the unprofitable company operates the media businesses for Sports Illustrated, owns and operates TheStreet and College Spun Media, and powers more than 200 independent publisher partners.
Bamboo-based bedding and clothing brand Cariloha (ALOHA) plans to raise $30 million at a $162 million market cap. The company positions itself as an eco-friendly alternative to traditional fabrics, and largely reaches customers through partnerships with cruise lines. Cariloha’s sales fell 30% in 2020 due to the pandemic, though it has since ramped up S&M initiatives in the DTC channel.
Cancer biotech Ocean Biomedical (OCEA) plans to raise $22 million at a $222 million market cap. The company’s preclinical pipeline includes various humanized mAbs for non-small cell lung cancer and glioblastoma multiforme, a small molecule for the treatment of Idiopathic Pulmonary Fibrosis, a malaria vaccine, and two malaria therapeutics.
Power-plug device provider Sky Technologies (SKYX) plans to raise $18 million at a market cap of $1.1 billion. The Georgia-based company’s products are mainly used for light fixtures and ceiling fans, and it has developed smart device capabilities over the past few years. Sky Technologies is highly unprofitable, and the IPO float represents just 1.9% of basic shares outstanding.
Japan-based software developer HeartCore Enterprises (HTCR) plans to raise $15 million at a market cap of $98 million. HeartCore provides software through two business units: customer experience management and digital transformation. As of 9/30/21, the company had 819 total customers in Japan and 23 total customers outside Japan.
While not listed below, three unit offerings may price: Scottish biotech TC BioPharm (TCBP) plans to raise $22 million at a $143 million market cap; AdTech platform Direct Digital Holdings (DRCT) plans to raise $18 million at a $109 million market cap; and early-stage aquaculture company The tru Shrimp Companies (BTRU) plans to raise $15 million at a $140 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| HeartCore Enterprises (HTCR) Tokyo, Japan | $15M $98M | $4 - $6 3,000,000 | Boustead |
| Provides customer experience management and digital transformation software. | |||
| Cariloha (ALOHA) Sandy, UT | $30M $162M | $12 - $14 2,300,000 | Roth Cap. Oppenheimer |
| Bamboo-based bedding, clothing, and bath goods brand. | |||
| The Arena Group (AREN) New York, NY | $30M $250M | $12.65 2,371,541 | B. Riley |
| Group media network that operates an online publishing platform. | |||
| Ocean Biomedical (OCEA) Providence, RI | $22M $222M | $10 - $12 2,000,000 | Roth Cap. JonesTrading |
| Preclinical biotech developing therapies for cancer, infections, and other diseases. | |||
| Sky Technologies (SKYX) Johns Creek, GA | $18M $1,145M | $11 - $13 1,500,000 | Benchmark |
| Provides universal power-plug devices for light fixtures and ceiling fans. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/3/2022, the Renaissance IPO Index was down 24.6% year-to-date, while the S&P 500 was down 6.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index was down 11.4% year-to-date, while the ACWX was down 2.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
