The IPO market was quiet again this past week with just three SPAC pricings. Pipeline activity picked up slightly from recent weeks, as four IPOs and three SPACs submitted initial filings.
Three SPACs came to market: Lakeshore Acquisition II (LBBBU), the second SPAC founded by Chinese investor Bill Chen, raised $60 million; Patria Latin American Opportunity Acquisition (PLAOU) raised $200 million to target Latin American businesses; and Nubia Brand International (NUBIU) raised $110 million to target wireless telecommunications.
While not counted below, holding company The Marygold Companies (MGLD) raised $3 million after downsizing earlier this month. Because it raised less than $5 million, the company is not included in Renaissance Capital’s stats.
| 3 IPOs During the Week of March 7th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/11 |
| Patria LATAM Opp. Acq. (PLAOU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Patria targeting Latin American businesses. | |||||
| Lakeshore Acquisition II (LBBBU) | $60M | $80M | 0% | +0% | +0% |
| Second blank check company formed by the CEO of Shanghai Renaissance Investment Management. | |||||
| Nubia Brand International (NUBIU) | $110M | $139M | 0% | +0% | +0% |
| Blank check company targeting the wireless telecommunications sphere. | |||||
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Four IPOs submitted initial filings. Infectious disease biotech Alopexx (ALPX.RC) led the group, filing to raise $17 million. Singapore-based JE Cleantech (JECT.RC) filed to raise $15 million, Chinese graphene products maker Graphex Group (GRFX) filed to raise $14 million, and Israeli auto safety company SaverOne (SAVR.RC) filed to raise $12 million.
Three SPACs submitted initial filings. Energy storage-focused Redwoods Acquisition (RWODU) filed to raise $100 million, tech-focused Acri Capital Acquisition (ACRIU.RC) filed to raise $75 million, and tech-focused Yotta Acquisition (YTTAU.RC) filed to raise $60 million.
| 7 Filings During the Week of March 7th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Acri Capital Acquisition (ACRIU.RC) | $75M | SPAC | EF Hutton |
| Blank check company targeting technology-enabled sectors in North America. | |||
| JE Cleantech (JECT.RC) | $15M | Industrials | ViewTrade |
| Makes cleaning equipment and provides dishwashing and cleaning services in Singapore. | |||
| Redwoods Acquisition (RWODU) | $100M | SPAC | Chardan |
| Blank check company targeting the carbon neutral and energy storage sectors. | |||
| Yotta Acquisition (YTTAU.RC) | $60M | SPAC | Chardan |
| Blank check company targeting high-tech industries. | |||
| Alopexx (ALPX.RC) | $17M | Health Care | ThinkEquity |
| Phase 2 biotech developing immune therapies for bacterial, fungal, and parasitic infections. | |||
| Graphex Group (GRFX) | $14M | Industrials | EF Hutton |
| Manufactures graphene products for lithium-ion batteries in China. | |||
| SaverOne (SAVR.RC) | $12M | Technology | ThinkEquity |
| Developing an electronic system that blocks cellphone use while driving. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/10/2022, the Renaissance IPO Index was down 30.9% year-to-date, while the S&P 500 was down 10.4%. 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 28.1% year-to-date, while the ACWX was down 10.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
