There were no IPOs in the first week of April, though one SPAC priced. Four IPOs submitted initial filings.
The week’s sole deal was Denali Capital Acquisition (DECAU), which raised $75 million. Led by the CEO of US Tiger Securities, the SPAC plans to target the technology, hospitality, or consumer services sectors.
| 1 IPO During the Week of April 4th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/08 |
| Denali Capital Acq. (DECAU) | $75M | $99M | 0% | +0% | +0% |
| Fourth blank check company formed by the CEO of US Tiger Securities. | |||||
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Three IPOs submitted initial filings. Norovirus vaccine developer HilleVax (HLVX) filed to raise $100 million. Eye disease biotech Belite Bio (BLTE) filed to raise $46 million, inflammatory disease biotechIntrinsic Medicine (INRX) filed to raise $29 million, and projection screen maker Strong Global Entertainment (SGE) filed to raise $16 million.
| 4 Filings During the Week of April 4th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Intrinsic Medicine (INRX) | $29M | Health Care | Spartan Securities |
| Preclinical biotech developing HiMO therapies for GBA and inflammatory disorders. | |||
| Strong Entertainment (SGE) | $16M | Communication Services | ThinkEquity |
| Maker of premium projection screens being spun out of Ballantyne Strong. | |||
| HilleVax (HLVX) | $100M | Health Care | JP Morgan |
| Phase 2 biotech developing a novel norovirus vaccine in-licensed from Takeda. | |||
| Belite Bio (BLTE) | $46M | Health Care | Benchmark |
| Phase 3 biotech developing novel therapies for retinal degeneration and metabolic diseases. | |||
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This past week, Renaissance Capital released its 1Q22 IPO Rankings for the Big Four Accounting Firms. See below for links to our 1Q22 US IPO market review, and watch for the 1Q22 Rankings for IPO Law Firms:
- 1Q22 US IPO Market Review
- The 1Q22 IPO Rankings for the Big Four Accounting Firms
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/7/2022, the Renaissance IPO Index was down 27.8% year-to-date, while the S&P 500 was down 5.2%. 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 23.8% year-to-date, while the ACWX was down 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
