No IPOs are currently scheduled to price in the week ahead, although a few SPACs may join the calendar during the week.
Although the calendar is quiet, several large issuers have kept the pipeline active, including piano maker Steinway Musical Instruments Holdings (STWY), childcare provider KinderCare (KLC), thrift store chain Savers Value Village (SVV), and AIG carve-out Corebridge Financial (CRBG).
Lock-up periods will be expiring for some of the last names of the 2021 class of IPOs, including billion-dollar issuer Nu Holdings (NU), restaurant chain Sweetgreen (SG), and bitcoin miner Iris Energy (IREN). Investors will likely watch trading closely: The largest IPO of 2021, Rivian (RIVN) traded down more than 20% on Monday following its lock-up expiration.
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/12/2022, the Renaissance IPO Index was down 50.8% year-to-date, while the S&P 500 was down 17.1%. 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 35.1% year-to-date, while the ACWX was down 17.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
