After weeks of little to no activity, the summer IPO market is starting with a vacant calendar, with just one small IPO that may price in the week ahead. Other small issuers and SPACs may join during the week.
SPI Energy spin-off Phoenix Motor (PEV) plans to raise $20 million at a $168 million market cap. Operating under the Phoenix Motorcars name, the company makes electric drive systems and electric vehicles, and markets and sells EV chargers. As of 12/31/21, it had delivered a total of 104 electric shuttle buses and work trucks. Phoenix Motor is highly unprofitable and has yet to generate significant revenues.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Phoenix Motor (PEV) Anaheim, CA | $20M $168M | $7 - $9 2,500,000 | Prime Num. Cap. |
| Electric drive system and vehicle maker being spun out of SPI Energy. | |||
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Street research is expected for three companies, and lock-ups will be expiring for up to four companies, including for some of the last large deals of 2021. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/2/2022, the Renaissance IPO Index was down 43.6% year-to-date, while the S&P 500 was down 11.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and CrowdStrike Holdings (CRWD). The Renaissance International IPO Index was down 26.9% year-to-date, while the ACWX was down 10.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
