There was one small IPO this past week. One SPAC also priced, the first in nearly a month. Two IPOs and one SPAC submitted initial filings.
SPI Energy spin-off Phoenix Motor (PEV) downsized and priced within the range to raise $16 million at a $155 million market cap. Operating under the Phoenix Motorcars name, the company makes electric drive systems and electric vehicles, and markets and sells EV chargers. The company is highly unprofitable and has yet to generate significant revenues. Bucking the recent pop-and-drop trend, Phoenix Motor plunged 46% on its first day and finished down 57%.
SPAC Acri Capital Acquisition (ACACU) raised $75 million to target technology-enabled sectors in North America.
| 2 IPOs During the Week of June 6th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/10 |
| Acri Capital Acquisition (ACACU) | $75M | $94M | 0% | +0% | +0% |
| Blank check company targeting technology-enabled sectors in North America. | |||||
| Phoenix Motor (PEV) | $16M | $155M | 50% | -46% | -57% |
| Maker of electric vehicles and drive systems being spun out of SPI Energy. | |||||
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| 3 Filings During the Week of June 6th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Nano Labs (NA) | $50M | Technology | AMTD Global |
| Fabless chip designer in China. | |||
| Warrantee (WRNT) | $15M | Industrials | Network 1 |
| Provides extended warranties in exchange for marketable consumer data in Japan. | |||
| Qomolangma Acquisition (QLANU.RC) | $50M | SPAC | Ladenburg |
| Blank check company targeting middle-market businesses with a connection to Asian markets. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/9/2022, the Renaissance IPO Index was down 45.6% year-to-date, while the S&P 500 was down 15.1%. 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 26.0% year-to-date, while the ACWX was down 12.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.
