After delaying its IPO, Ivanhoe Electric (IE) is the only major offering currently scheduled to price in the week ahead. SPACs and micro-cap issuers may join the IPO calendar as well, with website owner Onfolio (ONFO) potentially raising $9 million.
Ivanhoe Electric is now expected to price as early as Monday. It did not disclose a reason for the delay, and a new SEC filing on Friday provided no material update. The company plans to raise $174 million at a $1.2 billion market cap. Led by mining billionaire Robert Friedland, the exploration-stage company is focused on developing mines from metal and mineral deposits, primarily in the US. Ivanhoe Electric’s mining projects are not expected to generate meaningful revenue for the foreseeable future.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Ivanhoe Electric (IE) Vancouver, Canada | $174M $1,166M | $11.75 - $12.50 14,388,000 | BMO Jefferies |
| Owns and develops US copper, gold, and other mineral and metal mining projects. | |||
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This past week, we released our 2Q 2022 US IPO Market Review, which provides detailed analysis of activity during the past quarter and outlook going forward.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/23/2022, the Renaissance IPO Index was down 45.0% year-to-date, while the S&P 500 was down 19.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 31.1% year-to-date, while the ACWX was down 18.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
