The IPO market’s short week ended up being quieter than expected. Just one small IPO and one SPAC began trading, while the only major deal on the calendar delayed its pricing. Five IPOs and one SPAC submitted initial filings.
Mining billionaire Robert Friedland’s Ivanhoe Electric (IE) delayed its IPO until next week, planning to raise $174 million at a $1.2 billion market cap. The company’s mining projects are still in the exploration stage and are not expected to generate revenue for the foreseeable future.
China-based Golden Sun Education (GSUN) priced at the low end to raise $18 million at a $70 million market cap. The company provides Spanish tutorial services in China, with several facilities in the Yangtze River Delta. After soaring 308% on it first day, Golden Sun finished the week up 395%.
| 2 IPOs During the Week of June 20th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/24 |
| Golden Sun Education (GSUN) | $18M | $70M | -11% | +308% | +395% |
| Provides Spanish tutoring services in China. | |||||
| SK Growth Opportunities (SKGRU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company backed by Korean conglomerate SK targeting ESG. | |||||
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| 6 Filings During the Week of June 20th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| EOM Pharmaceutical (EOM) | $25M | Health Care | EF Hutton |
| Developing in-licensed therapies for inflammatory and ocular diseases. | |||
| Genelux (GNLX) | $30M | Health Care | Benchmark |
| Phase 2 biotech developing oncolytic viral immunotherapies for solid tumors. | |||
| Intchains (ICG) | $25M | Technology | Maxim |
| China-based fabless designer of ASIC chips for blockchain applications. | |||
| Biostage (BSTG) | $12M | Health Care | Newbridge |
| Developing an esophageal implant using stem cell technology. | |||
| Ocean Capital Acq. (OCCAU.RC) | $60M | SPAC | Ladenburg |
| Blank check company led by the CEO of Hong Kong's Hermitage Capital targeting established businesses. | |||
| WANG & LEE GROUP (WLGS) | $16M | Industrials | Boustead |
| Provides design and contracting services to the construction industry in China. | |||
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This past week, we also 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.
