The IPO market’s slow summer is set to continue with one IPO scheduled to price in the week ahead. Other small deals may also join the calendar during the week.
After delaying its debut this past week, Virax Biolabs (VRAX) plans to raise $7 million at a $57 million market cap. Operating in the UK and Hong Kong, Virax Biolabs provides a portfolio of diagnostics test kits and med-tech and PPE products for viral diseases. The company has a limited operating history and is highly unprofitable.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Virax Biolabs (VRAX) London, United Kingdom | $7M $57M | $5 1,350,000 | Boustead |
| UK-based provider of diagnostic tests and PPE for viral diseases. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/14/2022, the Renaissance IPO Index was down 47.5% 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 32.8% year-to-date, while the ACWX was down 20.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
