Two small deals are scheduled to price in the week ahead as the IPO market stays on track to post its slowest year in over a decade.
Mobile Global Esports (MGAM) plans to raise $17 million at an $82 million market cap. Operating as MOGO, the company is launching a platform initially for esports competitions played on mobile devices by university teams and players representing universities located in India and South Asia. MOGO currently does not have significant revenues or operations.
Immunotherapy biotech MAIA Biotechnology (MAIA) plans to raise $10 million at an $83 million market cap. MAIA’s lead candidate is expected to enter Phase 2 human trials in Australia and Europe in 2022 for NSCLC, and the company plans to seek accelerated approval in the US for treatment of advanced NSCLC in late 2024.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Mobile Global Esports (MGAM) San Clemente, CA | $17M $82M | $4 - $5 3,800,000 | WestPark Capital |
| Developing an esports platform for university competitions in India and South Asia. | |||
| MAIA Biotechnology (MAIA) Chicago, IL | $10M $83M | $5 - $7 1,666,667 | ThinkEquity |
| Phase 2 biotech developing targeted immunotherapies for cancer. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/21/2022, the Renaissance IPO Index was down 41.6% year-to-date, while the S&P 500 was down 15.4%. 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 30.4% year-to-date, while the ACWX was down 17.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
