Four deals priced this past week, only two of which met the criteria to be included in our 2022 IPO stats.
Biotech MAIA Biotechnology (MAIA) offered more shares and priced at the low end to raise $10 million at a $68 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. MAIA Biotechnology finished up 16%.
Mobile Global Esports (MGAM) priced at the low end to raise $6 million at a $73 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. The company finished up 180%.
While not counted below, Massachusetts bank ECB Bancorp (ECBK) raised $89 million in a subscription rights offering and listed on the Nasdaq, and OTC-listed NeoVolta (NEOV) raised $4 million in a unit offering.
| 2 IPOs During the Week of July 25th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/29 |
| Mobile Global Esports (MGAM) | $6M | $73M | -33% | +180% | +180% |
| Developing an esports platform for university competitions in India and South Asia. | |||||
| MAIA Biotechnology (MAIA) | $10M | $68M | -17% | -11% | +16% |
| Phase 2 biotech developing targeted immunotherapies for cancer. | |||||
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| 5 Filings During the Week of July 25th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Global Star Acquisition (GLSTU) | $80M | SPAC | EF Hutton |
| Blank check company focusing on fintech and proptech in the Nordic and APAC regions. | |||
| Know Labs (KNW) | $6M | Health Care | Boustead |
| Developing a non-invasive glucose monitor using biosensor technology. | |||
| Sedibelo Resources (SED) | $100M | Materials | Evercore ISI |
| Platinum group metal miner in South Africa. | |||
| Cetus Capital Acquisition (CETSU) | $60M | SPAC | EF Hutton |
| Blank check company targeting the industrials, tech, and IoT industries in Taiwan. | |||
| PROTONIQ Acquisition (PROQU) | $100M | SPAC | JonesTrading |
| Blank check company targeting fintech with a focus on the APAC region. | |||
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The end of July marks the first month with no blank check IPOs in over five years. Still, merger announcements and completions continue to drive news; this past week, Getty Images (GETY) completed its $5 billion listing, one of the largest de-SPACs of the year. Get the complete picture of Getty Images’ SPAC merger from our recent report, or read up on the past month’s activity in our July IPO market update.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/28/2022, the Renaissance IPO Index was down 44.0% year-to-date, while the S&P 500 was down 13.8%. 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 30.2% year-to-date, while the ACWX was down 15.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
