The IPO market remains quiet during the annual August slowdown with just one IPO scheduled to price in the week ahead. Other small deals may also join the calendar during the week.
Electric boat developer Forza X1 (FRZA) plans to raise $15 million at a $50 million market cap. Spun out of Twin Vee PowerCats, the company aims to manufacture and sell affordable electric boats for recreational sport use. Forza X1 expects to start producing and selling their initial FX1 dual console and FX1 center console models in the 2Q23.
We may see other small deals manage to price offerings as well, such as Onfolio (ONFO), bioAffinity Technologies (BIAF), and Loop Media (LPTV).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Forza X1 (FRZA) Fort Pierce, FL | $15M $50M | $5 3,000,000 | ThinkEquity |
| Fully electric boat developer being spun out of Twin Vee PowerCats. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/4/22, the Renaissance IPO Index was down -38.5% year-to-date, while the S&P 500 was down -12.1%. 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 -15.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Zhejiang Kuaishou Information Technology and EQT.
