Three small issuers began trading in another quiet week for the IPO market, though just two met our tracking criteria. In the pipeline, two IPOs submitted initial filings.
The most notable news from the pipeline, AIG carve-out Corebridge Financial (CRBG) disclosed 1H22 financials this past Tuesday ahead of an estimated $3 billion IPO which could launch as early as next month.
Hong Kong-based GigaCloud Technology (GCT) priced at the high end to raise $36 million at a $493 million market cap. The company operates a B2B marketplace for furniture and other bulky goods, connecting manufacturers in Asia with resellers throughout the globe. GigaCloud Technology is profitable and rapidly growing, although higher fuel and freight costs have weighed on margins. GigaCloud Technlogy finished the week up 206%.
Chinese graphene product manufacturer Graphex Group (GRFX) upsized and priced at the midpoint to raise $12 million at a $79 million market cap. The company’s products are used primarily in lithium-ion batteries for electric vehicles, energy storage, and various industrial applications. Graphex Group finished the week trading flat.
While not included below, Innovative Eyewear (LUCY) priced its unit offering at the low end to raise $7 million at a $66 million market cap. The company sells Bluetooth connected eyewear, and finished the week down 36%.
| 2 IPOs During the Week of August 15th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/19 |
| GigaCloud Technology (GCT) | $36M | $493M | 9% | +28% | +292% |
| Operates a wholesale marketplace for furniture and other bulky goods made in Asia. | |||||
| Graphex Group (GRFX) | $12M | $79M | 0% | -12% | +0% |
| Manufactures graphene products for lithium-ion batteries in China. | |||||
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Two companies submitted initial filings this past week. Hong Kong-based ICT services provider Global Engine Group Holding (GLE) filed to raise $17 million on the Nasdaq, and medical device developer EMulate Therapeutics (EMTX) filed to raise $15 million.
| 2 Filings During the Week of August 15th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| EMulate Therapeutics (EMTX) | $15M | Health Care | EF Hutton |
| Developing a non-invasive medical device that uses radio frequency energy for various indications. | |||
| Global Engine Group (GLE) | $17M | Communication Services | Univest Sec. |
| Hong Kong-based ICT solutions provider. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/18/2022, the Renaissance IPO Index was down 40.0% year-to-date, while the S&P 500 was down 9.2%. 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 31.6% year-to-date, while the ACWX was down 14.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
