As August comes to an end, the US IPO market looks to close out the month with three small deals, though only one meets our tracking criteria. Other small deals may also join the calendar during the week.
Hemp cigarette manufacturer Hempacco (HPCO) plans to raise $6 million at a $138 million market cap. The company’s products are sold in over 200 retail locations in San Diego, and it plans to refurbish a fleet of roughly 600 kiosk vending machines to expand distribution. Hempacco has a limited operating history and expects to remain unprofitable in the near term.
Although not listed below, two unit offerings may price in the week ahead. Wearable Devices (WLDS), which is developing non-invasive neural input technology for consumer electronics, plans to raise $22 million at a $99 million market cap. Lung cancer diagnostics developer bioAffinity Technologies (BIAF) plans to raise $8 million at a $54 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Hempacco (HPCO) San Diego, CA | $6M $138M | $6 1,000,000 | Boustead |
| Manufactures nicotine-free cigarettes made from hemp. | |||
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Lock-ups will be expiring for one company in the week ahead, and Street research is expected for one as well. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/25/2022, the Renaissance IPO Index was down 40.6% year-to-date, while the S&P 500 was down 11.0%. 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 33.7% year-to-date, while the ACWX was down 15.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
