Six issuers began trading this past week, four of which will be included in our stats. The most notable debuts included Corebridge Financial (CRBG) and Third Harmonic Bio (THRD). The pipeline was also active, with seven IPOs and two SPACs submitting initial filings.
AIG carve-out Corebridge priced at the low end to raise $1.7 billion at a $13.8 billion market cap, the biggest IPO of 2022 thus far. The company comprises AIG’s retirement and life insurance businesses, making it one of the ten largest life and annuity companies in the US. It plans to pay quarterly dividends, offering a 4.4% annualized yield at the offer price. Corebridge Financial finished the week down 1%.
This past week also saw Third Harmonic Bio upsize and price at the midpoint to raise $185 million at a $681 million market cap. The Phase 1 biotech is developing an oral therapy for allergic and inflammatory diseases, though it has limited data to support efficacy. Third Harmonic Bio finished the week up 6%.
Uplisting from the OTC, community bank LINKBANCORP (LNKB) raised $34 million at a $108 million market cap, and early-stage glucose monitor developer Know Labs (KNW) raised $7 million at a $124 million market cap.
While not included below, two unit offerings debuted this past week. Wearable Devices (WLDS), which is developing neural input technology for consumer electronics, raised $16 million at a $68 million market cap, and neurostimulation device developer Nexalin Technology (NXL) raised $10 million at a $30 million market cap.
| 4 IPOs During the Week of September 12th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/16 |
| Third Harmonic Bio (THRD) | $185M | $681M | 0% | +16% | +6% |
| Phase 1 biotech developing a therapy for allergic and inflammatory diseases. | |||||
| Know Labs (KNW) | $7M | $124M | 0% | +5% | +0% |
| Developing a non-invasive glucose monitor using biosensor technology. | |||||
| LINKBANCORP (LNKB) | $34M | $108M | -14% | +1% | +0% |
| Pennsylvania community bank with 11 branches. | |||||
| Corebridge Financial (CRBG) | $1,680M | $13,755M | -7% | -1% | -1% |
| Carve-out of AIG's retirement services and life insurance business. | |||||
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Initial filings this past week were led by GSAM’s renewables business MN8 Energy (MNX) and American Healthcare REIT (AHR), both of which filed to raise up to $100 million. The company was joined by Chinese workspace provider AgiiPlus (AGII), SPI Energy spin-off SolarJuice (SJA), pre-revenue advanced materials company ASP Isotopes (ASPI), early stage electric delivery vehicle manufacturer ev Transportation Services, (EVTS), and California-based oil and gas E&P Trio Petroleum (TPET).
Two blank check companies also submitted initial filings this past week. Professional services-focused dMY Squared Tech Group (DMYY.U) filed to raise $75 million, and IoT-focused Four Leaf Acquisition (FORLU) filed to raise $65 million.
| 9 Filings During the Week of September 12th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| AgiiPlus (AGII) | $40M | Real Estate | Tiger Brokers |
| Chinese workspace provider. | |||
| American Healthcare REIT (AHR) | $100M | Real Estate | BofA |
| Healthcare REIT with 313 properties in the US and UK. | |||
| evTS (EVTS) | $20M | Consumer Discretionary | Maxim |
| Early-stage manufacturer of electric light-weight delivery vehicles. | |||
| SolarJuice (SJA) | $40M | Industrials | Maxim |
| Provider of solar photovoltaic-based energy solutions being spun out of SPI Energy. | |||
| Four Leaf Acquisition (FORLU) | $65M | SPAC | EF Hutton |
| Blank check company targeting the IoT space or adjacent spaces. | |||
| ASP Isotopes (ASPI) | $30M | Materials | Revere Securities |
| Pre-revenue advanced materials company. | |||
| dMY Squared Tech Group (DMYY.U) | $75M | SPAC | Needham |
| Blank check company formed by Niccolo de Masi and Harry You targeting professional services. | |||
| MN8 Energy (MNX) | $100M | Utilities | Goldman |
| Independent solar and storage energy producer formed by Goldman Sachs Asset Management. | |||
| Trio Petroleum (TPET) | $17M | Energy | Spartan Capital |
| California-based oil and gas E&P. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/15/2022, the Renaissance IPO Index was down 43.1% year-to-date, while the S&P 500 was down 17.2%. 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 35.9% year-to-date, while the ACWX was down 19.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
