Two SPACs began trading this past week, joined by a nano-cap IPO which is excluded from our stats. The biggest news of the week came from Intel’s Mobileye (MBLY), which filed for an IPO we estimate could raise up to $2.5 billion.
Mobileye provides a portfolio of advanced driver assistance systems (ADAS) and autonomous driving solutions is built upon a comprehensive suite of purpose-built software and hardware technologies. The company currently ships a variety of ADAS solutions to 13 of the 15 largest automakers in the world, and its SoCs had been deployed in over 117 million vehicles as of 7/2/22.
Niccolo de Masi and Harry You’s latest blank check company dMY Squared Technology Group (DMYY.U) downsized to raise $60 million, and Asia-focused SPAC Qomolangma Acquisition (QOMOU) raised $50 million. While not included below, Laser Photonics (LASE), which makes laser-based maintenance systems, raised $15 million at a $39 million market cap.
| 2 IPOs During the Week of September 26th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/30 |
| dMY Squared Tech Group (DMYY.U) | $60M | $75M | 0% | +0% | +0% |
| Blank check company formed by Niccolo de Masi and Harry You targeting professional services. | |||||
| Qomolangma Acquisition (QOMOU) | $50M | $66M | 0% | +0% | +0% |
| Blank check company targeting middle-market businesses with a connection to Asian markets. | |||||
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| 4 Filings During the Week of September 26th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| ARB IOT Group (ARBB) | $6M | Technology | Maxim |
| Provides IoT system integration and support services in the ASEAN region. | |||
| Blue-Touch (BTHG.RC) | $24M | Consumer Staples | Univest Sec. |
| Chinese maker of baby skincare products, toiletries, and cleaning products. | |||
| Mobileye (MBLY) | $2,500M | Technology | Goldman |
| Intel's self-driving vehicle technology business. | |||
| Caliber (CWD) | $9M | Financials | Revere Securities |
| Middle-market asset manager focused on real estate and other alternatives. | |||
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This past week, we released our 3Q 2022 review for the US IPO markets. In the report, we cover activity over the past quarter, best and worst performers, outlook going forward, and much more.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/29/2022, the Renaissance IPO Index was down 50.5% year-to-date, while the S&P 500 was down 22.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index was down 42.6% year-to-date, while the ACWX was down 26.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
