One small deal may price in the short Thanksgiving week, although other small deals may join the calendar last minute.
While the IPO market is expected to remain quiet in the week ahead, recent updates from several large issuers in the pipeline, as well as sizable new filings from insurer Skyward Specialty (SKWD) and oil and gas companies TXO Energy Partners (TXO) and BKV Corp (BKV), mean that we could still see a pickup after the holiday.
Lab-grown diamond producer Adamas One (JEWL) may price in the week ahead, planning to raise $34 million (56% secondary) at a $97 million market cap. The company is early stage and only began generating revenue in the current fiscal year. Adamas One intends to sell finished diamonds for jewelry and rough unfinished diamond materials for industrial uses.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Adamas One (JEWL) Scottsdale, AZ | $34M $97M | $4.50 - $5 7,165,904 | Alexander Capital |
| Early-stage producer of lab-grown diamonds for jewelry and industrial uses. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/17/2022, the Renaissance IPO Index was down 53.2% year-to-date, while the S&P 500 was down 16.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). and The Renaissance International IPO Index was down 37.8% year-to-date, while the ACWX was down 17.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
