It was a relatively slow week, with just one nano-cap IPO, China's Erayak Power. California-based electric motorcycle developer SONDORS (SODR) again didn't manage to price its $23 million Nasdaq IPO, making a 2022 listing increasingly unlikely.
No new IPOs joined the pipeline, though three large names on file provided updated financials. Vehicle battery maker Clarios International (BTRY), which is on file for an estimated $1 billion IPO, disclosed financials for the fiscal year ended 9/30/22. It was joined by car sharing platform Turo (TURO) and REIT SmartStop Self Storage (SMST), which are on file for estimated $300 million and $200 million IPOs, respectively.
While not included in our stats, China-based Erayak Power Solution Group (RAYA) raised $12 million at a $48 million market cap. Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. The company finished down 45%.
This past week, we released our review of the 2022 US IPO market, where we discuss activity over the past year, IPO performance, our outlook for the year ahead, and much more. Read our one-page preview here, or sign up for a free trial of IPO Pro to read the full 15-page review.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/15/2022, the Renaissance IPO Index was down 55.3% year-to-date, while the S&P 500 was down 17.0%. 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 33.3% year-to-date, while the ACWX was down 15.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and JD Health.
