Two IPOs are scheduled to go public in the shortened holiday week.
China-based Intchains Group (ICG) plans to raise $29 million at a $499 million market cap. Utilizing its proprietary “Xihe” Platform, Intchains provides high-performance ASIC chips, ancillary software, and hardware for blockchain applications. It also claims that its fabless business model enables specialization in the front-end and back-end of IC design. Despite a turbulent cryptocurrency market, revenue increased by 33% in the 9mo22 due to additional sales volume from its ASIC chips.
Prestige Wealth (PWM), a Hong Kong-based asset manager, plans to raise $15 million at a $63 million market cap. As of provider of financial services to high net worth and ultra-high net worth individuals in Asia, the company received almost all of its revenue in FY21 from its operating subsidiary PAI, which acts as an investment advisor and fund manager. It also offers wealth services, which primarily consists of the distribution of insurance products and also provides referrals for trust lawyers, tax accounting, and education planning. Prestige Wealth is subject to high customer concentration risk, but continues to increase its client base through referrals.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Intchains (ICG) Shanghai, China | $29M $499M | $7 - $9 3,575,000 | Maxim |
| China-based fabless designer of ASIC chips for blockchain applications. | |||
| Prestige Wealth (PWM) Hong Kong, China | $15M $63M | $5.50 - $6.50 2,500,000 | Network 1 |
| Hong Kong-based wealth and asset management services provider. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
Lock-ups will be expiring for two companies in the week ahead. For access to lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
Indices are market cap weighted baskets of newly public companies. As of 12/22/2022, the Renaissance IPO Index was down 57% year-to-date, while the S&P 500 was down 18.5%. 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 15.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
