With the holiday season now in the rearview mirror, next week will be the first opportunity to catch a glimpse of IPOs in the 2023 cohort. Skyward Specialty Insurance Group (SKWD) is expected to grab headlines as the first deal to raise over $100 million since Mobileye (MBLY) completed its IPO back in October of last year. Another small deal is also on the calendar.
Skyward Specialty (SKWD) plans to raise $128 million at a $588 million market cap. The company offers commercial property and casualty products and solutions on a non-admitted (or excess and surplus) and admitted basis, predominantly in the US. Its diversified business provides flexibility to pursue attractive opportunities. However, it has exited several business lines in recent years due to losses, which continue to drag on earnings.
MGO Global (MGOL) offers a premium line of casual wear, accessories, and home décor branded through a licensing agreement with soccer star Lionel Messi. It plans to raise $8 million at a $69 million market cap. The company was co-founded by notable fashion designer Virginia Hilfiger, who serves as the Chief Design Officer. MGO Global remains unprofitable and ecommerce sales have declined as a result of lower consumer discretionary spending.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| MGO Global (MGOL) Fort Lauderdale, FL | $8M $69M | $5 1,500,000 | Boustead Sutter Securities |
| Building a portfolio of lifestyle brands led by Lionel Messi's Messi Brand. | |||
| Skyward Specialty (SKWD) Houston, TX | $128M $588M | $14 - $16 8,500,000 | Barclays KBW |
| Specialty property & casualty insurer focused on underserved markets. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/5/2023, the Renaissance IPO Index was down 2.0% year-to-date, while the S&P 500 was down 0.8%. 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 up 3.7% year-to-date, while the ACWX was up 1.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
