Three IPOs are currently scheduled to price in the week ahead. Only two qualify for inclusion in our IPO stats, led by Chinese edtech QuantaSing Group (QSG).
QuantaSing Group plans to raise $41 million at a $763 million market cap. The company states that it is the largest online financial learning service provider for adults in China, with a 37% share of the market by 2021 revenue, and as of 11/30/22, it had accumulated approximately 75.1 million registered users. QuantaSing is unprofitable and saw revenue decline in the 1Q FY23.
Canadian psychotropics company Lucy Scientific Discovery (LSDI) plans to raise $8 million at a $62 million market cap. Lucy has a Controlled Substances Dealer’s License from Health Canada to produce and conduct research using psilocybin, psilocin, MDMA, and LSD. The company is early stage but has commenced operations.
While not included below, holdover BullFrog AI Holdings (BFRG) plans to raise $8 million at a $34 million market cap. The pre-revenue company is developing an analytical AI/ML platform for drug development.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| QuantaSing Group (QSG) Beijing, China | $41M $763M | $11.50 - $13.50 3,250,000 | Citi CICC |
| Provides online financial literacy and personal interest courses for adults in China. | |||
| Lucy Scientific Discovery (LSDI) Victoria, Canada | $8M $62M | $4 2,000,000 | WestPark Capital |
| Early-stage psychotropics contract manufacturing company. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/12/2023, the Renaissance IPO Index was up 7.2% year-to-date, while the S&P 500 was up 3.8%. 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 6.9% year-to-date, while the ACWX was up 6.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
