This week featured the first few pricings of the new year. The list was headlined by Skyward Specialty (SKWD) with support from several other deals, one of which is too small to be included in our stats. A SPAC also priced. Filing activity picked up ahead of the long weekend as six companies were added to the pipeline, including Nextracker (NXT) and Structure Therapeutics (GPCR).
Skyward Specialty Insurance Group (SKWD), a specialty property and casualty insurer, completed the first substantial IPO of 2023 by upsizing its offering to raise $134 million at a $588 million market cap. It finished the week up 27%.
MGO Global (MGOL) raised $8 million at a $69 million market cap. The Lionel Messi licensed line of casual wear, accessories, and home décor was co-founded by notable fashion designer Virginia Hilfiger, who serves as the Chief Design Officer. It finished down 7%.
Israel Acquisitions (ISRLU) became the first blank check company to list on an exchange in 2023. It raised $125 million with plans to target growth-oriented technology businesses that have a significant connection to Israel. It finished up 1%.
While not listed in the table below, Atlas Lithium (ATLX), a battery metal mining company, completed its Nasdaq uplisting by raising $4 million at a $52 million market cap.
| 3 IPOs During the Week of January 9th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/13 |
| Skyward Specialty (SKWD) | $134M | $588M | 0% | +27% | +27% |
| Specialty property & casualty insurer focused on underserved markets. | |||||
| Israel Acquisitions (ISRLU) | $125M | $174M | 0% | +1% | +1% |
| Blank check company targeting Israeli or Israel-related tech businesses. | |||||
| MGO Global (MGOL) | $8M | $69M | 0% | -7% | -7% |
| Building a portfolio of lifestyle brands led by Lionel Messi's Messi Brand. | |||||
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Filing activity was led by Nextracker (NXT), whose products enable solar panels to optimize plant performance, in a deal we estimate could raise up to $500 million. Structure Therapeutics (GPCR) was another noteworthy addition to the pipeline. The Phase 1 biotech backed by several prominent life science investors filed for an IPO that could raise as much as $100 million to advance its research on G-protein-coupled receptors to develop treatments for chronic diseases. Another initial filing in the health care sector came from Neuraxis (NRXS), which filed for a $17 million IPO. It builds a device for children’s hospitals that transmits signals through the ear to reduce IBS-related pain. FD Technology (FDAN) filed and set terms to raise $18 million. The company provides a payment plan platform for consumers in China making transactions across several industries. Online RV rental platform RVelocity (RVGO) and ED product developer Mangoceuticals (MNGO) are also included in the group.
| 6 Filings During the Week of January 9th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Mangoceuticals (MNGO) | $5M | Health Care | Boustead |
| Provides an erectile dysfunction product via telehealth. | |||
| Nextracker (NXT) | $500M | Industrials | JP Morgan |
| Designs and manufactures solar tracking systems. | |||
| RVeloCITY (RVGO) | $10M | Technology | Boustead |
| Online platform for peer-to-peer RV rentals. | |||
| Structure Therapeutics (GPCR) | $100M | Health Care | Jefferies |
| Phase 1 biotech developing G-protein-coupled receptors for chronic diseases. | |||
| FD Technology (FDAN) | $18M | Technology | Aegis Cap. |
| Provides a payment plan platform for the wedding, education, and family health industries in China. | |||
| Neuraxis (NRXS) | $17M | Health Care | Alexander Cap. |
| Makes a non-surgical neuromodulation device for children with IBS-related pain. | |||
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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.
