After a slow end to February, the IPO market is set to get a boost from energy play Atlas Energy Solutions (AESI).
What would be the year's second largest IPO to date, frac sand miner Atlas Energy Solutions plans to raise $387 million at a $2.2 billion market cap. Led by successful oil and gas founder Bud Brigham, Atlas mines sand in the Permian Basin for use in oil and gas fracking, controlling over 14k acres of open-dune sand reserves. Its differentiated property allows for electric dredging, which it states reduces environmental impact. The company expects to spend $600+ million over the next two years to complete its current initiatives.
Xiao-I (AIXI) plans to raise $47 million at a $564 million market cap. The company's portfolio of cognitive intelligence technologies is based on natural language processing and AI implementation, with a focus on conversational AI. It serves businesses primarily in China, and its five largest customers accounted for nearly three-quarters of revenue in the 1H22. Xiao-I has demonstrated growth and margin expansion, though continued investment in R&D is expected to weigh on profitability.
Online retailer PishPosh (BABY) plans to raise $9 million at a $55 million market cap. PishPosh sells baby products, primarily strollers, through its website, third party marketplaces, and its on-site boutique, focusing on mid- to higher-income demographics. The company grew revenue by 95% in the 9mo22, though it remains unprofitable. It has revised its terms several times ahead of pricing.
A handful of small holdovers are also scheduled to price in the week ahead. Alternative medicine practice Nava Health plans to raise $16 million at an $83 million market cap. Agriculture equipment maker Opti-Harvest (OPHV) plans to raise $8 million at a $111 million market cap. Game studio and NFT marketplace Ultimax Digital (NFTU) plans to raise $8 million at an $80 million market cap.
While not included below, Chinese B2B platform ICZOOM Group (IZM) plans to raise $7 million at a $46 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Nava Health MD (NAVA) Columbia, MD | $16M $83M | $6 2,731,938 | WestPark Capital |
| Provides alternative and holistic medicine services in clinics and online. | |||
| Opti-Harvest (OPHV) Los Angeles, CA | $8M $111M | $4 2,000,000 | WestPark Capital |
| Makes sunlight optimization products for agriculture. | |||
| Ultimax Digital (NFTU) New York, NY | $8M $80M | $4 - $5 1,875,000 | WestPark Capital |
| Operates a video game development and publishing studio and an NFT marketplace. | |||
| PishPosh (BABY) Lakewood, NJ | $9M $55M | $5 1,766,618 | Boustead Sutter Securities |
| Online baby product retailer. | |||
| Atlas Energy Solutions (AESI) Austin, TX | $387M $2,150M | $20 - $23 18,000,000 | Goldman BofA |
| Mines and transports in-basin frac sand for the oil and gas industry. | |||
| Xiao-I (AIXI) Shanghai, China | $47M $564M | $6.80 - $8.80 6,000,000 | Prime Num. Cap. Guotai Junan |
| Chinese cognitive intelligence company focused on conversational AI. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/2/2023, the Renaissance IPO Index was up 13.1% year-to-date, while the S&P 500 was up 4.0%. 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 1.0% year-to-date, while the ACWX was up 4.9%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
