Just one small IPO and one SPAC began trading this past week. Two small IPOs submitted initial filings.
Though there were no sizable pricings, the calendar got a boost from frac sand miner Atlas Energy Solutions (AESI), which launched its $387 million IPO; it’s scheduled to trade in the week ahead. The news capped off a solid but volatile month for the IPO market, which saw a handful of $100mm+ deals test the waters despite a seesawing IPO Index. Read more about the past month in our February IPO Market Update.
Israeli video and image software provider Beamr (BMR) raised $8 million at a $55 million market cap. Beamr offers encoding, transcoding, and optimization solutions for videos and images, and counts streaming platforms and Hollywood studios among its clients. The company is small and unprofitable, and saw revenue decline in the 1H22. Beamr finished down -13%.
The first SPAC IPO to upsize since March 2022, SilverBox III (SBXC.U) raised $120 million. The SPAC is the third to be formed by members of SilverBox Capital, and it intends to acquire one or more businesses with an aggregate enterprise value in excess of $750 million.
| 2 IPOs During the Week of February 27th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/03 |
| SilverBox III (SBXC.U) | $120M | $150M | 0% | +1% | +1% |
| Third blank check company formed by members of SilverBox Capital. | |||||
| Beamr (BMR) | $8M | $55M | -64% | -9% | -13% |
| Israeli provider of video encoding and image optimization software. | |||||
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Two small IPOs submitted initial filings this past week. Lucas GC (LGCL), which provides online recruiting and outsourcing services in China, filed to raise $21 million. PSI Group Holdings (PSIG), a Hong Kong-based provider of freight forwarding services, filed to raise $16 million at a $125 million market cap.
| 2 Filings During the Week of February 27th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| PSI Group Holdings (PSIG) | $16M | Industrials | Univest Sec. |
| Hong Kong-based provider of air and ocean freight forwarding services. | |||
| Lucas GC (LGCL) | $21M | Industrials | Benchmark |
| Provides online recruiting and outsourcing services in China. | |||
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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.
