Three small IPOs are currently on the calendar for the week ahead.
Chinese grain producer YanGuFang International Group (YGF) may price in the week ahead, planning to raise $13 million at a $163 million market cap. The company’s portfolio includes oatmeal, oat flour, oat bran, and oat nutrient and health series products, among others. Profitable and growing, YanGuFang operates in various Chinese provinces and expanded to the US in October 2022.
Chinese amusement park operator Golden Heaven Group Holdings (GDHG) plans to raise $9 million at a $234 million market cap. The company manages and operates six amusement and water parks and complementary recreational facilities across southern China, and guest visits totaled 2.4 million in the FY22. The IPO float is expected to be just 3.8% of basic shares outstanding.
Holdover Mangoceuticals (MGRX) plans to raise $5 million at a $71 million market cap. The company has developed a new brand of erectile dysfunction (ED) product under the brand name "Mango," which will not be approved by the FDA. To date, it has sold only a small amount of products, planning to market and sell commercial quantities of its Mango ED product in the 1Q23.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Golden Heaven Group (GDHG) Nanping, China | $9M $234M | $4 - $5 2,000,000 | Revere Sec. R. F. Lafferty |
| Operates six amusement and water parks across southern China. | |||
| Mangoceuticals (MGRX) Dallas, TX | $5M $71M | $4 1,250,000 | Boustead |
| Provides an erectile dysfunction product via telehealth. | |||
| YanGuFang (YGF) Shanghai, China | $13M $163M | $4 - $6 2,500,000 | EF Hutton |
| Chinese producer of oat and grain products. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/16/2023, the Renaissance IPO Index was up 11.1% year-to-date, while the S&P 500 was up 3.5%. 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 4.9% 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 Porsche and Kuaishou.
