Four small issuers began trading this past week, three of which are eligible for inclusion in our IPO stats, joined by one SPAC.
In the pipeline, two small IPOs and one direct listing submitted initial filings. The most notable activity came from car sharing platform Turo (TURO), which disclosed updated financials ahead of its estimated $300 million IPO.
Singapore-based Ohmyhome (OMH) priced at the low end to raise $15 million at a $76 million market cap. Unprofitable and growing, the company provides brokerage and other services for both the Housing Development Board of Singapore and the private property market. Ohmyhome finished up 7%.
Bunkering facilitator CBL International (BANL) downsized and priced at the low end to raise $13 million at a $98 million market cap. Operating out of ports throughout East and Southeast Asia, the company provides solutions for vessel refueling (bunkering facilitation). Its customers are primarily international container liner operators from outside China and Hong Kong. CBL International finished up 10%.
Men’s wellness company Mangoceuticals (MGRX) raised $5 million at a $71 million market cap, pitching a new erectile dysfunction (ED) product called "Mango." To date, the company has sold only a small amount of products, planning to market and sell commercial quantities of its Mango ED product in the 1Q23. Mangoceuticals finished down 38%.
SPAC Oak Woods Acquisition (OAKUU) raised $50 million. The company plans to target businesses in the tech-enabled healthcare and medical services industries in Asia.
While not included below, Clean Energy Technologies (CETY) raised $4 million at a $153 million market cap and uplisted to the Nasdaq. It finished up 3%.
| 4 IPOs During the Week of March 20th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/24 |
| CBL International (BANL) | $13M | $98M | -9% | +11% | +10% |
| Provides fueling logistic services to container ships in the Asia Pacific region. | |||||
| Ohmyhome (OMH) | $15M | $76M | -11% | +0% | +7% |
| Operates a real estate brokerage and property services platform in Singapore. | |||||
| Oak Woods Acquisition (OAKUU) | $50M | $66M | 0% | +2% | +2% |
| Blank check company targeting tech-enabled healthcare and medical services in Asia. | |||||
| Mangoceuticals (MGRX) | $5M | $71M | 0% | +0% | -38% |
| Provides an erectile dysfunction product via telehealth. | |||||
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| 3 Filings During the Week of March 20th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| CCSC Technology (CCTG) | $13M | Technology | Joseph Stone |
| Hong Kong-based provider of electronic interconnect products. | |||
| Sezzle (SZL) | $0M | Technology | |
| Provides online merchants with an installment-based payment platform. | |||
| Cortigent (CRGT) | $17M | Health Care | ThinkEquity |
| Developing camera-based neural implants that restore partial vision to the blind. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/23/2023, the Renaissance IPO Index was up 12.3% year-to-date, while the S&P 500 was up 3.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index was down 2.3% year-to-date, while the ACWX was up 4.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and JD Health.
