Updated Monday, 3/27.
Five small Asian companies are currently scheduled to list in the week ahead, four of which are eligible for inclusion in our IPO stats. Other small deals may also join the calendar to slip through before the end of the quarter.
Japan-based SYLA Technologies (SYT) plans to raise $15 million at a $243 million market cap. Through its four subsidiaries, the company operates an online real estate platform, constructs and sells solar power plants, manufactures and sells crypto mining machines, operates an asset management platform, and manages real estate.
Chinese oat and grain products producer YanGuFang International Group (YGF) may raise $13 million at a $163 million market cap in the coming week. The company’s portfolio includes oatmeal, oat flour, oat bran, and oat nutrient and health series products. Profitable and growing, YanGuFang operates in various Chinese provinces and expanded to the US in October 2022.
Chinese amusement and water park operator Golden Heaven Group (GDHG) plans to raise $9 million at a $234 million market cap. The company, which is profitable, operates six parks in southern China, attracting 2.4 million guests in the FY22. The IPO float is expected to be just 3.8% of basic shares outstanding.
Chinese virtual content and digital marketing provider Global Mofy Metaverse (GMM) may raise $6 million at a $130 million market cap. Unprofitable and growing, the company engages in virtual content production, digital marketing, and digital assets development using a proprietary technology platform.
While not included below, Hong Kong-based paper packaging producer Millennium Group (MGIH) plans to raise $5 million at a $45 million market cap. The company has production facilities in China and Vietnam, and mainly serves clients in East Asia and Southeast Asia.
| 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. | |||
| SYLA Technologies (SYT) Tokyo, Japan | $15M $243M | $8 1,875,000 | Boustead |
| Japanese real estate developer expanding into fintech, solar, and crypto. | |||
| Global Mofy Metaverse (GMM) Beijing, China | $6M $130M | $4.50 - $5.50 1,200,000 | Maxim |
| Chinese provider of virtual content and digital marketing services. | |||
| 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 3/23/2023, 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.
