Five small Asian issuers are currently on the calendar for the week ahead, four of which qualify for inclusion in our IPO stats. Others may join throughout the week//late.
Chinese battery-swapping station developer U Power (UCAR) plans to raise $18 million at a $368 million market cap. U Power started as a vehicle sourcing service provider in China, and in 2020, it also began developing automated battery-swapping stations under the UOTTA brand. The company is highly unprofitable and has limited operating history in an emerging market.
Singapore-based Multi Ways Group (MWG) plans to raise $16 million at a $75 million market cap. Multi Ways supplies a wide range of heavy construction equipment to more than 100 customers across various industries and countries. Profitable and growing, its top five customers accounted for nearly half of 1H22 revenue.
Three holdovers may also list in the week ahead. Chinese amusement park operator Golden Heaven Group (GDHG) plans to raise $9 million at a $234 million market cap. Chinese tech firm Global Mofy Metaverse (GMM) plans to raise $6 million at a $130 million market cap. While not included below, Millennium Group International Holdings (MGIH) plans to raise $5 million at a $45 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| 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. | |||
| 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. | |||
| Multi Ways Holdings (MWG) | $16M $75M | $2 - $3 6,400,000 | Spartan Capital |
| Singapore-based supplier of heavy construction equipment. | |||
| U Power (UCAR) Shanghai, China | $18M $368M | $6 - $8 2,500,000 | WestPark Capital |
| Launching automated battery-swapping stations for electric vehicles in China. | |||
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Street research is expected for two companies in the week ahead. View Street research dates on the Master Calendar.
This past week, we released our reviews of the 1Q23 US IPO market, where we cover activity over the past quarter, IPO performance, our outlook going forward, and more. Get a free preview of the review, or sign up for a free trial of IPO Pro to read the full report.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/30/2023, the Renaissance IPO Index was up 14.9% year-to-date, while the S&P 500 was up 6.0%. 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 2.0% year-to-date, while the ACWX was up 6.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
