Updated Monday, 4/10.
Three companies are currently scheduled to list in the week ahead, two of which are eligible for inclusion in our IPO stats. Other small deals may also join the calendar to price during the week.
While there are no sizable deals currently on the calendar, several in the pipeline have provided recent updates ahead of potential April launches. This past week, Goldman Sachs’ MN8 Energy (MNX) disclosed 2022 financials ahead of its $100 million IPO. Other larger issuers that have filed recent updates include J&J’s consumer health unit Kenvue (KVUE) and Cummins spin-off Atmus Filtration (ATMU).
Holdover U Power (UCAR) plans to raise $18 million at a $368 million market cap in the coming week. The company is developing battery-swapping stations in China under the UOTTA brand, after originally starting as a vehicle sourcing service provider. U Power is highly unprofitable, and has a limited operating history.
Singapore-based cancer biotech CytoMed Therapeutics (GDTC) plans to raise $11 million at a $51 million market cap. The company is developing three candidates built on a proprietary platform licensed from R&D agency A*STAR. CytoMed is currently finalizing a trial of its lead candidate and plans to begin recruiting patients in the 2H23.
While not included below, early-stage gold-copper mining company U.S. GoldMining (USGO) plans to raise $20 million at a $121 million market cap, offering units. Spun out of dual-listed GoldMining, the company is focused on exploring and advancing a project in Alaska. U.S. GoldMining has no operating revenues, and does not anticipate generating revenues for the foreseeable future.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| U Power (UCAR) Shanghai, China | $18M $368M | $6 - $8 2,500,000 | WestPark Capital |
| Launching automated battery-swapping stations for electric vehicles in China. | |||
| CytoMed Therapeutics (GDTC) | $11M $51M | $4 - $5 2,412,369 | Benchmark Axiom Cap. |
| Singaporean preclinical biotech developing gamma-delta T cell therapies for cancer. | |||
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Street research is expected for one company in the week ahead, and one lock-up period will be expiring. To view upcoming Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
This past week, we updated our reviews of the 1Q23 US and global IPO markets, and released our report on how the Big Four accounting firms ranked in the 1Q23 IPO market.
- - Updated 1Q 2023 US IPO Market Review
- - Updated 1Q 2023 Global IPO Market Review (IPO Pro exclusive)
- - 1Q 2023 IPO Market Auditor Rankings
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/5/2023, the Renaissance IPO Index was up 13.4% year-to-date, while the S&P 500 was up 7.0%. 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 2.7% year-to-date, while the ACWX was up 7.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
