Three small issuers began trading this past week, two of which are eligible for inclusion in our IPO stats, while two delayed to the week ahead (UCAR and USGO). Four IPOs submitted initial filings, led by one biotech and one reinsurer both planning to raise $100 million.
Chinese amusement and water park operator Golden Heaven Group (GDHG) downsized and priced at the low end to raise $7 million at a $207 million market cap. The company, which is profitable, operates six parks in southern China and attracted 2.4 million guests in the FY22. The IPO float was just 3.4% of basic shares outstanding. Golden Heaven Group finished flat from its listing price.
Malaysian business and technology consulting group VCI Global (VCIG) downsized and priced at the low end to raise $5 million at a $147 million market cap. Small but profitable, the company provides strategy services, investor relation services, and technology services to clients primarily from Malaysia. VCI Global finished down 36%.
While not included below, Singapore-based cancer biotech CytoMed Therapeutics (GDTC) priced at the low end to raise $10 million at a $45 million market cap. The company is developing three candidates built on a proprietary platform licensed from R&D agency A*STAR. CytoMed finished flat from its listing price.
| 2 IPOs During the Week of April 10th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/14 |
| Golden Heaven Group (GDHG) | $7M | $207M | -11% | +0% | +0% |
| Operates six amusement and water parks across southern China. | |||||
| VCI Global (VCIG) | $5M | $147M | -20% | +6% | -36% |
| Provides business and technology consulting services in Malaysia. | |||||
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Four IPOs submitted initial filings this past week. Late-stage inflammatory disease biotech ACELYRIN (SLRN) filed to raise $100 million. Bermuda-based reinsurer Fidelis Insurance Holdings (FIHL) also filed to raise $100 million. Veterinary hospital operator Inspire Veterinary Partners (IVP) filed to raise $28 million at a $50 million market cap. Media distributor Alliance Entertainment Holding (AENT) filed to raise $6 million. Not included in the table below, luxury car importer Cheetah Net Supply Chain (CTNT) filed to raise $12 million last Friday.
| 4 Filings During the Week of April 10th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Fidelis Insurance (FIHL) | $100M | Financials | JP Morgan |
| Global provider of specialty insurance and property reinsurance. | |||
| ACELYRIN (SLRN) | $100M | Health Care | Morgan Stanley |
| Late-stage biotech developing acquired therapies for inflammatory diseases. | |||
| Alliance Entertainment (AENT) | $6M | Consumer Discretionary | ThinkEquity |
| Wholesaler and distributor of entertainment products. | |||
| Inspire Veterinary (IVP) | $28M | Health Care | Spartan Capital |
| Operates 13 veterinary hospitals across the US. | |||
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This past week, we released our report on the most active legal firms in the 1Q23 IPO market. Read the report along with our other quarterly content:
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/13/2023, the Renaissance IPO Index was up 15.0% year-to-date, while the S&P 500 was up 8.5%. 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 9.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and JD Health.
