Four small deals are currently scheduled to price in the week ahead, three of which are eligible for inclusion in our stats, though other issuers may join the IPO calendar late.
Holdover 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.
Hong Kong-based contractor WANG & LEE GROUP (WLGS) plans to raise $8 million at a $75 million market cap. Operating as a construction prime and subcontractor, WANG & LEE provides a wide range of large sitework construction services to private construction customers. The company cut its deal size by 50% in March.
Chinese logistics services provider Jayud Global Logistics (JYD) plans to raise $7 million at a $97 million market cap. Operating in mainland China and Hong Kong, the company offers a range of cross-border solution services such as freight forwarding and supply chain management. Fast-growing and profitable, Jayud generated over half of 1H22 revenue from its top five customers.
While not included below, holdover 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. | |||
| WANG & LEE GROUP (WLGS) Hong Kong, China | $8M $75M | $5 1,600,000 | Boustead |
| Provides design and contracting services to the construction industry in China. | |||
| Jayud Global Logistics (JYD) Shenzhen, China | $7M $97M | $4 - $5 1,500,000 | Benchmark |
| Cross-border logistics services provider in China. | |||
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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.
