No IPOs began trading or submitted initial filings this past week, as the sole scheduled deal (SGE) delayed to the week ahead.
While the calendar was quiet, the IPO pipeline saw some notable updates. Vietnamese EV maker VinFast (VFS) grabbed headlines on Friday when it announced plans to merge with SPAC Black Spade Acquisition (BSAQ) at a $27 billion enterprise value, which would make it the third largest de-SPAC of all time; VinFast had been on file for an estimated $1 billion US IPO since December. Several companies on file updated financials, including thrift store chain Savers Value Village (SVV), Goldman’s MN8 Energy (MNX), and Brazilian steakhouse chain Fogo Hospitality (FOGO). Piano maker Steinway (STWY), which withdrew its $100 million IPO despite regularly updating its prospectus over the past year.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/11/2023, the Renaissance IPO Index was up 18.9% year-to-date, while the S&P 500 was up 8.2%. 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 6.3% year-to-date, while the ACWX was up 8.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
