Two small deals priced this past week, neither of which were eligible for inclusion in our IPO stats, while one issuer delayed to the week ahead (AZTR). The week’s news was driven by Cummins spin-off Atmus Filtration (ATMU), which launched its $275 million IPO, and restaurant chain CAVA Group (CAVA), which filed to raise $100 million.
Projection screen maker Strong Global Entertainment (SGE) raised $4 million at a $29 million market cap. Spun out of FG Group (NYSE American: FGH), the company manufactures large format projection screens and provides related products and services. Strong Entertainment broke issue and finished the week down 11%.
Middle-market asset manager CaliberCos (CWD) raised just under $5 million at an $84 million market cap. The company markets its services to private investors, investment advisors, family offices and institutions, and in-house. As of December 31, 2022, it had total fair value AUM of $745 million. After jumping in its debut, CaliberCos retreated slightly in the aftermarket, finishing up 31%.
| 4 Filings During the Week of May 15th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Bowen Acquisition (BOWNU) | $60M | SPAC | EarlyBird |
| Blank check company targeting businesses in Asia. | |||
| CAVA Group (CAVA) | $100M | Consumer Discretionary | JP Morgan |
| Fast-casual Mediterranean restaurant chain with over 260 locations across the US. | |||
| FPA Energy Acquisition (FPAQU) | $100M | SPAC | I-Bankers |
| Carbon neutral-focused blank check company targeting real estate businesses. | |||
| Signing Day Sports (SDS) | $19M | Technology | Boustead |
| Operates a recruiting platform for student athletes. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/18/2023, the Renaissance IPO Index was up 21.3% year-to-date, while the S&P 500 was up 10.1%. 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 8.1% year-to-date, while the ACWX was up 8.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
