There were no pricings this past week, as the sole scheduled deal delayed (AZTR). But the calendar still saw some activity, with restaurant chain CAVA Group (CAVA) launching its $260 million offering; it’s expected to price in the week ahead. The IPO pipeline also got a pickup, with three issuers submitting initial filings.
Electric air travel company Surf Air Mobility (SRFM) filed for a direct listing on the NYSE. Based on share prices in recent private transactions, the company would command a market value of $574 million in its listing; it previously targeted a $1.4 billion valuation when it planned to go public via SPAC merger (terminated in November 2022).
Mexican real estate company Vesta Real Estate (VTMX) filed to raise $100 million. The company is profitable and has more than 200 properties in its portfolio. Vesta is currently listed on the Mexican Stock Exchange (VESTA), where it commands a market value of approximately $2.2 billion.
Pixie Dust Technologies (PXDT), a Japanese maker of personal care devices and spatial materials, filed to raise $19 million at a $143 million market cap.
| 3 Filings During the Week of June 5th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Vesta Real Estate (VTMX) | $100M | Real Estate | Citi |
| Owns and operates industrial real estate properties in Mexico. | |||
| Pixie Dust Technologies (PXDT) | $19M | Consumer Discretionary | Boustead |
| Japanese maker of consumer personal care devices and spatial materials. | |||
| Surf Air Mobility (SRFM) | $0M | Industrials | |
| Regional air travel company focused on electrified aircraft. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/8/2023, the Renaissance IPO Index was up 26.1% year-to-date, while the S&P 500 was up 12.7%. 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 7.5% 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.
