There was one pricing this past week, although it did not meet the criteria for our IPO stats. Two small IPOs and two SPACs submitted initial filings.
While not included in our stats, Hong Kong-based wealth manager Prestige Wealth (PWM) raised $5 million at a $45 million market cap. The company provides wealth management and asset management services primarily to high and ultra-high net worth clients, most of whom reside in mainland China and Hong Kong. Prestige Wealth finished up 282%.
Chinese car and car part retailer Autozi Internet Technology (AZI) filed to raise $29 million. Much of the company’s revenue is through the sale of parallel import cars, as well as auto parts and auto accessories.
Texas-based oil and gas E&P Rise Oil & Gas (RISE) filed to raise $12 million. Formed by former executives from Ring Energy, the company has acquired undeveloped property in the Texas portion of the Permian basin. Rise Oil & Gas currently has no revenue generating operations.
Haymaker Acquisition 4 (HYAC.U), the fourth SPAC led by Steven and Andrew Heyer, filed to raise $200 million to target consumer businesses. All three SPACs that the pair have brought to
market have completed mergers, though only one trades above the $10 offer price.
Spark I Acquisition (SPKLU), a SPAC formed by SparkLabs Group, filed to raise $100 million to target late-stage tech startups with ties to Asia. The SPAC aims to merge with a disruptive company with an enterprise value of over $1 billion.
| 4 Filings During the Week of July 3rd, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Autozi (AZI) | $29M | Consumer Discretionary | Tiger Brokers |
| Sells parallel import cars and auto parts in China. | |||
| Spark I Acquisition (SPKLU) | $100M | SPAC | Cantor Fitz. |
| Blank check company formed by SparkLabs Group targeting late-stage tech startups with ties to Asia. | |||
| Haymaker Acquisition 4 (HYAC.U) | $200M | SPAC | Cantor Fitz. |
| Fourth blank check company led by Steven and Andrew Heyer targeting consumer businesses. | |||
| Rise Oil & Gas (RISE) | $12M | Energy | ThinkEquity |
| Texas-based oil and gas E&P. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/6/2023, the Renaissance IPO Index was up 30.9% year-to-date, while the S&P 500 was up 15.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 12.6% year-to-date, while the ACWX was up 7.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
