US IPO Weekly Winners & Losers

The Renaissance IPO Index ended the week flat, but that was good enough to beat the S&P 500’s -2.9% loss. Markets whip-sawed, and the VIX Volatility Index is once again above 30, cementing the US IPO window shut for now.

Intel’s self-driving unit Mobileye (Nasdaq: MBLY) is betting that it can nudge that window open, and filed late Friday for an IPO that could raise $2 or $3 billion in the largest deal of 2022. Barring any delays, it’s on course for a late-October listing.

The past week's biggest IPO news didn’t happen on Wall Street. Luxury auto brand Porsche raised €8.2 billion in Germany’s largest IPO in over 25 years. It raised 20% more proceeds than all 2022 US IPOs combined, which says something both about the size of Porsche’s IPO and the snail’s pace of US markets. Porsche priced at the high end of its range, but closed day one at the offer price.

Two nano-caps (LASE, SILO) and a Reg A+ crowdfunded offering (AMV) listed on the Nasdaq this week, even as the exchange is stepping up its scrutiny of small IPOs. They were joined by two small SPACs (DMYY.U, QOMOU).

We also released our review of the Q3 IPO market, an IPO Pro exclusive. Despite the fact that only 3 US IPOs raised $100 million or more, the 14-page report contains a wealth of useful info on where we are in the IPO cycle, along with our updated outlook on Q4 and which companies look brave enough to test the waters.

Business software had a good week, making up 4 of the top 5 IPO winners, including cloud infrastructure play HashiCorp, up +16.0%. Chinese financial services platform Lufax was the week’s loser, down -19.1% amid a sell-off in China.