It takes less than 5 minutes to become an expert on the 2022 IPO market.
Our new 1Q report declared that the “US IPO Market Grinds to a Halt.” You can get the full report by signing up for a free trial to IPO Pro. If you don't like what you see you can cancel before 7 days and keep the 14-page report for free. Now is a great time to build your watch list for upcoming IPOs.
After the IPO Index’s worst quarter in 10 years, the 2Q will naturally have a slow start. And yet there are clear signs the IPO window should reopen over the next few months.
• Returns from new stocks have rebounded from recent lows.
• Volatility has settled.
• IPO filings have picked up.
• Follow-on offerings are getting done.
This week’s big news came from the pipeline. AIG plans to carve out its life insurance and annuities unit, to be re-named Corebridge Financial (NYSE: CRBG) ahead of a $3+ billion deal. It will be an important bellwether, even if it's not the type of company that will open the IPO floodgates for tech unicorns.
Over 20 other companies either filed or amended their offerings this week, with updated financials from another multi-billion-dollar IPO carve-out, Bausch + Lomb (NYSE: BLCO).
And follow-on offerings tell us that energy companies and dividend payers have access to equity capital markets.
Two small IPOs began trading this week, railway safety company Rail Vision (Nasdaq: RVSN) and commercial battery maker Expion360 (Nasdaq: XPON). Neither of the nano-caps qualified for our IPO stats.
The SEC has kicked off its plan to treat SPACs more like IPOs, focusing on disclosures, particularly forward estimates. News also broke that content platform OnlyFans may go public via SPAC, in exactly the type of listing SPACs were made for.
The Renaissance IPO Index was up +3.0% this week, strongly outperforming the S&P 500's +0.1% return. Semiconductor foundry GlobalFoundries gave up its recent gains and slid -23.1% this week, while cell sequencer 10X Genomics was the week's winner, reversing its losing streak with a +19.7% return.
Take care,
Bill Smith
Co-Founder and CEO
Renaissance Capital
Watch the 1-min summary of the 1Q 2022 US IPO Market:
|
Biggest price changes through
Apr 1st
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| 10x Genomics | TXG | 19.7% |
| KE Holdings | BEKE | 15.5% |
| GoodRx Holdings | GDRX | 14.9% |
| DoorDash | DASH | 14.8% |
| Cricut | CRCT | 12.7% |
| Bottom 5 | ||
| GlobalFoundries | GFS | -23.1% |
| UiPath | PATH | -23.0% |
| DiDi Global | DIDIY | -13.8% |
| Freshworks | FRSH | -10.6% |
| Chewy | CHWY | -10.6% |
| Sectors | ||
| Real Estate | 6.3% | |
| Health Care | 5.8% | |
| Financials | 3.7% | |
| Consumer Discretionary | 2.8% | |
| Technology | 1.7% | |
| Industrials | 1.3% | |
| Consumer Staples | -0.1% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned 3.0% last week vs. 0.1% for the S&P 500.
