US IPO Weekly Winners & Losers

It’s common knowledge that IPOs lead the way up during market rebounds.

The question every IPO investor, banker, advisor, VC, and unicorn is asking themselves: Will Kenvue be the IPO Icebreaker that reopens the market?

Set to list in the week ahead, J&J’s consumer health unit Kenvue (NYSE: KVUE) has a portfolio of powerhouse brands like Tylenol, Band-Aid, Nicorette, Zyrtec, and Listerine. With over $2 billion in cash flow and a healthy 3.7% dividend, this is exactly the type of deal that works in a tough environment. The deal is set to raise $3.3 billion, which would more than double the year’s total IPO proceeds to date.

Over 50% of the year’s IPOs have mentioned ‘artificial Intelligence’ in the prospectus. That’s one of the takeaways from our new market commentary, AI is the IPO market’s next buzzword (IPO Pro exclusive). This week we also wrote about former SPAC targets now choosing IPOs.

One micro-cap IPO priced this week: Home fitness startup Interactive Strength (Nasdaq: TRNR) priced at the high end but fell -17%. Six small companies submitted US filings, five of which are based in China.

The IPO market traded off -1.7%, underperforming the S&P 500’s +0.9% return. Mobileye was the week’s loser, off -15.3% after management lowered the 2023 revenue forecast. As I noted last week, Mobileye’s IPO lock-up ended on Monday, allowing parent Intel to sell shares. Discount retailer Miniso led the winners, rising +12.5%.