August is drawing to a close and the US IPO market appears to have ended the month with three small deals, although only one meets our tracking criteria. Other small offers can also be added to the calendar during the week.
Manufacturer of hemp cigarettes Hanpacco (HPCO) plans to raise $6 million on a market cap of $138 million. The company’s products are sold at over 200 retail locations in San Diego and it plans to overhaul a fleet of approximately 600 vending machines to expand distribution. Hempacco has a limited operating history and expects to remain unprofitable for the foreseeable future.
Although not listed below, two sessions may be offered in the coming week. Wearable Devices (WLDS), which is developing non-invasive neural input technology for consumer electronics, plans to raise $22 million with a market cap of $99 million. Developer of lung cancer diagnostics bioAffinity Technologies (BIAF) plans to raise $8 million on a market cap of $54 million.
| US IPO Calendar | |||
|---|---|---|---|
| Exhibitor business |
deal size market capitalization |
price range shares submitted |
above Bookrunner |
| Hanpacco (HPCO) San Diego, CA |
$6M $138 million |
$6 1,000,000 |
Boustead |
| Makes nicotine-free cigarettes from hemp. | |||
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One company has lock-ups expiring in the coming week and one is also expected to see street research. Sign up for a free trial of IPO Pro to get access to street research and lock expiration dates.
IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 8/25/2022, the Renaissance IPO Index was down 40.6% year-to-date, while the S&P 500 was down 11.0%. 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 is down 33.7% year-to-date, while the ACWX is down 15.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
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