Two IPOs started trading in another quiet week for the IPO market. In the pipeline, two IPOs and one SPAC filed initial filings.
Chinese e-commerce game WeTrade Group (WETG) was valued on the low end to raise $40 million on a market cap of $780 million. WeTrade operates a membership-based platform offering technical services and solutions. Although the company has demonstrated growth, it has a small customer base and operates as a going concern. WeTrade rose a little over 400% on the first day and ended the week up 378%.
leftovers Virax Biolabs (VRAX) raised $7 million on a market cap of $57 million. Virax Biolabs operates in the UK and Hong Kong and offers a portfolio of diagnostic test kits, medical devices and PPE products for viral diseases. The company has a limited operating history and is highly unprofitable. Virax surged 264% on day one and ended the week up 107%.
| 2 IPOs in the week of July 18, 2022 | |||||
|---|---|---|---|---|---|
| Exhibitor business |
Act size |
market capitalization and IPOs |
price vs. Focus |
First day To return |
To return on 07/22 |
| WeTrade Group (WETG) | $40M | $780 million | -20% | +404% | +378% |
| Operates a membership-based platform for e-commerce services in China. | |||||
| Virax Biolabs (VRAX) | $7M | $57M | 0% | +264% | +107% |
| UK based provider of diagnostic tests and PPE for viral diseases. | |||||
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Two companies submitted initial applications last week. Solar Energy Company SolarMax technology (SMXT) applied to raise $30 million in its third attempt at an IPO. Republican power group (RPGL), which provides software development services in Southeast Asia, has applied to raise $16 million.
The only SPAC for filing an initial filing, Whale Point Acquisition (WPAU) submitted to raise $150 million to target fintech.
| 3 submissions in the week of July 18, 2022 | |||
|---|---|---|---|
| Exhibitor business |
Act size |
sector | To lead insurer |
| Republic Power Group (RPGL) | $16M | technology | Invest sec |
| Provides software development services in Southeast Asia. | |||
| Whale Point Acquisition (WPAU) | 150 million dollars | SPAC | BTIG |
| Blank check companies for the fintech sector. | |||
| SolarMax Technology (SMXT) | 30 million dollars | Utilities | ViewTrade |
| Sells solar energy systems in the US and works on solar farm projects in China. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 7/21/2022, the Renaissance IPO Index was down 41.6% year-to-date, while the S&P 500 was down 15.4%. 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 30.4% year-to-date, while the ACWX is down 17.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
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