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The IPO market has remained relatively quiet with just one IPO and one SPAC price this past week. Pipeline activity continued at a slow pace, with only two small IPOs and one SPAC filing initial filings.
AN2 therapeutics (ANTX) priced its elevated IPO at mid-term to raise $69 million with a market cap of $296 million. The company is developing an in-licensed therapy for non-tuberculous mycobacterial lung diseases. AN2 Therapeutics intends to initiate its Phase 2/3 trial by the end of 1H22 and expects data in mid-2023.
HF detection (RFACU) was the only SPAC to launch, raising $100 million to target new economy companies in Southeast Asia.
| 2 IPOs in the week of March 21, 2022 | |||||
|---|---|---|---|---|---|
|
Exhibitor company |
Act size |
market lid at the IPO |
price vs. Focus |
First Day To return |
To return at 03/25 |
| AN2 Therapeutics (ANTX) | $69 million | $296 million | 0% | +3% | +3% |
| Phase 2/3-capable biotech developing in-licensed therapy for NTM lung disease. | |||||
| RF Acquisition (RFACU) | 100 million dollars | $127 million | 0% | +0% | +0% |
| Blank check company targeting new economy businesses in Southeast Asia. | |||||
Two IPOs submitted initial filings last week. Carbon Fiber Parts Manufacturer from Taiwan J Star Holding (YMAT) and manufacturer of hemp cigarettes Hanpacco (HPCO) both filed to raise $17 on Nasdaq.
Aimfinity Investment I (AIMAU) was the only SPAC to file an initial filing. The company applied to raise $70 million for the technology sector.
| 3 submissions in the week of March 21, 2022 | |||
|---|---|---|---|
|
Exhibitor company |
Act size |
sector |
Lead insurer |
| Aimfinity Investment I (AIMAU) | $70M | SPAC | tiger broker |
| Blank check company for the technology sector. | |||
| Hanpacco (HPCO) | $17M | Consumer Discretionary | Boustead |
| Makes nicotine-free cigarettes from hemp. | |||
| J-Star Holding (YMAT) | $17M | Consumer Discretionary | ViewTrade |
| Taiwan-based manufacturer of carbon fiber parts for bicycles, rackets and other goods. | |||
There are currently no IPOs scheduled for the coming week, although some SPACs could be added to the calendar later in the week.
There are a number of large issuers waiting in the pipeline once the IPO market becomes more accessible. Some of these deals include the spin-off of Bausch Health Bausch + Lomb (BLCO), mattress retailer mattress proof (MFRM), car sharing platform trip (TURO) and digital advertising company aleph group (ALEF).
Blocking periods expire for up to five companies.
IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 3/24/22, the Renaissance IPO Index was down 22.5% year-to-date, while the S&P 500 was down 4.8%.
Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index is down 22.9% year-to-date, while the ACWX is down 6.2%.
Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Volvo Car Group (OTCPK:VOLAF) and Zhejiang Kuaishou Information Technology (OTCPK:KUASF).
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Publisher’s Note: The summary bullet points for this article were selected by Seeking Alpha editors.
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