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By Renaissance Capital’s standards, there were no prices ahead of the long holiday weekend, the first week without an IPO or SPAC in over two years.
Usually the IPO market prepares for a Wave of launches after Memorial Day, but new submissions have been scarce in recent weeks. The pipeline received a boost from a mineral exploration company Ivanhoe Electric (ie), which was submitted to raise $200 million in its first major filing since April. Investment bank based in Singapore Boustead wavefront (TO BUILD) also submitted and planned to raise $15 million.
Six SPACs submitted initial filings. the biggest of the group ESH acquisition (ESHU) is led by former Disney executive and retired NBA player Magic Johnson.
| 8 submissions in the week of May 23, 2022 | |||
|---|---|---|---|
|
Exhibitor Business |
Act size |
sector |
To lead insurer |
| Ink Stone Feibo Acq. (IFACU.RC) | $60M | SPAC | tiger broker |
| Blank check company focused on Biotech and Green Tech in USA and Taiwan. | |||
| Aquaron Acquisition (AQUNU) | 50 million dollars | SPAC | Chardan |
| Blank check company targeting the new energy sector. | |||
| Boustead Wavefront (BAU) | $15M | finance | Revere Securities |
| Singapore-based boutique investment bank providing market entry and advisory services. | |||
| ESH Acquisition (ESHU) | 300 million dollars | SPAC | I banker |
| Blank check company led by entertainment, sports and hospitality industry veterans. | |||
| Mars Acquisition (MARXU) | $75 million | SPAC | maxim |
| Blank check company targeting technology innovation market. | |||
| Ivanhoe Electric (IE) | 200 million dollars | materials | BMO |
| Owns and develops US mineral projects containing copper, gold and critical metals. | |||
| Noble Education Acq. (NEATU) | 100 million dollars | SPAC | EF Hutton |
| Blank check company focused on the EdTech sector. | |||
| SK Growth Opportunities (SKGRU) | 200 million dollars | SPAC | Deutsche Bank |
| Blank check company backed by Korean conglomerate SK targeting ESG. | |||
There are currently no IPOs scheduled for the coming week, although some SPACs could be added to the calendar later in the week.
While a mid-May wave of submissions usually sets the calendar for post-Memorial Day introductions, new submissions have been quiet. Several major deals in the pipeline have recently been updated (Dynasty Financial Partners (DSTY), Chain Bridge I (CBRG), Turo Inc. (TURO), Steinway Musical Instruments Holdings (STWY)) and mining billionaire Robert Friedland Ivanhoe Electric filed last week to raise $200 million.
Street research is expected for three companies.
IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 5/26/2022, the Renaissance IPO Index was down 47.6% year-to-date, while the S&P 500 was down 14.3%.
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 31.1% year-to-date, while the ACWX is down 12.8%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Volvo Car Group (OTCPK:VOLAF) and Kuaishou (OTCPK:KUASF).
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Editor’s note: The summary points for this article were selected by Seeking Alpha editors.
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