Four deals were evaluated in the past week, of which only two met the criteria to be included in our 2022 IPO statistics.
biotech MAIA biotechnology (MAIA) offered more shares at a low price to raise $10 million on a market cap of $68 million. MAIA’s lead candidate is expected to enter Phase 2 human trials for NSCLC in Australia and Europe in 2022, and the company plans to file for accelerated approval in the US for the treatment of advanced NSCLC in late 2024. MAIA Biotechnology achieved an increase of 16%.
Mobile global esports (MGAM) valued on the low end to raise $6 million on a market cap of $73 million. Called MOGO, the company is initially launching a platform for esports competitions played on mobile devices by university teams and players representing universities in India and South Asia. MOGO currently has no significant revenues or operations. The company closed with 180%.
Although not counted below, Massachusetts Bank ECB Bancorp (ECBK) raised $89 million in a rights offering and listed on the Nasdaq and OTC NeoVolta (NEOV) has raised $4 million in a unit offering.
| 2 IPOs in the week of July 25, 2022 | |||||
|---|---|---|---|---|---|
| Exhibitor business |
Act size |
market capitalization and IPOs |
price vs. Focus |
First day To return |
To return on 07/29 |
| Mobile Global Esports (MGAM) | $6M | $73M | -33% | +180% | +180% |
| Development of an esports platform for university competitions in India and South Asia. | |||||
| MAIA Biotechnology (MAIA) | $10M | $68 million | -17% | -11% | +16% |
| Phase 2 biotech developing targeted immunotherapies for cancer. | |||||
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| 5 submissions in the week of July 25, 2022 | |||
|---|---|---|---|
| Exhibitor business |
Act size |
sector | To lead insurer |
| Global Star Acquisition (GLSTU) | $80M | SPAC | EF Hutton |
| Blank check company focused on fintech and proptech in the Nordics and APAC regions. | |||
| Knowledge Laboratories (KNW) | $6M | health care | Boustead |
| Development of a non-invasive glucose monitor using biosensor technology. | |||
| Sedibelo Resources (SED) | 100 million dollars | materials | Evercore ISI |
| Mining company for platinum group metals in South Africa. | |||
| Cetus Capital Acquisition (CETSU) | $60M | SPAC | EF Hutton |
| Blank check companies serving the Industrial, Technology and IoT verticals in Taiwan. | |||
| Acquisition of PROTONIQ (PROQU) | 100 million dollars | SPAC | Jones Trading |
| Blank check fintech company focused on the APAC region. | |||
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Late July marks the first month without a blank check IPO in over five years. Still, merger announcements and deals continue to make news; Last week, Getty Images (GETY) completed its $5 billion listing, one of the largest de-SPACs of the year. Get a full picture of Getty Images’ SPAC merger in our latest report, or catch up on last month’s activity in our July IPO Market Update.
IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 7/28/2022, the Renaissance IPO Index was down 44.0% year-to-date, while the S&P 500 was down 13.8%. 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 30.2% year-to-date, while the ACWX is down 15.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
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