Six small deals were evaluated over the past week, although only three met the criteria for our 2022 IPO statistics. Pipeline activity picked up with three new IPO filings, including a biotech company planning to raise $150 million, and changes on the file from some notable issuers.
Based in Beijing Jianzhi Education Technology Group (JZ) valued on the low end to raise $25 million on a market cap of $303 million. Jianzhi Education provides digital educational content to higher education institutions and libraries in China. Profitable with steady growth, as of 12/31/21 the company’s content library comprised more than 30,000 online videos and video courses. Jianzhi Education surged more than 3,100% for the day and ended up 275%.
Holdings of the Starbox Group (STBX) priced on the low end to raise $20 million on a market cap of $180 million. Starbox is building a fintech ecosystem targeting micro, small and medium-sized enterprises in Malaysia with cash rebates at the foundation. The company is profitable, but its revenue stream has been very unstable. After rising 285% on the first day, Starbox ended up gaining 33%.
neurodevelopment biotech Pax Medica (PXMD) traded slightly below median to raise $8 million on a market cap of $76 million. In February 2021, the company announced positive topline data from its phase 2 dose-ranging study evaluating lead candidate PAX-101 for the treatment of the core symptoms of autism spectrum disorder (ASD). PaxMedica closed down 6%.
Three nano-caps, not listed below, completed the unit offering. Operator of an online shop Marks by Jeffs (JFBR) raised $15 million, website manager onfolio inventory (ONFO) raised $14 million and is listed on the ASX Mobilcom (MOB) raised $12 million.
| 3 IPOs in the week of August 22, 2022 | |||||
|---|---|---|---|---|---|
| Exhibitor business |
Act size |
market capitalization and IPOs |
price vs. Focus |
First day To return |
To return on 08/26 |
| Jianzhi Education Technology (JZ) | 25 million dollars | $303 million | -17% | +275% | +275% |
| Provides an online learning platform and educational content in China. | |||||
| Star Box (STBX) | 20 million dollars | 180 million dollars | -11% | +285% | +33% |
| Provides a payment app in Malaysia that offers cash rebates. | |||||
| Pax Medica (PXMD) | $8M | $76M | -13% | -6% | -6% |
| Phase 2 biotechnological development of therapies for neurodevelopmental disorders. | |||||
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Three companies submitted initial applications in the past week, led by Third Harmonic Bio (THRD), which plans to raise $150 million. The biotech plans to start a Phase 1b trial of its sole candidate in the second half of the year, targeting an inflammatory skin disease, chronic inducible urticaria. The week’s other submissions came from Swiss-listed biopharmaceutical companies relief therapy (RLFT) and a Malaysia-based Bunker Broker CBL International (BANL). A SPAC-too file (TDACU).
The pipeline also saw updates from girls’ fashion retailers Claire’s (CLRS) and RIA service platform Financial partner of the dynasty (DSTY), both on record, to raise $100 million.
| 4 submissions in the week of August 22, 2022 | |||
|---|---|---|---|
| Exhibitor business |
Act size |
sector | To lead insurer |
| CBL International (BANL) | $17M | energy | Securities of the Pacific Century |
| Provides refueling logistics services for container ships in Asia Pacific. | |||
| Translational Development (TDACU) | 150 million dollars | SPAC | Think equity |
| Blank check company backed by Stone Capital Partners focused on life sciences and biotechnology in North America and Europe. | |||
| Relieving Therapeutics (RLFT) | 20 million dollars | health care | |
| Schweizer Biopharma markets a portfolio of drugs against rare diseases. | |||
| Third Harmonic Bio (THRD) | 150 million dollars | health care | MorganStanley |
| Phase 1 biotechnology to develop a therapy for allergic and inflammatory diseases. | |||
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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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