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Two small deals were priced last week, neither of which could be included in our IPO stats, while one issuer was postponed to next week (AZTR). Cummins dominated the news of the week spin off Atmus filtration (ATM), which launched its $275 million IPO, and restaurant chain CAVA group (CAVA), which applied for a $100 million raise.
Manufacturer of projection screens Strong global entertainment (SGE) has raised $4 million with a market cap of $29 million. The company, which emerged from the FG Group (FGH), manufactures large-format projection screens and offers related products and services. Strong Entertainment halted issuance and ended the week down 11%.
Medium-sized asset manager CaliberCos (CWD) has raised nearly $5 million from a market cap of $84 million. The Company markets its services to individual investors, investment advisors, family offices and institutions, and internally. As of December 31, 2022, it totaled Fair value AUM of $745 million. After jumping on its debut, CaliberCos dipped slightly in the aftermarket to finish up 31%.
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Two companies are currently scheduled to list next week, however smaller issuers could be added to the calendar later in the week.
Cummins spin-off Atmus filtration (ATMU) is the headliner of the week and plans to raise $275 million on a market cap of $1.6 billion. Operating primarily under the Fleetguard brand, the company manufactures various filter products for engines and other industrial applications, which are sold in 150 countries. Atmus is profitable and its OEM customers generate recurring sales from higher-margin aftermarket products, but its top three customers accounted for about half of its sales in 2022.
leftovers azitra (AZTR) plans to raise $12 million with a market cap of $70 million. The biotech’s pipeline is spearheaded by a genetically engineered strain of bacteria that targets the rare disease Netherton syndrome. Azitra’s lead candidate is expected to enter a Phase 1b trial in H1 23 and the Company has a joint development agreement with Bayer to develop bacterial microbes for consumer and cosmetic products.
| US IPO Calendar | |||
|---|---|---|---|
|
Exhibitor Business |
deal size market capitalization |
price range Discarded Shares |
Top Bookrunner |
|
Azitra (AZTR) Branford, CT |
$12 million $70M |
$4.50-$5.50 2,400,000 |
ThinkEquity |
| Phase 1 mature dermatology biotechnology company developing engineered bacterial therapies. | |||
|
Atmus filtration (ATMU) Nashville, TN |
$275 million $1,624 million |
$18 to $21 14.124.409 |
gold man JP Morgan |
| The industrial and engine filtration business was spun off from Cummins. | |||
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A street search is expected for a company in the coming week.
IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 5/18/2023, the Renaissance IPO Index is up 21.3% year-to-date, while the S&P 500 is up 10.1%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index is down 8.1% year-to-date, while the ACWX is up 8.4%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Porsche (OTCPK:POAHY) and Kuaishou (OTCPK:KUASF).
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Editor’s note: The summary bullet points for this article were selected by Seeking Alpha editors.
Editor’s note: This article discusses one or more securities that are not traded on a major US exchange. Please be aware of the risks associated with these stocks.
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