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Despite a SPAC price, there were no IPOs in the first week of April. Four IPOs filed initial filings.
The only deal of the week was Denali Capital Acquisition (DECAU), which raised $75 million. Led by the As CEO of US Tiger Securities, SPAC plans to target the technology, hospitality or consumer services sectors.
| 1 IPO during the week of April 4, 2022 | |||||
|---|---|---|---|---|---|
|
Exhibitor business |
Act size |
market lid at the IPO |
price vs. Focus |
First Day To return |
To return at the 04/08 |
| Denali Capital Acq. (DEKAU) | $75 million | $99 million | 0% | +0% | +0% |
| Fourth blank check corporation formed by the CEO of US Tiger Securities. | |||||
Three IPOs filed initial filings. Norovirus vaccine developer HilleVax (HLVX) applied to raise $100 million. eye disease biotechn Belite Bio (BLTE) submitted to raise $46 million, Inflammatory Disease Biotechnology Internal Medicine (INRX) applied to raise $29 million and projection screen manufacturer Strong global entertainment (SGE) applied to raise $16 million.
| 4 submissions in the week of April 4, 2022 | |||
|---|---|---|---|
|
Exhibitor business |
Act size |
sector |
To lead insurer |
| Intrinsic Medicine (INRX) | $29 million | health care | Spartan securities |
| Preclinical biotechnology to develop HiMO therapies for GBA and inflammatory diseases. | |||
| Strong Entertainment (SGE) | $16M | communication services | Think equity |
| Manufacturers of premium projection screens that evolved from Ballantyne Strong. | |||
| HilleVax (HLVX) | 100 million dollars | health care | JP Morgan |
| Phase 2 biotechnology to develop a novel norovirus vaccine in-licensed from Takeda. | |||
| Belite Bio (BLTE) | $46M | health care | Benchmark |
| Phase 3 biotechnology to develop novel therapies for retinal degeneration and metabolic diseases. | |||
Activity in the IPO market is expected to pick up in the coming week. Three IPOs are planned for price discovery, led by an LNG service provider Excel Energy (EE), which is said to be the first US IPO valued at over $100 million in over two months.
Excel Energy plans to raise $360 million with a market cap of $2.4 billion. Founded and owned by oil magnate George Kaiser, the company owns a fleet of floating storage and regasification units used to regas liquefied natural gas (LNG) for power generation and other applications.
Excelerate has benefited from accelerated growth in LNG demand related to the war in Ukraine and currently has three projects under development. However, it depends on a few customers, mostly government agencies in emerging markets.
OTC Listed Applied blockchain (OTCPK:APLD), which builds data centers that are rented out to crypto miners, plans to raise $60 million with a market cap of $1.8 billion. The company’s first plant was constructed in February 2022 and plans to bring a total of 800 MW online by 2023. Applied Blockchain is in an early stage with limited operational history.
Based in Singapore genius group (GNS) plans to raise $18 million on a market cap of $118 million. Genius Group is an entrepreneurship education technology company with approximately 1.9 million students of all ages in 191 countries. The company was unprofitable due to accelerated growth in 1H21 and originally planned to raise $40 million before trimming its deal size in February.
| US IPO Calendar | |||
|---|---|---|---|
|
Exhibitor business |
deal size market capitalization |
price range shares submitted |
Top Bookrunner |
|
Genius Group (GNS) Singapore |
18 million dollars $118 million |
$5-$6 3,272,727 |
Boustead |
| Offers online and classroom training services for entrepreneurs. | |||
|
Applied Blockchain (OTCPK:APLD) Dallas, TX |
$60M $1,751 million |
$16.54-$20.54 3,236,245 |
B.Riley Needham |
| Building data centers that are rented out to crypto miners. | |||
|
Excelerate Energy (RE) The Woods, TX |
$360 million $2,383 million |
$21-$24 16,000,000 |
Barclays JP Morgan |
| Operates LNG storage and regasification infrastructure in emerging markets. | |||
Road research is expected for one company, embargo 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 4/7/2022, the Renaissance IPO Index was down 27.8% year-to-date, while the S&P 500 was down 5.2%. 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 23.8% year-to-date, while the ACWX is down 7.2%. 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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