Izmagilov
A small issuer listed during the short Presidents' Day week, along with a SPAC, while a few deals did not close (NYX and AMDI). The big news came from the pipeline, which saw its first major expansions in 2019 Over a month.
Social media platform Reddit (RDDT) filed for its highly anticipated IPO last week and plans to raise an estimated $750 million. Then there was the chip manufacturer Astera Labs (ASTE:PVT), which has an estimated $500 million initial public offering. Not only are they the first new filers worth over $100 million this month, but they are also the first major tech issuers to file this year.
Uplisting from OTC, Wetouch technology (WETH) has priced a downsized offering at the low end to raise $11 million at a market cap of $64 million. The Chinese company produces and sells medium to large projected capacitive touchscreens. The company is profitable and geographically diversified, although the customer base is highly concentrated. Wetouch closed down 5%.
UK based SPAC DT Cloud acquisition (DYCQR) has raised $60 million. Led by executives from energy-focused asset manager KX Power, the blank-check firm aims to target companies capable of delivering high returns and long-term sustainable growth.
click to enlarge click to enlarge
Two small listings are currently planned for the coming week, but other issuers could also be added to the calendar later in the week.
Japanese real estate dealer Metros development (MTRS) plans to raise $6 million at a market cap of $364 million. The company identifies and purchases land and buildings it believes are underdeveloped and resells them to developers. As of May 31, 2023, the Company had real estate holdings valued at more than $190 million, including more than 60 material real estate holdings valued at over $1 million. The proposed IPO is only 2.0% of the outstanding base shares.
Based in China CDT Environmental Technology Investment Holdings (CDTG) is expected to raise $9 million at a market cap of $50 million. The company manufactures and operates wastewater treatment plants and also offers wastewater treatment services.
| US IPO calendar | |||
|---|---|---|---|
| Issuer business | Deal size market capitalization | Price range shares submitted | Top bookrunners |
|
Metros Development (MTRS) Tokyo, Japan |
$6 million $364 million |
$6.40 1,000,000 |
Boustead EF Hutton |
| Buying and reselling underdeveloped properties in Japan. | |||
|
CDT Environment (CDTG) Shenzhen, China |
$9 million $50 million |
4-5$ 2,000,000 |
West Park Capital |
| Provides wastewater treatment systems and services in China. | |||
click to enlarge
Street searches are expected for four companies next week and a lockdown period is expiring.
initial public offering Market snapshot
The Renaissance IPO Indices are market capitalization-weighted baskets of newly public companies. As of February 22, 2024, the Renaissance IPO Index was down 0.6% year-to-date, while the S&P 500 was up 6.9%. Renaissance Capital's IPO ETF (IPO) tracks the index, and top ETF holdings include Coinbase Global (COIN) and Kenvue (KVUE). The Renaissance International IPO Index fell 4.6% year-to-date, while the ACWX gained 1.5%. Renaissance Capital's International IPO ETF (IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
Original post
Editor's note: The summary bullet points for this article were selected by Seeking Alpha editors.
Comments are closed.