Weekly US IPO review: Numerous IPOs raise over $1.3 billion, led by cybersecurity unicorn Rubrik

Last week there were six IPOs, four of which were included in our statistics, and two IPOs filed initial filings.

Enterprise data management and security platform category (RBRK) has priced its upsized IPO above the range to raise $752 million at a market cap of $6.6 billion. Its Security Cloud Platform division offers a cloud-native SaaS platform that detects, analyzes and remediates data security risks and unauthorized user activity. The platform is present in a variety of industries and regions and as of January 31, 2024, Rubrik had more than 6,100 customers. The company has significantly expanded its subscriptions, giving it a solid customer base, but remains extremely unprofitable. Rubrik ended the week up 19%.

Niche manufacturer of aerospace and defense components Loar holdings (LOAR) is above the range, raising $308 million at a market cap of $2.5 billion. The company develops, produces and sells niche components for aircraft and aerospace and defense systems. Its products cover a range of applications including automatic throttle bodies, temperature and fluid sensors and switches, and RAM-Air components. The company has benefited from strong defense spending tailwinds despite having significant leverage. Loar Holdings ended the week up 78%.

Commodity brokers and trading service providers Marex Group The price of (MRX) was slightly below the midpoint, raising $292 million with a market cap of $1.4 billion. The Company's business consists of five segments: Clearing, Agency and Execution, Market Making, Hedging and Investment Solutions, and Corporate. Marex provides connectivity to 58 exchanges, had a customer base of more than 4,000 customers as of December 31, 2023, and executed approximately 129 million trades and settled approximately 856 million contracts in 2023. The company occupies a leading position among global commodity brokers characterized by difficult to predict trading volumes and volatility. Marex Group ended the week unchanged.

Clothing retailer and supply chain service provider based in Hong Kong Neo Concept International Group Holdings (NCI) has priced its U.S. initial public offering at the low end of the range to raise $9 million at a market cap of $81 million. The company generates its revenue primarily through the sale of private label clothing products under the licensed brand “les 100 ciels”. Neo-Concept International Group ended the week down 53%.

Although not included in our statistics, manufacturers of cleaning products CleanCore solutions (ZONE) raised $5 million at a market cap of $41 million, closing down 13%, while the Singapore-based outsourcing company YY Group investments (YYGH) raised just under $5 million at a market cap of $159 and closed down 27%.

4 IPOs in the week of April 22, 2024
Exhibitor Business	Act Size	Market capitalization and IPOs	Price vs. Focus	First day To return	To return on April 26th
Loar holdings (LOAR)	$308 million	$2,464 million	12%	+74%	+78%
Manufactures niche aerospace and defense components.
Category (RBRK)	$752 million	$6,633 million	8th %	+16%	+19%
Offers a hybrid cloud data management and security platform for enterprises.
Marex Group (MRX)	$292 million	$1,419 million	-3%	+0%	+0%
British commodity brokerage and trading services company.
Neo Concept International (NCI)	$9 million	$81 million	-11%	+138%	-53%
Clothing retailer and supply chain service provider based in Hong Kong.

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Two IPOs submitted initial applications last week. Global hot pot restaurant chain Great Hello International (HDL) filed to raise $100 million and a Malaysia-based payments platform Fintech Scion (FINR) applied to raise $10 million.

2 submissions in the week of April 22, 2024
Exhibitor Business	Act Size	sector	Lead insurer
Fintech Scion (FINR)	$10 million	technology	Spartan capital
Malaysia-based payment platform for merchants.
Super Hi International (HDL)	$100 million	Consumer Discretionary	Morgan Stanley
Operates hot pot restaurants under the Haidilao brand in the international market.

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IPO market snapshot
The Renaissance IPO Indices are market capitalization-weighted baskets of newly public companies. As of April 25, 2024, the Renaissance IPO Index was down 0.4% year-to-date, while the S&P 500 was up 6.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index fell 3.1% year-to-date, while the ACWX gained 2.1%. Renaissance Capital's International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Barito Renewables Energy.