U.S. IPO Weekly Recap: IPO Market Sees A Little Activity In The Short Holiday Week

One small IPO and one SPAC priced this previous week as markets slowed across the Thanksgiving vacation.

Skincare firm Elevai Labs (ELAB) priced on the low finish to boost $6 million at a $69 million market cap. Small and extremely unprofitable, the corporate gives “physician-dispensed” skincare merchandise, which means they’re bought solely in doctor clinics or medically-directed companies. Its preliminary product line makes use of patent-pending stem cell processing know-how and consists of two post-skincare process care merchandise. Elevai Labs completed down 7%.

Colombier Acquisition Corp. II (CLBR.U) upsized to boost $150 million. The clean test firm plans to establish alternatives within the “entrepreneurship, innovation & progress” industries and deal with companies with scalable progress platforms, robust aggressive positioning, and enterprise values between $150 million and $2 billion, amongst different traits.

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With the Thanksgiving vacation behind us, the IPO market is formally getting into the ultimate stretch of 2023. Many candidates have indicated plans to attend till 2024 however rumbles within the pipeline imply that we might nonetheless see some exercise earlier than year-end.

A number of issuers are primed for post-Thanksgiving launches. Current filers like product testing firm UL Options (ULS), Chinese language EV model ZEEKR (ZK), and specialty insurer Fortegra (TFG) might cleared the path, with biotech Carmot Therapeutics (CRMO) following later in December.

Different giant filers which have offered updates lately embrace hospital billing platform Waystar (WAY), car-sharing platform Turo (TURO), homebuilder Smith Douglas (SDHC), and helicopter transport firm PHI Group (ROTR).

Road analysis is anticipated for 2 corporations within the week forward.

IPO Market Snapshot

The Renaissance IPO Indices are market cap-weighted baskets of newly public corporations. As of 11/22/2023, the Renaissance IPO Index was up 33.1% year-to-date, whereas the S&P 500 was up 20.4%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and high ETF holdings embrace Palantir Applied sciences (PLTR) and Kenvue (KVUE). The Renaissance Worldwide IPO Index was down 16.9% year-to-date, whereas the ACWX was up 9.5%. Renaissance Capital’s Worldwide IPO ETF (IPOS) tracks the index, and high ETF holdings embrace Kuaishou and Porsche.

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