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Andranik Hakobyan
4 smaller IPOs priced this previous week, joined by one SPAC.
The largest information got here from the pipeline, with product evaluation providers supplier UL Options (ULS) submitting for an estimated $1 billion IPO, adopted by a large submitting from metabolic illness biotech Carmot Therapeutics (CRMO). Different giant issuers on file supplied updates forward of potential post-Thanksgiving launches, together with hospital billing platform Waystar (WAY), automobile sharing platform Turo (TURO), and homebuilder Smith Douglas (SDHC).
Hong Kong-based DDC Enterprise (DDC) downsized and priced beneath the vary to lift $33 million at a $180 million market cap. Beginning as an internet recipe platform, DDC has since shifted to gross sales of ready meals merchandise beneath its DayDayCook model, in addition to non-public label objects. Income progress was weighed down by China’s zero-COVID coverage in 2022, although it reaccelerated within the 1H23. DDC completed down 27%.
Building agency Shimmick (SHIM) downsized and priced properly beneath the vary to lift $25 million at a $203 million market cap. The corporate makes a speciality of public water infrastructure, together with dams, reservoirs, water therapy, and desalination plans. Its undertaking backlog is price $1+ billion, although it’s topic to cancellation and changes. Shimmick completed down 4%.
Service robotic developer Richtech Robotics (RR) raised $11 million at a $321 million market cap. With a give attention to the hospitality trade, Richtech’s robots are supposed to run and bus restaurant tables and supply lodge room service supply, amongst different duties. The corporate would require vital further capital to fund its progress plans. Richtech Robotics completed up 5%.
Sports activities recruiting platform Signing Day Sports activities (SGN) downsized and priced on the midpoint to lift $8 million at a $58 million market cap. Signing Day Sports activities gives a digital platform to assist scholar athletes get found and recruited by coaches and recruiters throughout the nation. The corporate could be very small and extremely unprofitable. Signing Day Sports activities completed down 68%.
| 5 IPOs During the Week of November 13th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Enterprise | Deal Measurement | Market Cap at IPO | Value vs. Midpoint | First Day Return | Return at 11/17 |
|
Richtech Robotics (RR) |
$11M | $321M | 0% | +5% | +5% |
| Develops and sells service robots for the hospitality and different industries. | |||||
|
Global Lights Acquisition (GLACU) |
$60M | $78M | 0% | +2% | +2% |
| Clean examine firm focusing on companies targeted on sustainability. | |||||
|
Shimmick (SHIM) |
$25M | $203M | -36% | -9% | -4% |
| California-based development agency specializing in public water infrastructure. | |||||
|
DDC Enterprise (DDC) |
$33M | $180M | -19% | -27% | -27% |
| Sells ready meals merchandise and operates a recipe sharing platform in China. | |||||
|
Signing Day Sports (SGN) |
$6M | $58M | 0% | -61% | -68% |
| Operates a recruiting platform for scholar athletes. | |||||
| 9 Filings During the Week of November 13th, 2023 | |||
|---|---|---|---|
| Issuer Enterprise | Deal Measurement | Sector | Lead Underwriter |
|
Alta Global Group (ALGG) |
$17M | Client Discretionary | ThinkEquity |
| Gives martial artwork and fight sport coaching by a community of companion gyms. | |||
|
Bayview Acquisition (BAYAU) |
$50M | SPAC | Chardan |
| Clean examine firm focusing on companies in Asia. | |||
|
Carmot Therapeutics (CRMO) |
$100M | Well being Care | JPMorgan |
| Part 2 biotech creating therapies for diabetes and weight problems. | |||
|
IB Acquisition (IBAU.RC) |
$100M | SPAC | I-Bankers |
| Clean examine firm focusing on fintech, healthcare, leisure, and shopper items. | |||
|
Key Mining (KMCM) |
$25M | Supplies | Titan Companions |
| Florida-based mining firm with two exploration-stage initiatives in Chile. | |||
|
Telomir Pharmaceuticals (TELO) |
$14M | Well being Care | Kingswood Cap. Mkts. |
| Preclinical biotech creating an oral small molecule for age- and cancer-related situations. | |||
|
Samfine Creation Holdings (SFHG) |
$11M | Industrials | Revere Sec. |
| Hong Kong-based supplier of printing providers. | |||
|
UL Solutions (ULS) |
$1,000M | Industrials | Goldman |
| Gives product testing, inspection, and certification providers and associated software program. | |||
|
YY Group (YYGH) |
$7M | Industrials | Tiger Brokers |
| Gives good cleansing providers and a labor market in Singapore and Malaysia. | |||
The IPO calendar seems quiet for the Thanksgiving week, though some small issuers could be a part of final minute.
Whereas there aren’t any offers presently scheduled, rumbles within the pipeline imply that we may see some exercise in December. Potential post-Thanksgiving launches embrace current filers like product testing firm UL Options (ULS), Chinese language EV model ZEEKR (ZK), and specialty insurer Fortegra (TFG). Different giant filers which have supplied updates not too long ago 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 predicted for 2 firms within the week forward, and one lock-up interval will likely be expiring.
IPO Market Snapshot
The Renaissance IPO Indices are market cap-weighted baskets of newly public firms. As of 11/16/2023, the Renaissance IPO Index was up 30.8% year-to-date, whereas the S&P 500 was up 19.1%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and prime ETF holdings embrace Palantir Applied sciences (PLTR) and Kenvue (KVUE). The Renaissance Worldwide IPO Index was down 17.1% year-to-date, whereas the ACWX was up 8.7%. Renaissance Capital’s Worldwide IPO ETF (IPOS) tracks the index, and prime ETF holdings embrace Kuaishou and Porsche.
Editor’s Notice: The abstract bullets for this text have been chosen by In search of Alpha editors.
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