IPOS - U.S. IPO Weekly Recap: Atmus Launches $275 Million IPO And Restaurant Chain CAVA Joins The Pipeline
2023-05-21 11:14:00 ET
Summary
- Two small deals priced this past week, neither of which were eligible for inclusion in our IPO stats, while one issuer delayed to the week ahead.
- The week’s news was driven by Cummins spin-off Atmus Filtration, which launched its $275 million IPO, and restaurant chain CAVA Group, which filed to raise $100 million.
- Two companies are currently scheduled to list in the week ahead.
Two small deals priced this past week, neither of which were eligible for inclusion in our IPO stats, while one issuer delayed to the week ahead ( AZTR ). The week's news was driven by Cummins spin-off Atmus Filtration ( ATMU ), which launched its $275 million IPO, and restaurant chain CAVA Group ( CAVA ), which filed to raise $100 million.
Projection screen maker Strong Global Entertainment ( SGE ) raised $4 million at a $29 million market cap. Spun out of FG Group ( FGH ), the company manufactures large format projection screens and provides related products and services. Strong Entertainment broke issue and finished the week down 11%.
Middle-market asset manager CaliberCos ( CWD ) raised just under $5 million at an $84 million market cap. The company markets its services to private investors, investment advisors, family offices and institutions, and in-house. As of December 31, 2022, it had a total fair value AUM of $745 million. After jumping in its debut, CaliberCos retreated slightly in the aftermarket, finishing up 31%.
| 4 Filings During the Week of May 15th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Azitra ((AZTR)) Branford, CT | |||
| $12M $70M | |||
| $4.50 - $5.50 2,400,000 | |||
| ThinkEquity | |||
| Phase 1-ready dermatology biotech developing engineered bacterial therapies. | |||
| Atmus Filtration ((ATMU)) Nashville, TN | |||
| $275M $1,624M | |||
| $18 - $21 14,124,409 | |||
| Goldman JPMorgan | |||
| Industrial and engine filtration business spun out of Cummins. |
Street research is expected for one company in the week ahead.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/18/2023, the Renaissance IPO Index was up 21.3% year-to-date, while the S&P 500 was up 10.1%. Renaissance Capital's IPO ETF ( IPO ) tracks the index, and top ETF holdings include Snowflake ( SNOW ) and Airbnb ( ABNB ). The Renaissance International IPO Index was down 8.1% year-to-date, while the ACWX was up 8.4%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include Porsche ( POAHY ) and Kuaishou ( KUASF ).
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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U.S. IPO Weekly Recap: Atmus Launches $275 Million IPO And Restaurant Chain CAVA Joins The Pipeline