IPO - U.S. IPO Weekly Recap: August Wraps Up With 1 Nano-Cap

2023-09-03 10:45:00 ET

Summary

• There was just one pricing this past week, which was excluded from our IPO stats, while holdover biotech Adlai Nortye did not get done.
• Filing activity reached a six-month high in August, and six issuers filed to raise $100 million or more, the most since January.
• Veterinary hospital operator Inspire Veterinary Partners priced at the low end to raise $6 million at a $41 million market cap.
• One small deal is currently scheduled for the short week ahead, but all eyes are on Arm, which is expected to launch after Labor Day.
• Street research is expected for two companies in the week ahead, and two lock-up periods will be expiring.

There was just one pricing this past week, which was excluded from our IPO stats, while holdover biotech Adlai Nortye (ANL) did not get done. Two foreign issuers also submitted initial filings.

Filing activity reached a six-month high in August, and six issuers filed to raise $100 million or more, the most since January. Among the big names were UK-based chip designer Arm (ARM), which could launch in the week ahead, and grocery delivery platform Instacart (CART). For more on these names and the many others in the IPO pipeline, read our newly-released Fall 2023 US IPO Preview .

While not included in our stats, veterinary hospital operator Inspire Veterinary Partners (IVP) priced at the low end to raise $6 million at a $41 million market cap. It owns and operates a network of 13 veterinary hospitals across nine states in the US, and specializes in small animal general practice hospitals, with an emphasis on cats and dogs. Inspire Veterinary Partners finished the week down 20%.

Singaporean ride-hailing app Ryde ((RYDE)) filed to raise $17 million. About three-quarters of its revenue comes from its carpooling and ride-hailing services, although it also makes money from advertising and membership revenue. Japanese online retailer Linkage Global ((LGCB)) filed to raise $8 million at a $108 million market cap. It sources products from Japanese and Chinese manufacturers and brands, as well as private labels, which it then recommends to customers.

Street research is expected for two companies in the week ahead, and two lock-up periods will be expiring.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/31/2023, the Renaissance IPO Index was up 31.9% year-to-date, while the S&P 500 was up 18.7%. Renaissance Capital's IPO ETF (IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 13.3% year-to-date, while the ACWX was up 9.2%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.

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Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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