ABNB - U.S. IPO Weekly Recap: Nano-Cap Debuts In Short And Quiet Holiday Week

2023-07-08 04:50:00 ET

Summary

• There was one pricing this past week, although it did not meet the criteria for our IPO stats.
• Two small IPOs and two SPACs submitted initial filings.
• Two companies are scheduled to begin trading in the week ahead, only one of which is eligible for inclusion in our 2023 stats.
• Surf Air Mobility is set to complete the first direct listing of 2023, with an estimated market value of nearly $600 million.

There was one pricing this past week, although it did not meet the criteria for our IPO stats. Two small IPOs and two SPACs submitted initial filings.

While not included in our stats, Hong Kong-based wealth manager Prestige Wealth ( PWM ) raised $5 million at a $45 million market cap. The company provides wealth management and asset management services primarily to high and ultra-high net worth clients, most of whom reside in mainland China and Hong Kong. Prestige Wealth finished up 282%.

Chinese car and car part retailer Autozi Internet Technology (AZI) filed to raise $29 million. Much of the company's revenue is through the sale of parallel import cars, as well as auto parts and auto accessories.

Texas-based oil and gas E&P Rise Oil & Gas ( RISE ) filed to raise $12 million. Formed by former executives from Ring Energy, the company has acquired undeveloped property in the Texas portion of the Permian basin. Rise Oil & Gas currently has no revenue generating operations.

Haymaker Acquisition 4 ( HYIV ), the fourth SPAC led by Steven and Andrew Heyer, filed to raise $200 million to target consumer businesses. All three SPACs that the pair have brought to market have completed mergers, though only one trades above the $10 offer price.

Spark I Acquisition (SPKLU), a SPAC formed by SparkLabs Group, filed to raise $100 million to target late-stage tech startups with ties to Asia. The SPAC aims to merge with a disruptive company with an enterprise value of over $1 billion.

Street research is expected for two companies in the week ahead, and lock-ups will be expiring for two companies. This past week, we released our 2Q23 IPO rankings for the Big Four accounting firms.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/6/2023, the Renaissance IPO Index was up 30.9% year-to-date, while the S&P 500 was up 15.9%. 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 12.6% year-to-date, while the ACWX was up 7.8%. Renaissance Capital's International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include Porsche and Kuaishou.

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

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