POAHF - U.S. IPO Weekly Recap: No IPOs But Pipeline Gets A $350 Million Pick Up From Cummins Spin-Off Atmus
Summary
- The IPO market was quieter than expected this past week. Both deals on the calendar delayed, and there was no wave of post-Presidents’ Day launches.
- With no large post-Presidents’ Day launches this past week, six small companies are scheduled to list in the week ahead.
- The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/23/2023, the Renaissance IPO Index was up 15.4% year-to-date, while the S&P 500 was up 4.8%.
The IPO market was quieter than expected this past week. Both deals on the calendar delayed ([[NYX]] and [[IZM]]), and there was no wave of post-Presidents’ Day launches.
The biggest news of the week came from the pipeline. Atmus Filtration Technologies ( ATMU ), the filtration unit of engine maker Cummins ( CMI ), filed for an IPO we estimate could raise up to $350 million. Serving end-users in approximately 150 countries, Atmus provides filtration products for various on- and off-highway vehicles and equipment. The company’s products are primarily used in the aftermarket, providing a strong recurring revenue base.
| 6 Filings During the Week of February 20th, 2023 | |||
|---|---|---|---|
| Issuer Business | DealSize | Sector | LeadUnderwriter |
| Nava Health MD ( NAVA ) Columbia, MD | |||
| $16M$83M | |||
| $62,731,938 | |||
| WestPark Capital | |||
| Provides alternative and holistic medicine services in clinics and online. | |||
| NYIAX ( NYX ) New York, NY | |||
| $9M$71M | |||
| $51,850,000 | |||
| BousteadWestPark Capital | |||
| Provides an advertising marketplace and contract management platform. | |||
| Opti-Harvest ( OPHV ) Los Angeles, CA | |||
| $8M$111M | |||
| $42,000,000 | |||
| WestPark Capital | |||
| Makes sunlight optimization products for agriculture. | |||
| Ultimax Digital ( NFTX ) New York, NY | |||
| $8M$80M | |||
| $4 - $51,875,000 | |||
| WestPark Capital | |||
| Operates a video game development and publishing studio and an NFT marketplace. | |||
| Intchains ( ICG ) Shanghai, China | |||
| $10M$481M | |||
| $7 - $91,250,000 | |||
| Maxim | |||
| China-based fabless designer of ASIC chips for blockchain applications. | |||
| SolarJuice ( SJA ) Sydney, Australia | |||
| $17M$154M | |||
| $5 - $63,000,000 | |||
| Maxim | |||
| Provider of solar energy equipment and services being spun out of SPI Energy. |
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/23/2023, the Renaissance IPO Index was up 15.4% year-to-date, while the S&P 500 was up 4.8%. 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 0.5% year-to-date, while the ACWX was up 5.3%. 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.
For further details see:
U.S. IPO Weekly Recap: No IPOs, But Pipeline Gets A $350 Million Pick Up From Cummins Spin-Off Atmus