Two SPACs debuted this week, and one company completed an uplisting from the OTC. Meanwhile, three IPOs and two SPACs submitted initial filings this past week.
Two SPACs priced this past week: SIM Acquisition I (SIMAU), which raised $200 million to target healthcare, and Launch One Acquisition (LPAAU), which also raised $200 million to target healthcare.
While not included below, Talen Energy (TLN) completed its uplisting to the Nasdaq this week. Previously listed on the OTC, Talen owns and operates power infrastructure in the United States. It produces and sells energy into wholesale power markets. It did not complete an underwritten offering in connection with its uplisting.
Three foreign issuers submitted initial filings this past week. Chinese learning software provider YXT.COM GROUP HOLDING (YXT) filed to raise $50 million. Singapore-based video commerce platform BeLive Holdings (BLIV) filed to raise $15 million at a $56 million market cap. Canada-based super activated carbon products developer AdvEn (ADVEN) filed to raise $8 million at a $109 million market cap.
Two SPACs submitted initial filings this week: Bleichroeder Acquisition I (BACQU) filed to raise $250 million to target the TMT sector, and Dynamix (DMIXU.RC) filed to raise $150 million to target the energy and power value chain.
5 Filings During the Week of July 8th, 2024 | |||
---|---|---|---|
Issuer Business | Deal Size | Sector | Lead Underwriter |
AdvEn (ADVEN) |
$8M | Materials | Spartan Capital |
Pre-revenue Canadian producer of advanced super activated carbon products. | |||
Bleichroeder Acq. I (BACQU) |
$250M | SPAC | Santander |
Blank check company formed by investment veterans targeting the TMT sector. | |||
YXT.COM GROUP (YXT) |
$50M | Technology | EF Hutton |
Chinese provider of corporate learning software. | |||
BeLive (BLIV) |
$15M | Technology | R. F. Lafferty |
Provides a video commerce platform for retail and e-commerce businesses. | |||
Dynamix Corp (DMIXU.RC) |
$150M | SPAC | Cohen & Company |
Blank check company targeting the energy and power value chain. |
After a quiet post-holiday week, the July IPO market is set to bag its first major deals in the week ahead.
Hospital operator Ardent Health (ARDT) plans to raise $300 million at a $3.0 billion market cap. Ardent states that it is the fourth largest privately held, for-profit operator of hospitals in the US. It operates a system of 30 acute care hospitals and more than 200 sits of care across six states, holding a 10%+ share of its markets. LBO’d by Sam Zell’s Equity Group Investments in 2015, the company will be levered post-IPO.
Insurance distributor Twfg (TWFG) plans to raise $165 million at an $820 million market cap. Also known as The Woodlands Financial Group, TWFG distributes personal and commercial property & casualty insurance, stating that it is the seventh-largest personal lines agency in the US by revenue. The company’s business is concentrated in Texas, which accounts for more than half of its total written premiums.
Holdover QMMM Holdings (QMMM) plans to raise $9 million at a $69 million market cap. The Hong Kong-based company provides digital media advertising and virtual avatar & virtual apparel technology services. Through its operating subsidiaries, QMMM has been involved in over 500 commercial campaigns for a variety of customers across different verticals.
Japan-based BloomZ (BLMZ) plans to raise $5 million at a $53 million market cap. Operating through its subsidiary BloomZ Japan, the company is currently engaged in three lines of business: audio production, management of virtual animated characters known as “VTubers”, and voice actor workshops.
U.S. IPO Calendar | |||
---|---|---|---|
Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
QMMM Holdings (QMMM) Hong Kong, China |
$9M $69M |
$4 2,125,000 |
WallachBeth Revere Sec. |
Hong Kong-based provider of digital media advertising and VR services. | |||
Ardent Health (ARDT) Brentwood, TN |
$300M $3,009M |
$20 – $22 14,300,000 |
JPMorgan BofA |
Operates hospitals and healthcare clinics in six states. | |||
TWFG (TWFG) The Woodlands, TX |
$165M $820M |
$14 – $16 11,000,000 |
JPMorgan Morgan Stanley |
Distributes property & casualty insurance with a focus on personal and small business. | |||
BloomZ (BLMZ) Tokyo, Japan |
$5M $53M |
$4.30 1,250,000 |
Network 1 |
Japanese audio production and voice actor management company. |
Street research is expected for one company in the week ahead, and one lock-up period will be expiring.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/11/2024, the Renaissance IPO Index was up 9.5% year-to-date, while the S&P 500 was up 18.0%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Nu Holdings (NU) and Kenvue (KVUE). The Renaissance International IPO Index was down 2.1% year-to-date, while the ACWX was up 10.1%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Interasional.
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