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The Renaissance IPO ETF (NYSEARCA:IPO) has stood out this year, with a dynamic growth trend and return of 42% YTD. This impressive gain stands in contrast to the 17% rise of the benchmark S&P 500 Index during the same time period, demonstrating the IPO market's strong performance and capacity to capitalize on market opportunities.
Coming IPOs (and de-SPACs) that are expected to price this week
Shareholders of Black Spade Acquisition (NYSE:BSAQ) will vote on whether to approve the proposed merger with VinFast on August 10. The EV company had submitted a Nasdaq listing application in December but later withdrew it due to the situation of the market. If approved, the combined company would have an estimated value of $27.1B, making it the largest de-SPAC of the year and the third-largest during the previous five years. Black Spade's stock reached a settlement price of $10.60 as of 8/3/23, which is slightly over the trust value of $10 per share at redemption and 6% higher than the transaction price.
Fitell (NASDAQ:FTEL) is raising $16.5M with an expected 3M shares priced between $5-$6 per share. Description: Australian gym equipment retailer.
Foremost Lithium Resource & Technology (NASDAQ:FMST) will be raising $8M by offering 1.5M shares priced between $5-$6 per share. Description: Canada-based resource exploration company.
LQR House (LQR) is raising $5M by offering 1M shares priced between $4-$6 per share. Description: Alcoholic beverage marketing company.
Vitro Biopharma (VTRO) is raising $10M with an expected 1.8M shares priced in the range of $5-$6 per share. Description: Biotechnology company.
Gamer Pakistan (GPAK) is raising $8M by offering 1.7M shares expected to priced between $4-$5 per share. Description: Esports event promotion and product marketing company.
Solowin Holdings (SWIN) is raising $10M with an expected 2.5M shares priced at $4 per share. Description: Online brokerage and investment advisory company.
Note: Many IPOs have been delayed recently, and there could be last-minute debut changes or cancellations.
New notable filings
Richtech Robotics filed with the SEC to raise up to $22M in an initial public offering. It plans to list on Nasdaq under the symbol (RR). Description: e-commerce platform for grocery and travel.
Triller has filed to go public through direct listing on the NYSE under the ticker (ILLR). The company will not raise any additional funds through the listing, and existing owners will sell the listed Class A shares. The company hasn't yet provided information about the initial trading float, a reference price, or when it plans to list its securities. Description: Video sharing platform.
Vittoria filed with the SEC to raise up to $15M in an initial public offering. It plans to list on the Nasdaq under the symbol (VITT). Description: Hong-Kong based financial services firm.
Terms and changes
WeBuy reduced the proposed deal size for its upcoming IPO from 4M shares to 3.5M shares at a price range of $4.00 to $4.50. The company is expected to list on the Nasdaq under the symbol (WBUY).
SinglePoint has upsized its IPO offering to raise $8M from $6M. The company now plans to offer 1.6M shares (upsized from 1M shares) at $5. The company is currently listed on the OTC under the symbol (SING) and intends to uplist on the Nasdaq under the same symbol.
Inspire Veterinary Partners now plans to raise $31M by offering 6.2M shares (76% secondary) at a price range of $4 to $6. The company had most recently filed to offer 5.7M shares (83% secondary) in the same range.
Nature Wood Group plans to raise $9M by offering 0.9M ADSs at a price range of $9 to $11. It plans to list on the Nasdaq under the symbol (NWGL).
Withdrawals
EOM Pharmaceutical Holdings withdrew its plans for an initial public offering. It originally filed in June 2022 with a proposed deal size of $25M. The company is currently listed on the OTC Pink under the ticker (OTCPK:IMUC) and had planned to list on the Nasdaq under the symbol (EOM).
Lockup period expirations
Hesai Group (NASDAQ:HSAI) on 8/8/2023. Price movement over the past six months: -41.16%.
Lucy Scientific Discovery (NASDAQ:LSDI) on 8/8/2023. Price movement over the past six months: -62.88%.
Nextracker (NASDAQ:NXT) on 8/8/2023. Price movement over the past six months: +34.21%.
Enlight Renewable Energy (NASDAQ:ENLT) on 8/9/2023. Price movement over the past six months: +4%.
Mineralys Therapeutics (NASDAQ:MLYS) on 8/9/2023. Price movement over the past six months: -27.87%.
SA commentary
"For a platform (Triller) whose topline revenue growth rate is dropping and that's generating very high operating losses and burning cash at a substantial rate in a high cost of capital environment, my opinion on the direct listing is Neutral (Hold)," writes Investing Group Leader Donovan Jones.
More on IPOs
U.S. IPO Weekly Recap: SharkNinja Completes Listing As Wave Of Small IPOs Continues