U.S. IPO Weekly Recap: E-Commerce And Diagnostics Debut In A 2 IPO Week

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Mikko Lemola

Two IPOs started buying and selling in one other quiet week for the IPO market. In the pipeline, two IPOs and one SPAC submitted preliminary filings.

Chinese e-commerce play WeTrade Group (WETG) priced on the low finish to elevate $40 million at a $780 million market cap. WeTrade operates a membership-based platform the place it gives technical providers and options.

While the corporate has demonstrated development, it has a small buyer base and is working as a going concern. WeTrade popped simply over 400% on its first day and completed the week up 378%.

Holdover Virax Biolabs (VRAX) raised $7 million at a $57 million market cap. Operating within the UK and Hong Kong, Virax Biolabs gives a portfolio of diagnostics check kits and med-tech and PPE merchandise for viral illnesses. The firm has a restricted working historical past and is extremely unprofitable. Virax soared 264% on its first day and completed the week up 107%.

2 IPOs During the Week of July 18th, 2022

Issuer

Business

Deal

Size

Market

Cap

at IPO

Price vs.

Midpoint

First

Day

Return

Return

at

07/22

WeTrade Group (WETG) $40M $780M -20% +404% +378%
Operates a membership-based platform for e-commerce providers in China.
Virax Biolabs (VRAX) $7M $57M 0% +264% +107%
UK-based supplier of diagnostic assessments and PPE for viral illnesses.

Two firms submitted preliminary filings this previous week. Solar vitality firm SolarMax Technology (SMXT) filed to lift $30 million in its third try to go public. Republic Power Group (RPGL), which gives software program improvement providers in Southeast Asia, filed to lift $16 million.

The sole SPAC to submit an preliminary submitting, Whale Point Acquisition (WPAU) filed to lift $150 million to focus on fintech.

3 Filings During the Week of July 18th, 2022

Issuer

Business

Deal

Size

Sector

Lead

Underwriter

Republic Power Group (RPGL) $16M Technology Univest Sec.
Provides software program improvement providers in Southeast Asia.
Whale Point Acquisition (WPAU) $150M SPAC BTIG
Blank examine firm concentrating on the fintech sector.
SolarMax Technology (SMXT) $30M Utilities ViewTrade
Sells photo voltaic vitality methods within the US and works on photo voltaic farm tasks in China.

Two small offers are scheduled to cost within the week forward because the IPO market stays on monitor to submit its slowest yr in over a decade.

Mobile Global Esports (MGAM) plans to lift $17 million at an $82 million market cap. Operating as MOGO, the corporate is launching a platform initially for esports competitions performed on cellular units by college groups and gamers representing universities situated in India and South Asia. MOGO presently doesn’t have important revenues or operations.

Immunotherapy biotech MAIA Biotechnology (MAIA) plans to lift $10 million at an $83 million market cap. MAIA’s lead candidate is anticipated to enter Phase 2 human trials in Australia and Europe in 2022 for NSCLC, and the corporate plans to hunt accelerated approval within the US for therapy of superior NSCLC in late 2024.

U.S. IPO Calendar

Issuer

Business

Deal Size

Market Cap

Price Range

Shares Filed

Top

Bookrunners

Mobile Global Esports (MGAM)

San Clemente, CA

$17M

$82M

$4-$5

3,800,000

WestPark Capital
Developing an esports platform for college competitions in India and South Asia.

MAIA Biotechnology (MAIA)

Chicago, IL

$10M

$83M

$5-$7

1,666,667

ThinkEquity
Phase 2 biotech growing focused immunotherapies for most cancers.

Street analysis is anticipated for one firm, and lock-ups will likely be expiring for one firm.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public firms. As of seven/21/2022, the Renaissance IPO Index was down 41.6% year-to-date, whereas the S&P 500 was down 15.4%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and prime ETF holdings embody Airbnb (ABNB) and Snowflake (SNOW).

The Renaissance International IPO Index was down 30.4% year-to-date, whereas the ACWX was down 17.2%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and prime ETF holdings embody Kuaishou (OTCPK:KUASF) and EQT.

Original Post

Editor’s Note: The abstract bullets for this text had been chosen by Seeking Alpha editors.



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