Mikko Lemola
Four offers priced this previous week, solely two of which met the standards to be included in our 2022 IPO stats.
Biotech MAIA Biotechnology (MAIA) provided extra shares and priced on the low finish to elevate $10 million at a $68 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 remedy of superior NSCLC in late 2024. MAIA Biotechnology completed up 16%.
Mobile Global Esports (MGAM) priced on the low finish to boost $6 million at a $73 million market cap. Operating as MOGO, the corporate is launching a platform initially for esports competitions performed on cell units by college groups and gamers representing universities positioned in India and South Asia. MOGO presently doesn’t have vital revenues or operations. The firm completed up 180%.
While not counted under, Massachusetts financial institution ECB Bancorp (ECBK) raised $89 million in a subscription rights providing and listed on the Nasdaq, and OTC-listed NeoVolta (NEOV) raised $4 million in a unit providing.
| 2 IPOs During the Week of July 25th, 2022 | |||||
|---|---|---|---|---|---|
|
Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 07/29 |
| Mobile Global Esports (MGAM) | $6M | $73M | -33% | +180% | +180% |
| Developing an esports platform for college competitions in India and South Asia. | |||||
| MAIA Biotechnology (MAIA) | $10M | $68M | -17% | -11% | +16% |
| Phase 2 biotech growing focused immunotherapies for most cancers. | |||||
| 5 Filings During the Week of July 25th, 2022 | |||
|---|---|---|---|
|
Issuer Business |
Deal Size |
Sector |
Lead Underwriter |
| Global Star Acquisition (GLSTU) | $80M | SPAC | EF Hutton |
| Blank verify firm specializing in fintech and proptech within the Nordic and APAC areas. | |||
| Know Labs (KNW) | $6M | Health Care | Boustead |
| Developing a non-invasive glucose monitor utilizing biosensor expertise. | |||
| Sedibelo Resources (SED) | $100M | Materials | Evercore ISI |
| Platinum group metallic miner in South Africa. | |||
| Cetus Capital Acquisition (CETSU) | $60M | SPAC | EF Hutton |
| Blank verify firm concentrating on the industrials, tech, and IoT industries in Taiwan. | |||
| PROTONIQ Acquisition (PROQU) | $100M | SPAC | JonesTrading |
| Blank verify firm concentrating on fintech with a concentrate on the APAC area. | |||
The finish of July marks the primary month with no clean verify IPOs in over 5 years. Still, merger bulletins and completions proceed to drive information; this previous week, Getty Images (GETY) accomplished its $5 billion itemizing, one of many largest de-SPACs of the yr.
Despite the summer time warmth, the US IPO market stays largely frozen with only one small IPO that will worth within the week forward. Other small offers may additionally be a part of the calendar throughout the week.
OTC-listed Loop Media (OTCPK:LPTV) plans to boost $12 million at a $490 million market cap. The firm offers ad-supported TV packing containers that stream brief movies at retail places corresponding to eating places, bars, resorts, and shops. Unprofitable however rising, the corporate launched its “Partner Network” in May and presently has one associate, which is anticipated to comprise almost half of Loop’s 2Q22 income.
Although not listed under, two unit choices might worth. Online retailer Bruush Oral Care (BRSH) plans to boost $15 million at a $38 million market cap, and diagnostics developer bioAffinity Technologies (BIAF) plans to boost $7 million at a $52 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
|
Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
|
Loop Media (OTCPK:LPTV) Glendale, CA |
$12M $490M |
$2.71 4,428,044 |
Roth Cap. |
| Provides ad-supported TV packing containers that stream brief movies at retail places. | |||
Lock-ups shall be expiring for as much as two firms within the week forward.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public firms. As of seven/28/2022, the Renaissance IPO Index was down 44.0% year-to-date, whereas the S&P 500 was down 13.8%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and prime ETF holdings embrace Airbnb (ABNB) and Snowflake (SNOW).
The Renaissance International IPO Index was down 30.2% year-to-date, whereas the ACWX was down 15.9%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and prime ETF holdings embrace Kuaishou and EQT.
Editor’s Note: The abstract bullets for this text had been chosen by Seeking Alpha editors.