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Three small issuers started buying and selling in one other quiet week for the IPO market, although simply two met our monitoring standards. In the pipeline, two IPOs submitted preliminary filings.
The most notable information from the pipeline, AIG carve-out Corebridge Financial (CRBG) disclosed 1H22 financials this previous Tuesday forward of an estimated $3 billion IPO which may launch as early as subsequent month.
Hong Kong-based GigaCloud Technology (GCT) priced on the excessive finish to boost $36 million at a $493 million market cap. The firm operates a B2B market for furnishings and different cumbersome items, connecting producers in Asia with resellers all through the globe. GigaCloud Technology is worthwhile and quickly rising, though larger gasoline and freight prices have weighed on margins. GigaCloud Technlogy completed the week up 206%.
Chinese graphene product producer Graphex Group (GRFX) upsized and priced on the midpoint to boost $12 million at a $79 million market cap. The firm’s merchandise are used primarily in lithium-ion batteries for electrical autos, power storage, and numerous industrial purposes. Graphex Group completed the week buying and selling flat.
While not included beneath, Innovative Eyewear (LUCY) priced its unit providing on the low finish to boost $7 million at a $66 million market cap. The firm sells Bluetooth related eyewear, and completed the week down 36%.
| 2 IPOs During the Week of August 15th, 2022 | |||||
|---|---|---|---|---|---|
|
Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 08/19 |
| GigaCloud Technology (GCT) | $36M | $493M | 9% | +28% | +292% |
| Operates a wholesale market for furnishings and different cumbersome items made in Asia. | |||||
| Graphex Group (GRFX) | $12M | $79M | 0% | -12% | +0% |
| Manufactures graphene merchandise for lithium-ion batteries in China. | |||||
Two corporations submitted preliminary filings this previous week. Hong Kong-based ICT providers supplier Global Engine Group Holding (GLE) filed to boost $17 million on the Nasdaq, and medical system developer EMulate Therapeutics (EMTX) filed to boost $15 million.
| 2 Filings During the Week of August 15th, 2022 | |||
|---|---|---|---|
|
Issuer Business |
Deal Size |
Sector |
Lead Underwriter |
| EMulate Therapeutics (EMTX) | $15M | Health Care | EF Hutton |
| Developing a non-invasive medical system that makes use of radio frequency power for numerous indications. | |||
| Global Engine Group (GLE) | $17M | Communication Services | Univest Sec. |
| Hong Kong-based ICT options supplier. | |||
Two small offers are scheduled to cost within the week forward, solely one in all which is giant sufficient to be included in our IPO stats. More small issuers might be part of the calendar in the course of the week.
Starbox Group Holdings (STBX) plans to boost $23 million at a $203 million market cap. The firm is constructing a fintech ecosystem concentrating on micro, small, and medium enterprises in Malaysia, with money rebates on the basis. As of three/31/22, its GETBATS web site and cell app had roughly 614 thousand members and almost 800 retailers. The firm is worthwhile, however its income stream has been extremely unstable.
Another Malaysia-focused funds app lately IPO’d within the US: Treasure Global (TGL) went public earlier this month and closed Friday 42% above provide (-68% from first-day shut).
While not included beneath, ASX-listed Mobilicom (MOB) plans to boost $12 million at a $20 million market cap in its Nasdaq unit providing.
| U.S. IPO Calendar | |||
|---|---|---|---|
|
Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
|
Starbox (STBX) Kuala Lumpur, Malaysia |
$23M $203M |
$4-$5 5,000,000 |
Network 1 |
| Provides a funds app in Malaysia that provides money rebates. | |||
Street analysis is predicted for 2 corporations.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public corporations. As of 8/18/2022, the Renaissance IPO Index was down 40.0% year-to-date, whereas the S&P 500 was down 9.2%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and high ETF holdings embrace Airbnb (ABNB) and Snowflake (SNOW).
The Renaissance International IPO Index was down 31.6% year-to-date, whereas the ACWX was down 14.3%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and high ETF holdings embrace Kuaishou and EQT.
Editor’s Note: The abstract bullets for this text have been chosen by Seeking Alpha editors.