US IPO Week Ahead: More Small IPOs in First Full Week of Q3
After a quiet holiday week for the IPO market, five smaller deals could begin trading in the coming week, although only three met our coverage criteria.
Chinese chip designers cut their deal size by 45% on Tuesday Nano Labs (NA) is now planning to raise $20 million on a $613 million market cap. Fast growing and highly unprofitable, Nano Labs primarily designs fabless computing chips for mining various cryptocurrencies.
Japan-based Warranty- (WRNT) has plans to raise $15 million on a $91 million market cap. The Company provides extended warranty coverage on durable goods or certain health care benefits through sponsorships to potential customers of corporate sponsors. Warranty is profitable on a EBITDA basis, although its revenue is concentrated for a few customers.
After expanding its proposed offering late last month, Virax Biolabs (VRAX) plans to raise $7 million on a $57 million market cap. Operating in the UK and Hong Kong, Virax Biolabs offers diagnostic test kits for viral diseases and a portfolio of med-tech and PPE products. The company has a limited operating history and is highly unprofitable.
Though not listed in the table below, the two companies are likely to complete the unit offerings in the coming weeks. Energy Storage System Manufacturers neovolta (NEOV) plans to raise $131 million market cap and $5 million on the crowdfunding platform netcapital (NCPL) plans to raise $6 million at a market cap of $29 million.
| US IPO Calendar | |||
|---|---|---|---|
| issuer Business |
deal size market cap |
price range shares filed |
above bookrunner |
| Virax Biolabs (VRAX) London, United Kingdom |
$7M $57M |
$5 1,350,000 |
boosted |
| UK based provider of diagnostic tests and PPE for viral diseases. | |||
| Nano Labs (NA) Hangzhou, China |
$20 million $613 million |
$11.35 – 11.51 1,770,000 |
AMTD Global Proverb |
| The fabless chip designer in China focused on cryptocurrency mining. | |||
| Warranty (WRNT) Osaka, Japan |
$15M $91M |
$6 – $8 2,142,857 |
network 1 |
| Provides extended warranty in exchange for consumer data marketed in Japan. | |||
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IPO Market Snapshot
The Renaissance IPO Index is a market cap weighted basket of newly public companies. As of 7/7/2022, the Renaissance IPO index was down 42.2% year-over-year, while the S&P 500 was down 17.5%. Renaissance Capital’s IPO ETF (NYSE:IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOO). The Renaissance International IPO Index was down 29.3% year-over-year, while ACWX was down 18.3%. Renaissance Capital’s International IPO ETF (NYSE:IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
