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Six IPOs debuted last week, four of which are included in our statistics, and two IPOs filed initial filings.
Enterprise data management and security platform rubric (RBRK) Scaled IPO Prices Beyond Range to Raise $752 1 million at a market capitalization of $6.6 billion. The company's Rubrik Security Cloud platform provides a cloud-native SaaS platform that detects, analyzes and remediates data security risks and unauthorized user activity. The platform is used across a wide range of industries and geographies, and as of January 31, 2024, Rubrik has over 6,100 customers. Although the company has significantly expanded subscriptions and gained a stable customer base, profitability remains very low. Rubrik ended the week up 19%.
Niche aerospace and defense parts manufacturer lower holdings (LOAR) was priced to raise $308 million at a market cap of $2.5 billion. The company designs, manufactures, We sell niche components for aircraft, aerospace and defense systems. The company's products span a wide range of applications, including autothrottle, temperature and fluid sensors and switches, and RAM air components. The company benefits from strong tailwinds from defense spending, but the impact is significant. Roar Holdings ended the week up 78%.
Commodity brokers and trading service providers marex group (MRX) price was just below the midpoint, raising $292 million at a market cap of $1.4 billion. The company's operations are organized into five segments: Clearing, Agency & Execution, Market Making, Hedging & Investment Solutions, and Corporate. Marex offers connectivity to 58 exchanges, had a base of over 4,000 clients as of December 31, 2023, executed approximately 129 million trades in 2023, and executed approximately 856 million trades in 2023. Settled 10,000 contracts. It holds a leading position among the global commodity brokers in the industry. It is characterized by trading volume and volatility that are difficult to predict. Marex Group ended the week flat.
Hong Kong-based apparel retailer and supply chain service provider Neo Concept International Group Holdings (NCI) priced its U.S. IPO at the low end of the range, raising $9 million at a market cap of $81 million. The company primarily generates revenue through the sale of private label apparel products under the licensed brand “les 100 ciels.” NeoConcept International Group ended the week down 53%.
Although not included in our statistics, cleaning product manufacturers clean core solution (ZONE) raised $5 million at a market cap of $41 million, but closed down 13%. YY Group Holdings (YYGH) raised just under $5 million at a market cap of $159, but ended down 27%.
| 4 IPOs for week of April 22, 2024 | |||||
|---|---|---|---|---|---|
| Issuer work | transaction size | Market capitalization at IPO | price and midpoint | Returning home on the first day | Return on 04/26 |
|
LOAR Holdings (LOAR) |
$308 million | $2.464 billion | 12% | +74% | +78% |
| Manufactures niche aerospace and defense components. | |||||
|
Rubric (RBRK) |
$752 million | $6.633 billion | 8% | +16% | +19% |
| Provides a hybrid cloud data management and security platform for enterprises. | |||||
|
Marex Group (MRX) |
$292 million | $1,419 million | -3% | +0% | +0% |
| British commodity broker and trading services company. | |||||
|
Neoconcept International (NCI) |
$9 million | $81 million | -11% | +138% | -53% |
| Hong Kong-based apparel retailer and supply chain service provider. | |||||
Last week, two IPOs filed their first filings.Global hot pot restaurant chain super high international (HDL), Malaysia-based payments platform, files for $100 million in funding The heir of fintech (OTCPK:FINR) has filed to raise $10 million.
The April IPO market is expected to close next week with $1 billion in deals, but some smaller issuers may join later.
cruise operator viking holdings (VIK) plans to raise $1 billion at a market cap of $10.2 billion. The company offers experiences on all seven continents, with a focus on European and Mediterranean destinations. We currently have a fleet of 92 vessels and plan to add a total of 24 new river and ocean vessels over the next few years, which will require significant up-front capital. Viking has experienced strong growth, and its early booking rate provides visibility into revenue. It will be leveraged after IPO.
Two smaller issuers are also tentatively scheduled for the coming week.Early stage mining companies key mining (KMCM) has the potential to raise $10 million at a market cap of $55 million. The pre-revenue company is focused on his two mineral projects in Chile.Not included below, Dutch water drone developers Ranmarine Technology (RAN) has the potential to raise $9 million in a unit offering at a market capitalization of $61 million.
| US IPO Calendar | |||
|---|---|---|---|
| issuer business | Transaction size market capitalization | Stocks in the submitted price range | top book runners |
|
Viking (VIK) pembroke, bermuda |
$1.012 billion $10.26 billion |
$21 – $25 44,000,000 |
bohua JP Morgan |
| A luxury cruise line on rivers and oceans around the world. | |||
|
Key mining (KMCM) Miami, Florida |
$10 million $55 million |
$2.25 4,444,444 |
EF Hutton |
| A mining company based in Florida. In Chile he conducted two exploration stage projects. | |||
Street checks are scheduled for three companies over the next week, and lock-up periods are due to expire for two companies.
IPO market snapshot
The Renaissance IPO Index is a market-capitalization-weighted basket of newly public companies. As of April 25, 2024, the Renaissance IPO index was down 0.4% year-to-date, while the S&P 500 was up 6.3%. Renaissance Capital's IPO ETF (IPO) tracks the index, and his top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index has fallen 3.1% since the beginning of the year, while ACWX has risen 2.1%. Renaissance Capital's International IPO ETF (IPOS) tracks an index, and top ETF holdings include Porsche and Valito Renewable Energy.
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Editor's note: The summary bullet points in this article were selected by Seeking Alpha editors.
