One IPO and three SPACs debuted this week. Meanwhile, six IPOs and seven SPACs submitted initial filings this past week.
Singapore-based safety equipment provider Rectitude Holdings (RECT) priced at the bottom of the range to raise $8 million at a $58 million market cap. The company makes safety equipment, encompassing items such as personal protective clothing, hand gloves, safety footwear, and personal fall arrest systems; portable fire extinguishers; and traffic products such as rubber speed humps, wheel stops, and wheel chocks. It finished down 3%.
Three blank check IPOs priced this past week. Lionheart Capital-backed Lionheart Holdings (CUBWU) raised $200 million, Melar Acquisition Corp. I (MACIU) raised $150 million to target “emerging finance”, and Flag Ship Acquisition (FSHPU) raised $60 million to target middle-market growth businesses.
Six IPOs submitted initial filings this past week. Hospital and health care clinic operator Ardent Health (ARDT) led the pack, filed to raise an estimated $500 million. Country club owner and operator Aureus Greenway Holdings (AGH) filed to raise $19 million at a $119 million market cap. Real estate platform Linkhome (LHAI) filed to raise $12 million. China-based TV program distributor Unitrend Entertainment Group (INHI) filed to raise $6 million at a $186 million market cap. Chinese business services provider YSX Tech (YSXT) filed to raise $6 million at a $116 million market cap. Chinese precision parts manufacturer Zjk Industrial (ZJK) filed to raise $5 million at a $305 million market cap.
Seven SPACs submitted initial filings this week. Voyager Acquisition (VACHU) filed to raise $261 million to target healthcare. SIM Acquisition I (SIMAU), formed by Sauvegarder Investment Management, filed to raise $200 million to target healthcare. SilverBox IV (SBXD.U), the fourth SPAC formed by members of SilverBox Capital, filed to raise $200 million. HCM II Acquisition (HONDU), backed by Hondius Capital Management, filed to raise $200 million. Tavia Acquisition (TAVAU.RC) filed to raise $175 million to target energy transition, the circular economy, and food tech. Black Spade Acquisition II (BSIIU) filed to raise $150 million to target entertainment, lifestyle, and technology. Future Vision II Acquisition (FVNNU) filed to raise $50 million to target the TMT industry in the Greater China region.
| 13 Filings During the Week of June 17th, 2024 | |||
|---|---|---|---|
| IssuerBusiness | DealSize | Sector | LeadUnderwriter |
| Ardent Health (ARDT) | $500M | Health Care | JP Morgan |
| Operates hospitals and health care clinics in six states. | |||
| Black Spade Acq. II (BSIIU) | $150M | SPAC | Clear Street |
| Blank check company targeting the entertainment, lifestyle, and tech industries. | |||
| Linkhome (LHAI) | $12M | Technology | EF Hutton |
| Operates a platform for buying and selling real estate. | |||
| Zjk Industrial (ZJK) | $5M | Industrials | Revere Sec. |
| Chinese manufacturer of precision fasteners and other parts for electronic devices. | |||
| Aureus Greenway (AGH) | $19M | Consumer Discretionary | Revere Sec. |
| Owns and operates two public golf country clubs in Florida. | |||
| Future Vision II Acq. (FVNNU) | $50M | SPAC | EF Hutton |
| Blank check company targeting the TMT industry in the Greater China region. | |||
| HCM II Acquisition (HONDU) | $200M | SPAC | Cantor Fitz. |
| Second blank check company formed by Hondius Capital Management. | |||
| SilverBox IV (SBXD.U) | $200M | SPAC | Santander |
| Fourth blank check company formed by members of SilverBox Capital. | |||
| Voyager Acquisition (VACHU) | $261M | SPAC | Cantor Fitz. |
| Blank check company targeting the healthcare sector. | |||
| YSX Tech (YSXT) | $6M | Industrials | Tiger Brokers |
| Provides value-added and other services primarily to insurers and brokerages in China. | |||
| SIM Acquisition I (SIMAU) | $200M | SPAC | Cantor Fitz. |
| Blank check company formed by Sauvegarder Investment Management targeting healthcare. | |||
| Tavia Acquisition (TAVAU.RC) | $175M | SPAC | EarlyBird |
| Blank check company targeting energy transition, the circular economy, and food tech. | |||
| Unitrend Entertainment (INHI) | $6M | Communication Services | Revere Sec. |
| Provides TV program distribution and ad placement services in China. | |||
Three IPOs are currently scheduled to debut in the week ahead as the second quarter comes to a close.
Oil land acquirer LandBridge (LB) plans to raise $297 million at a $1.5 billion market cap. LandBridge was formed by energy-focused private equity firm Five Point Energy to support the water handling infrastructure of portfolio company WaterBridge by managing and expanding a strategic land position in the Delaware Basin. The company is profitable and growing, though it will be slightly leveraged post-IPO.
Web comic platform WEBTOON Entertainment (WBTN) plans to raise $293 million at a $2.6 billion market cap. Carved out of South Korean internet company NAVER, WEBTOON has attracted about 170 million monthly active users with its novel form of digital storytelling. Its paying users make up a relatively small portion of its overall base, and there’s some geographic concentration.
Cross-listing from the ASX, natural gas E&P Tamboran Resources (OTCPK:TBNRL) plans to raise $166 million at a $448 million market cap. Tamboran is focused on the commercial development of resources in Australia’s Beetaloo Basin, with exploration permits to approximately 4.7 million contiguous gross acres. The company is in early stage and does not expect to generate material revenues from production until 2026 at the earliest.
| U.S. IPO Calendar | |||
|---|---|---|---|
| IssuerBusiness | Deal SizeMarket Cap | Price RangeShares Filed | TopBookrunners |
|
Tamboran Resources (OTCPK:TBNRL) Barangaroo, Australia |
$166M$448M | $24 – $276,500,000 |
BofA Citi |
| Natural gas E&P focused on the Beetaloo Basin in Northern Australia. | |||
|
WEBTOON Entertainment (WBTN) Los Angeles, CA |
$293M$2,597M | $18 – $2115,000,000 |
Goldman Morgan Stanley |
| Leading global online cartoon platform carved out of South Korea’s NAVER. | |||
|
LandBridge (LB) Houston, TX |
$297M$1,476M | $19 – $2214,500,000 |
Goldman Barclays |
| Oil property acquirer in the Delaware Basin formed by Five Point Energy and WaterBridge. | |||
There are no Street research releases or lock-up period expirations expected in the week ahead.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/20/2024, the Renaissance IPO Index was up 5.2% year-to-date, while the S&P 500 was up 15.5%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 4.9% year-to-date, while the ACWX was up 6.5%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Porsche.
Original Post
Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.
