U.S. IPO Weekly Recap: Hot Pot Chain Leads The Week's IPOs As The Pipeline Gets A Billion-Dollar Boost

seekingalpha05-20

Four IPOs debuted in the US this week, led by a Singapore-based hot pot restaurant operator, though the largest scheduled deal didn’t make it to market.The week’s largest scheduled deal, online casino...

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Zolak Four IPOs debuted in the US this week, led by a Singapore-based hot pot restaurant operator, though the largest scheduled deal didn’t make it to market. In the pipeline, four sizable issuers submitted initial filings, led by one that could raise $1 billion. The week’s largest scheduled deal, online casino games publisher Games Global (GGL) withdrew its $254 million offering hours before it was expected to price, citing market conditions. Hong Kong-listed Super Hi International (HDL) (OTCPK:SPHIF) raised $53 million at a $1.3 billion market cap in its US IPO. Spun out of Hong Kong-listed restaurant brand Haidilao at the end of 2022, Super Hi operates hot pot restaurants under its former parent's brand in the international market. It has grown into the third-largest brand in the international Chinese cuisine restaurant market, though it faces significant competition from many close substitutes. Super Hi finished up 14%. Three very small issuers also priced, all of which were based in or had ties to China. Logistics services firm Armlogi Holding (BTOC) raised $8 million and finished down 1%. Education support services provider JIADE (JDZG) raised $8 million and finished up 192%. Beauty appliance supplier Raytech Holdings (RAY) raised $6 million and finished up 5%.   5 IPOs During the Week of May 13th, 2024   Issuer Business   Deal Size   Market Cap at IPO  Price vs.Midpoint  First Day Return   Return at 05/17      JIADE (JDZG) $8M $97M -11% +2% +192%  Provides support services to adult education institutions in China.   Super Hi International (HDL) $53M $1,264M 0% +14% +14%  Operates hot pot restaurants under the Haidilao brand in the international market.   Raytech (RAY) $6M $70M -11% +6% +5%  Hong Kong supplier of personal care electrical appliances.   RF Acquisition II (RFAIU) $100M $131M 0% +1% +1%  Blank check company targeting the deep tech sector in Asia.   Armlogi Holding (BTOC) $8M $208M -9% -8% -1%  US provider of cross-border warehousing and logistics services to customers in China.  Click to enlarge The week’s pipeline additions were led by four sizable issuers. Aluminum company Novelis (NVL) filed for an estimated $1.3 billion offering, making it the largest company in the US pipeline. Mexican airline Grupo Aeromexico (AERO) filed to raise $300 million, and biotechs Telix Pharmaceuticals (TLX) and Rapport Therapeutics (RAPP:PVT) each filed to raise $100 million.   8 Filings During the Week of May 13th, 2024   Issuer Business   Deal Size  Sector  Lead Underwriter      Rapport Therapeutics (RAPP:PVT) $100M Health Care Goldman  Phase 2-ready biotech developing small molecule therapies for CNS disorders.   Telix Pharmaceuticals (TLX) $100M Health Care Jefferies  Commercial-stage Australian biotech developing therapeutic and diagnostic radiopharmaceuticals.   Chenghe Acquisition II (CHEB.U) $75M SPAC Cohen & Company Securities  Blank check company targeting businesses in or with a focus on Asian markets.   Galleinphi (GALE) $15M Consumer Discretionary Tiger Brokers  Chinese wholesaler of consumer electronics.   Grupo Aeromexico (AERO) $300M Industrials Barclays  Restructured Mexican airline.   Kingtitan Technology (KTA) $19M Industrials Cathay Securities  Chinese provider of non-pneumatic tires.   Novelis (NVL) $1,300M Materials Morgan Stanley  US-based aluminum roller and recycler owned by India's Hindalco.   Rise Smart Group (RSHL) $6M Consumer Discretionary Revere Sec.  Provides services to students in Hong Kong seeking higher education abroad.  Click to enlarge Week Ahead Just one listing is currently scheduled for the week ahead, although smaller issuers may join the calendar throughout the week. Specialty property & casualty insurer Bowhead Specialty Holdings (BOW) plans to raise $100 million at a $473 million market cap. In the 12 months ended March 31, 2024, the company wrote $550 million in gross written premiums across its three underwriting divisions: casualty (57% of LTM 1Q24 GWP), professional liability (27%), and healthcare (16%). Its products are primarily written on an excess & surplus basis. The company, led by an experienced management team, has posted strong growth in gross written premiums. However, it writes all of its business through American Family, which it will pay rising fees to in the future. The listing is set to be the first insurance IPO in the US to raise more than $10 million since November 2023.   U.S. IPO Calendar   Issuer Business   Deal Size Market Cap   Price Range Shares Filed   Top Bookrunners      Bowhead Specialty (BOW) New York, NY  $100M $473M   $14 - $16 6,666,667   J.P. Morgan Morgan Stanley   Specialty property & casualty insurer.  Click to enlarge Street research is expected for four companies in the week ahead, and lock-up periods will be expiring for one company. IPO Market Snapshot The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/16/2024, the Renaissance IPO Index was up 4.4% year-to-date, while the S&P 500 was up 11.7%. 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 up 5.6% year-to-date, while the ACWX was up 8.0%. 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.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2436414102"}