U.S. IPO Weekly Recap: Small Deals Continue to Dominate the Summer IPO Calendar

Mikko Lemola

Four offerings were evaluated last week, only two of which met the criteria to be included in our 2022 IPO statistics.

biotechnologies MAIA Biotechnology (MAIA) offered more shares and a low price for raise $10 million at a market cap of $68 million. MAIA’s lead candidate is expected to enter Phase 2 human trials in Australia and Europe in 2022 for NSCLC, and the company expects to seek accelerated approval in the United States for the treatment of advanced NSCLC in late 2024. MAIA Biotechnology has ended up 16%.

Mobile Global Esports (MGAM) at a low price to raise $6 million at a market cap of $73 million. Operating as MOGO, the company is initially launching a platform for esports competitions played on mobile devices by college teams and players representing universities located in India and South Asia. MOGO currently has no significant revenues or operations. The company ended up 180%.

Although not counted below, the bank of Massachusetts BCE Bancorp (ECBK) raised $89 million in rights offering and is Nasdaq-listed and publicly traded NeoVolta (NEOV) raised $4 million in a unit offering.

2 IPOs during the week of July 25, 2022

Transmitter

Company

OK

Cut

Market

Cap

to the IPO

Price vs.

Environment

First

Day

Come back

Come back

at

07/29

Mobile Global Esports (MGAM) $6 million $73 million -33% +180% +180%
Development of an esports platform for college competitions in India and South Asia.
MAIA Biotechnology (MAIA) $10M $68 million -17% -11% +16%
Phase 2 biotech developing targeted immunotherapies against cancer.

5 deposits during the week of July 25, 2022

Transmitter

Company

OK

Cut

Sector

Conduct

Subscriber

Global Star Acquisition (GLSTU) $80 million after-sales service EF Hutton
Blank check company focusing on fintech and proptech in Nordic and APAC regions.
Know the labs (KNW) $6 million Health care Boustead
Development of a non-invasive glucometer using biosensor technology.
Sedibelo Resources (SED) $100 million Materials Evercore ISI
Platinum group metal miner in South Africa.
Cetus capital acquisition (CETSU) $60 million after-sales service EF Hutton
Blank check company targeting industries, technology and IoT in Taiwan.
Acquisition PROTONIQ (PROQU) $100 million after-sales service JonesTrading
Blank check company targeting fintech with focus on APAC region.

The end of July marks the first month without a blank check IPO in more than five years. Yet merger announcements and completions continue to make the news; Last week, Getty Images (GETY) completed its $5 billion listing, one of the largest de-SPACs of the year.

Despite the summer heat, the U.S. IPO market remains largely frozen with just one small IPO potentially priced in the coming week. Other small cases may also join the calendar during the week.

OTC listed Loop media (OTCPK:LPTV) plans to raise $12 million at a market cap of $490 million. The company provides ad-supported TV boxes that play short videos in outlets such as restaurants, bars, hotels and stores. Unprofitable but growing, the company launched its “partner network” in May and currently has one partner, which is expected to account for nearly half of Loop’s revenue in 2Q22.

Although not listed below, two unit offers may have a price. Online retailer Brush oral care (BRSH) plans to raise $15m at a market cap of $38m and diagnostics developer bioAffinity Technologies (BIAF) plans to raise $7 million at a market cap of $52 million.

U.S. IPO Schedule

Transmitter

Company

Transaction size

Market capitalization

Price scale

Shares deposited

High

Bookkeepers

Loop Media (OTCPK:LPTV)

Glendale, California

$12 million

$490 million

$2.71

4,428,044

Roth beanie.
Provides ad-supported TV boxes that play short videos at point of sale.

The lockdowns will expire for up to two companies in the coming week.

IPO market overview

The Renaissance IPO Indices are market capitalization weighted baskets of newly public companies. As of 7/28/2022, the Renaissance IPO Index was down 44.0% year-to-date, while the S&P 500 was down 13.8%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW).

The Renaissance International IPO Index is down 30.2% year-to-date, while the ACWX is down 15.9%. Renaissance Capital’s International IPO (IPOS) ETF tracks the index, and top ETF stocks include Kuaishou and EQT.

Original post

Editor’s note: The summary bullet points for this article were chosen by the Seeking Alpha editors.

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