To The Moon

There are currently no IPOs scheduled to price in the week ahead, though some small deals and SPACs may join the calendar during the week.

Small issuers have been the driving force of 2022 IPO activity, accounting for over 60% of year’s issuance so far. The pipeline is typically more active around this time as new issuers tee up post-Memorial Day launches, but initial filings have been scarce amid the worst IPO sell-off in over a decade.

That said, a number of large issuers in the pipeline are keeping their filings fresh, with AIG carve-out Corebridge Financial (CRBG), car sharing platform Turo (TURO), Brazilian steakhouse chain Fogo Hospitality (FOGO), and girl’s fashion retailer Claire’s (CLRS) all disclosing updated financials this past week.

Street research is expected for four companies in the week ahead.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/19/2022, the Renaissance IPO Index was down 47.5% year-to-date, while the S&P 500 was down 17.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index was down 30.6% year-to-date, while the ACWX was down 14.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Kuaishou.