US Weekly IPO Recap: 1 Micro-Cap IPO Begins Trading
Renaissance Capital2022-06-04
After a week of no IPOs or SPACs, May closed out with one small deal. Three IPOs and one SPAC submitted initial filings.
Zhong Yang Financial Group priced at the low end to raise $25 million at a $175 million market cap. The Hong Kong-based online brokerage specializes in the trading of equities, futures, and options, and generates most revenues from flat-rate commission fees. Zhong Yang soared 240% in its debut and finished the week up 221%.
While not included below, nano-cap SaverOne raised $12 million at a $19 million market cap through a unit offering. The Tel Aviv-listed company is developing a system to block mobile phone usage while driving.
Adamas One (JEWL), an early-stage producer of lab-grown diamonds, filed to raise $30 million, AdTech platform NYIAX (NYX) filed to raise $20 million, and Phase 2 biotech Shuttle Pharmaceuticals (SHPH) filed to raise $14 million. SPAC Mobiv Acquisition (MOBVU), which intends to target the EV industry in Asia and Europe, filed to raised $100 million.
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