U.S. IPO Weekly Recap: WeRide Delays Its IPO As Pipeline Gets A Boost

Two small IPOs debuted this past week, while six IPOs submitted initial filings.

Notably, China-based autonomous driving developer WeRide (WRD) postponed its $110 million US IPO. The company, which had already delayed its IPO earlier, stated that its registration documents could not be finalized within the timeframe allotted by Chinese regulators.

Hong Kong-based logistics services firm Reitar Logtech (RITR) priced its IPO at the bottom of the range to raise $9 million at a $249 million market cap. The company’s business primarily consists of two segments: asset management and professional consultancy services, and construction management and engineering design services. For logistics operators, the company procures capital partners to invest in logistics property development and redevelopment projects, and provides support for customers in their bidding for projects, among other services. For capital partners investing in its projects, the company provides comprehensive asset management and project management services. It finished the week up 4%.

China-based medical product maker WORK Medical Technology (WOK) priced its IPO at $4, as expected, to raise $8 million at a $58 million market cap. Through its subsidiaries, it develops, manufactures, and sells disposable medical products. Its portfolio currently consists of 21 medical products, including medical face masks, artery compression tourniquets, disposable breathing circuits, laryngeal mask airways, and endotracheal tubes. All of the devices are sold domestically, and 15 are sold internationally. WORK Medical Technology finished the week down 10%.

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Six IPOs submitted initial filings this week, including four names which filed to raise $100 million or more. Oncology biotech Bicara Therapeutics (BCAX) filed to raise $200 million. Immunology-focused biotech Zenas BioPharma (ZBIO) filed to raise $150 million. Brazil Potash (GRO), a pre-revenue potash miner, filed to raise $100 million. Endocrine and metabolic disease-focused biotech MBX Biosciences (MBX) filed to raise $100 million. Hong Kong-based financial printing services provider Cre8 Enterprise (CRE) filed to raise $8 million at a $109 million market cap. Singapore-based furniture retailer HomesToLife (HTLM) filed to raise $6 million at a $73 million market cap.

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There are no sizeable IPOs scheduled to list in the week ahead, though we’re tracking four micro-caps from Asia that could potentially price their deals: Singapore skincare company Cuprina Holdings (CUPR), Hong Kong financial company Powell Max (PMAX), Singapore business information company Trident Digital Tech (TDTH), and Chinese auto parts company Autozi Internet Technology (AZI), could potentially price their deals.

WeRide postponed its $110 million IPO this past week, and could look to pursue a listing in the coming weeks or months.

Companies looking to conduct mid-September IPOs are expected to continue filing preliminary prospectuses over the next week.

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Street research is expected for one company in the week ahead, and one lock-up period will be expiring.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/22/2024, the Renaissance IPO Index was up 8.3% year-to-date, while the S&P 500 was up 17.8%. 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 5.5% year-to-date, while the ACWX was up 10.7%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.