U.S. IPO Weekly Recap: Small Deals Continue To Dominate The Summer IPO Calendar

Four deals priced this past week, only two of which met the criteria to be included in our 2022 IPO stats.

Biotech MAIA Biotechnology (MAIA) offered more shares and priced at the low end to raise $10 million at a $68 million market cap. MAIA’s lead candidate is expected to enter Phase 2 human trials in Australia and Europe in 2022 for NSCLC, and the company plans to seek accelerated approval in the US for treatment of advanced NSCLC in late 2024. MAIA Biotechnology finished up 16%.

Mobile Global Esports (MGAM) priced at the low end to raise $6 million at a $73 million market cap. Operating as MOGO, the company is launching a platform initially for esports competitions played on mobile devices by university teams and players representing universities located in India and South Asia. MOGO currently does not have significant revenues or operations. The company finished up 180%.

While not counted below, Massachusetts bank ECB Bancorp (ECBK) raised $89 million in a subscription rights offering and listed on the Nasdaq, and OTC-listed NeoVolta (NEOV) raised $4 million in a unit offering.

2 IPOs During the Week of July 25th, 2022
Issuer Business	Deal Size	Market Cap at IPO	Price vs. Midpoint	First Day Return	Return at 07/29
Mobile Global Esports (MGAM)	$6M	$73M	-33%	+180%	+180%
Developing an esports platform for university competitions in India and South Asia.
MAIA Biotechnology (MAIA)	$10M	$68M	-17%	-11%	+16%
Phase 2 biotech developing targeted immunotherapies for cancer.

5 Filings During the Week of July 25th, 2022
Issuer Business	Deal Size	Sector	Lead Underwriter
Global Star Acquisition (GLSTU)	$80M	SPAC	EF Hutton
Blank check company focusing on fintech and proptech in the Nordic and APAC regions.
Know Labs (KNW)	$6M	Health Care	Boustead
Developing a non-invasive glucose monitor using biosensor technology.
Sedibelo Resources (SED)	$100M	Materials	Evercore ISI
Platinum group metal miner in South Africa.
Cetus Capital Acquisition (CETSU)	$60M	SPAC	EF Hutton
Blank check company targeting the industrials, tech, and IoT industries in Taiwan.
PROTONIQ Acquisition (PROQU)	$100M	SPAC	JonesTrading
Blank check company targeting fintech with a focus on the APAC region.

The end of July marks the first month with no blank check IPOs in over five years. Still, merger announcements and completions continue to drive news; this past week, Getty Images (GETY) completed its $5 billion listing, one of the largest de-SPACs of the year.

Despite the summer heat, the US IPO market remains largely frozen with just one small IPO that may price in the week ahead. Other small deals may also join the calendar during the week.

OTC-listed Loop Media (OTCPK:LPTV) plans to raise $12 million at a $490 million market cap. The company provides ad-supported TV boxes that stream short videos at retail locations 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 comprise nearly half of Loop’s 2Q22 revenue.

Although not listed below, two unit offerings may price. Online retailer Bruush Oral Care (BRSH) plans to raise $15 million at a $38 million market cap, and diagnostics developer bioAffinity Technologies (BIAF) plans to raise $7 million at a $52 million market cap.

U.S. IPO Calendar
Issuer Business	Deal Size Market Cap	Price Range Shares Filed	Top Bookrunners
Loop Media (OTCPK:LPTV) Glendale, CA	$12M $490M	$2.71 4,428,044	Roth Cap.
Provides ad-supported TV boxes that stream short videos at retail locations.

Lock-ups will be expiring for up to two companies in the week ahead.

IPO Market Snapshot

The Renaissance IPO Indices are market cap 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 was down 30.2% year-to-date, while the ACWX was down 15.9%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.

Original Post

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