Buy gold, crypto and China, tread carefully on rich U.S. tech: BofA’s Hartnett
The initial public offering (IPO) market opened November with three new issuers trading and one deal postponed. Reinsurer Hamilton Group initiated a $255 million US IPO, with the pricing due to be announced next week. The company aims to raise funds at a $1.9 billion market cap through its subsidiaries in Bermuda and Europe, offering diverse insurance products globally.
In contrast, Waystar, a healthcare billing platform, has delayed its IPO until December. Furthermore, Shimmick (SHIM), a firm specializing in public water infrastructure, plans to raise $50 million at a $333 million market cap in the following week.
Lexeo Therapeutics, which is developing gene therapies for neurological and cardiovascular diseases, priced low to raise $100 million at a $282 million market cap amidst challenging market conditions. The company saw a 9% decrease on its debut.
Alpha Technology Group, a Hong Kong-based software development service provider, also priced low but managed to raise $7 million at a $60 million market cap and experienced a 47% increase by the end of the week.
On the other hand, Pineapple Financial, a Canadian mortgage broker not included in the main stats, suffered a significant setback. After pricing low to raise $4 million at a $29 million market cap, the company saw a 54% decrease by the end of the week.
As of November 2nd, 2023, the Renaissance IPO Index was up 23.5% year-to-date, outperforming the S&P 500's 14% increase. Top ETF holdings include Palantir Technologies (NYSE:PLTR) and Kenvue (NYSE:KVUE).
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