The IPO Market’s Winners and Losers Last Week – September 18, 2022

The 2022 IPO market bagged a billion-dollar deal this week.

Corebridge Financial (NYSE: CRBG) priced at the low end to raise $1.7 billion, the largest deal of the year to date. The AIG carve-out is only the second IPO to raise $1+ billion this year, compared to 20 IPOs by this time in 2021. Corebridge received a lukewarm reception, finishing down -1%. But a billion-dollar deal got done, and in a rocky market, that’s nothing to sneeze at.

The week’s other deals included VC-backed biotech Third Harmonic Bio (Nasdaq: THRD) and a handful of small issuers (LNKB, KNW, WLDS, and NXL).

The rest of September looks like more small deals right now, though movement in the pipeline means we could still see some sizable launches before the month is up. GSAM’s renewables business MN8 Energy (NYSE: MNX) and American Healthcare REIT (NYSE: AHR) both filed to raise $100 million, the most in one week since February. South African miner Sedibelo Resources (NYSE: SED) updated financials ahead of its $100 million dual listing.

Markets were down as investors responded to hotter than expected inflation numbers. The IPO market finished with a -6.2% loss, compared to the S&P 500’s -4.8%. Electric truck developer Rivian climbed +4.6% as the week’s winner. App monetization company AppLovin fell -16.5% after backing out of its plan to acquire Unity Software.

Take care,

Bill

William K Smith

CEO and Co-Founder

Renaissance Capital LLC