Traditional IPOs were a no-show again this past week, though four SPACs were willing to brave current market conditions, raising a combined $725 million. The pipeline saw some activity, with three IPOs and two SPACs submitting initial filings.
While the calendar and pipeline were exceptionally quiet in February, and signs point to a slow March, companies are still indicating plans to go public later this year. Two private companies reportedly submitted confidential filings this past week, and new issuers already in the pipeline are likely eyeing the second quarter as they wait out repercussions of the war in Europe.
The week’s SPAC lineup was led by alternative asset manager Sound Point’s Sound Point Acquisition I(SPCMU), which upsized to raise $225 million to target the credit markets. Automotive-focused Kensington Capital Acquisition IV(KCAC.U) and life sciences and sustainability-focused Valuence Merger I(VMCAU) both raised $200 million.SHUAA Partners Acquisition I(SHUAU) raised $100 million to target tech and fintech in the MENAT region.
Three IPOs submitted initial filings. Lung disease biotech AN2 Therapeutics(ANTX) filed to raise $75 million, Canada-based Visionary Education Technology Holdings Group(VEDU) filed to raise $23 million, and ocular disease biotech OKYO Pharma(OKYO) filed to raise $12 million.
Two SPACs submitted initial filings. Energy-focused Makara Strategic Acquisition(MKARU) filed to raise $250 million, and US Tiger Securities CEO-ledDenali Capital Acquisition(DECAU) filed to raise $75 million.