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1、IPO&PUBLIC LISTING REPORTby Q3 2023 The largest tech offering in years,ARM Holdings,raised$4.9 billion,making Q3 the busiest quarter by proceeds this year.Unicorns moved through the IPO pipeline,with Instacart and Klaviyo making their public debuts.All eyes are on inflation,market volatility,and the
2、 government shutdown and the impact it may have on exchange bells ringing in Q4.Craig ClayPresident of Global Capital Markets,DFINCongratulations to the 36 operating companies in Q3 who made their public debut via an IPO raising$8 billion and the 30 companies who made their public debut via a SPAC m
3、erger.Special congratulations to our clients:Abacus Life,Allurion Technologies,Arm Holdings,Bitcoin Depot,Calidi Biotherapeutics,Carmell Therapeutics,Cheche Group,Complete Solaria,Earlyworks,Electriq Power,Instacart,Mobile Infrastructure,Neumora Therapeutics,Nuvini,Pixie Dust Technologies,RayzeBio,R
4、oadzen,Turnstone Biologics,and VinFast Auto.2824201612840SEP22OCTNOVDECJANFEBMARAPRMAYJUNJULAUGSEP23VolumeTraditional IPOCompleted De-SPACDirect ListingPublic DebutsOperating Companies Q224Q221Q232Q233Q23VolumeTraditional IPOCompleted De-SPACDirect ListingNine companies withdrew their
5、 IPO registration in Q3 including Aleph Group,HomeSmart Holdings,KinderCare,REV Renewables,and Sedibelo Resources,who had$100M+placeholders.Only 22 companies who publicly filed their registration statement with a$100 million+placeholder remain in the IPO pipeline.Confidential filings have increased
6、over the past few months and should soon bring some much-needed volume to the public IPO pipeline.Seven of the 36 IPOs in Q3 were$100M+offerings.This is a slight decrease by volume for offerings of this size but an increase by proceeds from 2Q23.The remaining 29 offerings in the quarter were micro/n
7、ano-caps raising a combined total of approximately$438 million.Traditional IPOs 403020100SEP22OCTNOVDECJANFEBMARAPRMAYJUNJULAUGSEP23VolumeFiledPricedWithdrew/Abandoned2022-2023 IPO Activity0683Q224Q221Q232Q233Q23VolumeProceeds*($B)VolumeProceeds*($B)ABIVAX,Birkenstock,Lexeo Therapeutics,M
8、ach Natural Resources,Smith Douglas Homes,and VNG publicly filed in Q3.Who will ring the bell in Q4?Four out of the seven companies who raised$100M+in their IPO in Q3 are trading above their IPO price.Arm Holdings was the largest offering in the quarter raising$4.9 billion;its trading slightly above
9、 its IPO price$51.96.Traditional IPOs01020304050Oddity TechApogeeTherapeuticsArm HoldingsNeumoraTherapeuticsRayzeBioInstacartKlaviyoIPO Price($)Current Trading($)IPO Price($)Current Trading($)$100M+IPOs+open trading 7.3.238 Biotech companies made their public debut via an IPO in Q3 raisin
10、g$1 billion.RayzeBio and Apogee Therapeutics are trading above their debut share price.SPAC Activity33 SPACs who raised a combined total of$8 billion in their IPOs liquidated in Q3.The majority were SPACs who made their public debut in 2021.This was the lightest quarter for liquidations this year.Th
11、e number of SPAC searching for a target is down to 168.Seven SPACs publicly filed for an IPO in Q3 while 8 SPACs withdrew or were declared abandoned.This brings the total number of SPACs in the pipeline to 37.A total of 5 SPACs made their public debut raising a combined total of approximately$765 mi
12、llion.This brings the average offering size for 2023 to approximately$140 million.Eleven SPACs who filed in 2021 have yet to go public and are at risk to be declared abandoned.53055801051303Q224Q221Q232Q233Q23VolumeFiledPricedWithdrawn/AbandonedLiquidated12840SEP22OCTNOVDECJANFEBMARAPRMAYJUNJULAUGSE
13、P23VolumeRWAbandonedQ3 had 34 SPACs announce their business combination including Churchilll Capital Corp VII who agreed to combine with UK-based long-term corporate acquirer,CorpAcq.The enterprise value for the deal is$1.5 billion.Churchill Capital Corp VII went public in 2021 raising$1.2 billion.D
14、e-SPACs5101520253Q224Q221Q232Q233Q23MonthsAverage time between SPAC IPO and announced targetAnnounced&Terminated Business Combinations8060402003Q224Q221Q232Q233Q23VolumeAnnouncedTerminated20160 SPACs have announced their target but have yet to complete their merger.110 are SPACs who went public in 2
15、021.Thirty SPACs completed their business combination in Q3 with a total enterprise value of approximately$46 billion.This was the most active quarter by volume since 4Q21.More than half of the total enterprise value came from the merger of Black Spade Acquisition and VinFast Auto for an enterprise
16、value of$27 billion.VinFast Auto is currently trading at$9.04.De-SPACsCompleted by sector56789103Q224Q221Q232Q233Q23MonthsAverage time announced target to completion1086420SEP22OCTNOVDECJANFEBMARAPRMAYJUNJULAUGSEP23VolumeConsumerEnergyFinancialHealthcareIndustrialTechnology8.4 63%Nineteen companies
17、who made their public debut via a SPAC merger in Q3 are trading below$5 per share.Traditional IPOsFinancial9/14/23ARM HoldingsUKMorrison&FoersterBarclays,Goldman SachsJP Morgan,Mizuho Securities$51.00$51.96$4871MTechnology9/18/23InstacartCACooleyGoldman Sachs,JP Morgan,BofA Securities,Barclays,Citig
18、roup$30.00$26.66$660MTechnology9/20/23KlaviyoMAGoodwinProcterGoldman Sachs,MorganStanley,Citigroup,Barclays,Mizuho Securities,William Blair$30.00$33.00$576MConsumer7/19/23Oddity Tech LtdISRLatham&WatkinsGoldman Sachs,MorganStanley,Allen&Company,BofASecurities$35.00$31.34$424MHealthcare9/14/23RayzeBi
19、oCACooleyJP Morgan,Jefferies,EvercoreISI,Truist Securities$18.00$20.77$311MHealthcare7/14/23ApogeeTherapeuticsCAGibson DunnJefferies,TD Cowen,Stifel,Guggenheim Securities$17.00$20.40$300MHealthcare9/15/23NeumoraTherapeuticsMALatham&WatkinsJP Morgan,BofA Securities,Stifel,Guggenheim Securities$17.00$
20、11.01$250MHealthcare7/14/23SagimetBiosciencesCAGoodwinProcterGoldman Sachs,TD Cowen,Piper Sandler,JMP Securities$16.00$7.55$85MHealthcare7/21/23TurnstoneBiologicsCACooleyBofA Securities,SVB Securities,Piper Sandler$12.00$3.32$80MHealthcare9/29/23Adlai NortyeLtd.CAYOMelveny&MyersCantor Fitzgerald$23.
21、00$12.48$58MFinancal9/21/23MDB CapitalHoldings,LLCTXGolenbockEiseman$12.00$10.68$20MConsumer7/31/23Pixie DustTechnologiesJPNGreenbergTraurigBoustead Securities,SutterSecurities$9.00$9.00$15MConsumer8/08/23Fitell CorpAUSCrone LawGroupRevere Securities,RF Lafferty$5.00$2.36$15MConsumer8/14/23Sacks Par
22、enteGolfCATroyGould PCThe Benchmark Company$4.00$1.20$13MTechnology9/28/23VS MEDIAHoldingsHKGSichenziaRossUnivest Securities$5.00$3.54$10MIndustrial7/24/23WarranteeJPNHunterTaubmanPrime Number Capital$4.00$0.64$10MTechnology7/31/23HanryuHoldingsKORK&L GatesAegis Capital$10.00$4.92$9MSectorDateIssuer
23、LocationCompanyCounselUnderwritersShare/UnitCurrenttrading+IPOValue*Traditional IPOs+open trading 7.3.23*excludes overallotment if exercisedHealthcare8/03/23MIRAPharmaceuticalsMDFoley&LardnerKingswood CapitalMarkets$7.00$4.65$9MFinancial9/27/23Lead Real EstateJPNHunterTaubmanEF Hutton,BousteadSecuri
24、ties$7.00$5.95$8MTechnology7/27/23ParaZeroTechnologiesISRMcDermott WillAegis Capital$4.00$0.70$8MConsumer9/13/23SIMPPLE LTDHKGLoeb&LoebMaxim Group$5.25$4.85$8MFinancial9/07/23Solowin HoldingsDCBevilacquaEF Hutton$4.00$2.77$8MHealthcare7/12/2360 DegreesPharmaceuticalsDCCarmel MilazzoWallachBeth Capit
25、al$5.30$0.72$8MTechnology9/28/23Gamer PakistanNVLaw Office ofEdward T.SwansonWestPark Capital$4.00TBD$7MIndustrial9/12/23Nature WoodHKGLoeb&LoebPrime Number Capital$9.00$9.60$7MHealthcare8/09/23NeurAxisINLucoskyBrookmanAlexander Capital$6.00$3.50$7MHealthcare9/29/23Syra HealthINSheppardMullinKingswo
26、od CapitalMarkets,WallachBethCapital$4.13$3.02$7MTechnology7/24/23Earlyworks Co.,Ltd.JPNHunterTaubmanTiger Brokers$5.00$0.67$6MHealthcare8/30/23Inspire VeterinaryPartnersVACrone LawGroupSpartan Capital$4.00$1.35$6MConsumer8/15/23SRM EntertainmentFLSichenzia RossEF Hutton$5.00$2.24$6MTechnology7/25/2
27、3JanoverFLCarmel MilazzoSpartan CapitalSecurities,RF Lafferty$4.00$1.23$6MFinancial7/06/23Prestige WealthHKGHunterTaubmanRevere Securities,RFLafferty$5.00$3.13$5MConsumer7/31/23Cheetah Net SupplyChain ServiceNCHunterTaubmanMaxim Group$4.00$1.88$5MConsumer8/10/23LQR HouseFLNauth LPCEF Hutton$5.00$0.3
28、8$5MIndustrial9/22/23Turbo EnergySPNBevilacquaTitan Partners,Boustead Securities,Sutter Securities$5.00$2.23$5MIndustrial9/19/23Davis CommoditiesSGPHunterTaubmanUnivest Securities$4.00$2.81$4MSectorDateIssuerLocationCompanyCounselUnderwritersShare/UnitCurrenttrading+IPOValue*+open trade date 10.3.23
29、Terminated SPAC Mergers9/27/2023Integrated Wellness AcquisitionRefreshing USA9/22/202326 Capital AcquisitionUE Resorts9/22/2023Social Leverage AcquisitionW3BCloud9/12/2023Growth For Good AcquisitionZeronox8/24/2023Spree Acquisition 1 LtdZ-Trip8/23/2023InterPrivate III Financial PartnersAspiration Pa
30、rtners8/22/2023Ross Acquisition IIAprinoia8/21/2023Genesis Growth Tech AcquisitionNextTrip8/11/2023Apeiron Capital InvestmentGIO World8/11/2023Insight AcquisitionAvila Energy8/11/2023Moringa AcquisitionHolisto8/09/2023Golden Falcon AcquisitionMNG Airlines7/26/2023Yotta AcquisitionNaturalShrimp7/03/2
31、023Kensington Capital Acquisition VArrivalDateSPACTargetLiquidating7/14/23Nabors EnergyTransition IITXEnergyVinson&ElkinsCiti,Wells FargoSecurities$300M247/26/23HaymakerAcquisition 4NYConsumerEllenoffGrossmanCantor Fitzgerald,William Blair$200M247/24/23Keen VisionAcquisitionNJESGLoeb&LoebEF Hutton,B
32、rooklineCapital Markets$130M98/17/2399 AcquisitionGroupMDFinancialLoeb&LoebEF Hutton,BrooklineCapital Markets$75M97/11/23BowenAcquisitionNYGeneralGraubardMillerEarlyBirdCapital,Revere Securities$60M15DateIssuerLocSectorFocusSPACCounselIBIPOValue*CompletionDeadline(months)Auto ExtAllowedSPAC IPOsQ3 C
33、ompleted Business CombinationsHealthcare9/29/23Anzu Special Acquisition IEnvoy MedicalMNCOCH$4.42Financial9/29/23Mercato Partners AcquisitionNuviniBRANVNI$6.48Healthcare9/29/23TradeUP AcquisitionEstrella BiopharmaCAESLA$3.02Healthcare9/29/23Graf Acquisition IVNKGen BiotechCANKGN$5.45Energy9/21/23M3-
34、Brigade Acquisition IIIGreenfire ResourcesCANGFR$5.13Healthcare9/21/23Murphy Canyon AcquisitionConduit PharmaceuticalsGBRCDT$5.34Healthcare9/20/23Digital Transformation OpportunitiesAmerican OncologyFLAONC$8.56Technolgy9/20/23Vahanna Tech Edge AcquisitionRoadzenINDRDZN$4.26Technology9/14/23Prime Imp
35、act Acquisition ICheche GroupSGPCCG$8.50Healthcare9/11/23Rosecliff Acquisition ISpectralAITXMDAI$2.49Financial8/28/23Fifth Wall Acquisition IIIMobile InfrastructureOHBEEP$3.54Healthcare8/25/23FG MergeriCoreConnectFLICCT$3.93Industrial8/25/23Prime Number Acquisition INoco-NocoSGPNCNC$1.12Technology8/
36、23/23Aurora AcquisitionBetter MortgageNYBETR$0.46Consumer8/17/23Hainan Manaslu AcquisitionAble ViewCHNABLV$3.36Industrial8/14/23Black Spade AcquisitionVinFast AutoVNMVFS$9.04Healthcare8/12/23First Light AcquisitionCalidi BiotherapeuticsCACLDI$3.25Healthcare8/10/23MedTech AcquisitionTriSalus Life Sci
37、encesCOTLSI$4.99Industrial8/10/23Oxbridge AcquisitionJet TokenNVJTAI$3.10Industrial8/02/23Genesis Unicorn CapitalESGL HoldingsSGPESGL$0.46Healthcare8/02/23Compute Health AcquisitionAllurion TechnologiesMAALUR$4.54Industrial7/31/23TLG Acquisition OneElectriq PowerFLELIQ$1.75Healthcare7/24/23Priveterr
38、a AcquisitionAEON BiopharmaCAAEON$5.62Financial7/19/23Colombier AcquisitionPSQ HoldingsCAPSQH$8.50Technology7/18/23Freedom Acquisition IComplete Solar,SolariaCACSLR$2.01Healthcare7/14/23Alpha Healthcare Acquisition IIICarmell TherapeuticsPACTCX$3.70SectorDateSPACIssuerLocationNew TickerCurrent Tradi
39、ng+De-SPACsQ3 Completed Business CombinationsTechnology7/10/23Galata AcquisitionMarti TechnologiesTURMRT$0.71Industrial7/05/23GoGreen InvestmentsLifezone MetalsIMNLZM$11.02Financial7/03/23East Resources AcquisitionAbacus LifeFLABL$6.85Financial7/03/23GSR II Meteora AcquisitionBitCoin DepotGABTM$2.66
40、SectorDateSPACIssuerLocationNew TickerCurrent Trading+De-SPACsSources:SEC.gov,EDGAROnline.Report includes US listed on the NYSE&Nasdaq including SPACs,Best Efforts,Foreign issuers,Dual-Listings,Direct listings and REITs.It does not include bank conversions,up-lists,ETFs.*Values do not include over-a
41、llotment proceeds if exercised.YTD is through 9/30/23.All data and information provided in the IPO&Public Listing Report is obtained from third party sources and is for informational purposes only.DFIN makes no representations as to accuracy,completeness,currentness,suitability or validity of any in
42、formation contained in the Report and will not be liable for any(a)errors,omissions or delays in this information or(b)losses,injuries or damages arising from its distribution or use.All information is provided on an as-is basis.+open trade date 10.3.232023 Legal League TableLatham&Watkins5-4615Loeb
43、&Loeb-39113Cooley LLP5-2411Kirkland&Ellis12238Ellenoff Grossman-2417Davis Polk1-416Goodwin Procter2-226Paul Hastings-1326White&Case-1326Nelson Mullins-1315Skadden Arps1-4-5DLA Piper1-3-4Gibson Dunn1-3-4Vinson&Elkins112-4Willkie Farr112-4Paul Weiss2-13Robinson&Cole-12-3Sichenzia Ross-123Sidley Austin1-23Weil Gotshal-3-3Wilson Sonsini-33Baker&McKenzie1-1-2Cravath Swaine1-12Graubard Miller-11-2Greenberg Traurig-2-2Issuer/TargetCounselTraditional IPOs$50M+SPAC IPODe-SPAC SPACCounselDe-SPAC TargetCounselTotal CountTop 25 by total count