The IPO market got a break during the shortened holiday week, with just one IPO and six SPACs. New issuers continued to join the pipeline ahead of the final stretch of 2021, with seven IPOs and 17 SPACs submitting initial filings.
Air purification company AeroClean Technologies(AERC) priced its Reg A+ IPO at the low end to raise $25 million at a $139 million market cap. AeroClean is currently initiating the full-scale launch of its first product Purgo, a proprietary continuous air sanitization product for indoor spaces, and began recognizing revenue in July 2021. AeroClean soared 689% on its first day and finished up 710%.
The week’s SPAC lineup was led by Rosenfeld and Sgro’s Legato Merger II(LGTOU), which upsized to raise $240 million. The company plans to target businesses in the infrastructure, engineering and construction, industrial, and renewables industries.
Seven IPOs submitted initial filings. eDiscovery provider KLDiscovery(KDSC.RC) and fracking services provider ProFrac Holding(PFHC) both filed to raise $100 million. Crypto mining and hosting provider Applied Blockchain(APLD) filed to raise $75 million, and pregnancy care platform developer Nuvo Group(NUVO) filed to raise $50 million. Australian CNS biotech Bionomics(BNOX) filed to raise $25 million, primary clinic operator Mitesco(MITI) filed to raise $17 million, and micro-cap satellite developer Sidus Space(SIDU) filed to raise $15 million.
17 SPACs submitted initial filings led by electrification-focused Battery Future Acquisition(BFACU), science and tech-focused Ahren Acquisition(AHRNU), tech and media-focused Papaya Growth Opportunities I(PPYAU),Athena Technology Acquisition II(ATEK.U), and Investcorp Europe Acquisition I(IVCBU), all of which filed to raise $250 million.