U.S. IPO Weekly Recap: Time For Semiconductors As SiTime Pops 44% In 3-IPO Week

Three companies entered the public market, including the first two semiconductor IPOs in two years, and all priced at the low end in another week marked by mark-downs. They were joined by five SPACs, the most SPACs in a week, ever. Chinese debt collector YX Asset Recovery (YXR) postponed then withdrew its $81 million US IPO, the first of the 4Q19’s China wave to do so. Two Chinese issuers and one SPAC submitted initial filings.

MegaChips spin-off SiTime (NASDAQ:SITM), a fabless producer of silicon timing systems, raised $56 million at a $186 million market cap. Despite lumpy growth, SiTime was able to pique investor interest with its large share of the nascent silicon-based oscillator market, used in connected devices. After popping 44% in its debut, the company traded off slightly, finishing up 39%.

In the first pure-play public equity targeting Bitcoin, Canaan (NASDAQ:CAN) raised $90 million at a $1.4 billion market value. It’s the world’s second largest producer of Bitcoin mining equipment with a 23% share, but its heavy exposure to Bitcoin and consequently volatile revenue and margins left investors wary. After dropping as much as 17% intraday on Friday, Canaan finished flat.

Retail and office REIT Alpine Income Property Trust (NYSE:PINE) raised $143 million at a $173 million market cap. Carved out of Consolidated-Tomoka (NYSE: CTO), Alpine Income offered a 4.2% yield, but the small and concentrated REIT garnered little interest from investors, finishing flat.

Targeting the healthcare industry, Concord Health Partners’ CHP Merger Corp. (CHPMU) raised $250 million and Avego and Metalmark Capital’s Amplitude Healthcare Acquisition (NASDAQ:AMHCU) raised $100 million. Hennessy Capital’s real estate tech SPAC PropTech Acquisition (PTACU) raised $150 million, and former Ooyala officers’ software SPAC Software Acquisition Group (NASDAQ:SAQNU) raised $130 million. Led by a team from Shanghai, GreenVision Acquisition (GRNV) raised $50 million to acquire a healthcare business outside of China.

8 IPOs During the Week of November 18th, 2019



Market Cap
at IPO

Price vs.

First Day

at 11/22







Fabless producer of silicon timing systems being spun out of MegaChips.

PropTech Acquisition






Blank check company led by partners at Hennessy Capital targeting a real estate technology business.

Software Acquisition






Blank check company led by former Ooyala officers targeting a software company.

GreenVision Acquisition






Blank check company led by Shanghai dealmakers targeting healthcare firms outside of China.

CHP Merger Corp.






Blank check company led by a team from Concord Health Partners targeting the healthcare industry.

Alpine REIT






Single-tenant commercial net lease REIT formed by Consolidated-Tomoka.

Amplitude Healthcare Acq.






Blank check company formed by Avego and Metalmark Capital targeting healthcare in the US or Europe.







Fabless designer of Bitcoin mining equipment.

Two Chinese issuers filed for US IPOs. Cancer diagnostics provider Genetron Holdings (GTH) filed to raise $100 million, and Zhongchao (ZCMD), which provides online medical information, filed to raise $15 million.

Mexico-focused SPAC LIV Capital Acquisition (LIVKU), led by Mexican private equity firm LIV Capital, plans to raise $60 million.

3 Filings During the Week of November 18th, 2019





Genetron Holdings


Health Care

Credit Suisse

Provides molecular profiling and diagnostics for cancer patients in China.




Network 1

Chinese internet platform providing medical information, education, and training.

LIV Capital Acquisition




Blank check company led by a team from LIV Capital targeting Mexico.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/21/19, the Renaissance IPO Index was up 30.5% year-to-date, while the S&P 500 had a gain of 23.8%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (NYSE:SPOT) and Roku (NASDAQ:ROKU). The Renaissance International IPO Index was up 17.9% year-to-date, while the ACWX was up 16.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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