VanEck Vectors Pre-Refunded Municipal Index ETF

PRB

Market cap $14.7M

One micro-cap and one SPAC listed this past week, after oil and gas producer Peak Resources postponed its $66 million IPO at the eleventh hour. Eight small IPOs submitted initial filings this past week, all hailing from the Asia Pacific region. Two IPOs are currently scheduled for the week ahead - Pony AI & Brazil Potash.

The IPO market was quiet as expected during election week, with only one nano-cap (Aduro Clean Technologies) and two SPACs (GSR III Acquisition and Willow Lane Acquisition) completing listings. The biggest news of the week came from the pipeline, where a couple of notable names provided updates - Solera and Pony AI. US oil and gas producer Peak Resources LP plans to raise $66 million at a $209 million market cap in the week ahead.

Three sizable IPOs priced this past week, joined by a flurry of small issuers and blank check companies - Ingram Micro, Septerna, and WeRide. Several small issuers also listed this past week, including Synergy CHC, High Roller Technologies, SAG Holdings, and Li Bang. Two IPOs are tentatively scheduled to list in the week ahead, although some small issuers may join the calendar throughout the week - Peak Resources and Jinxin Technology.

Four very small Asian issuers listed in the US this past week; offerings raised just $26 million combined. Two Singapore companies completed US IPOs, both of which priced their offerings at the low end. One major offering is set to liven up an otherwise quiet week for the IPO market.

Two small IPOs and two SPACs debuted this past week - Global Engine, Kairos Pharma, YHN Acquisition I, and Cayson Acquisition, respectively. Seven IPOs and three SPACs submitted initial filings. Eight companies are expected to price their IPOs in the upcoming week, including three larger deals.

Peak Resources LP aims to raise $86.25 million in an IPO despite declining revenue, variable profits, and fluctuating cash flow. The firm focuses on oil and gas production in the Powder River Basin, leveraging horizontal drilling techniques. The Powder River Basin outlook is favorable, but the company faces risks from regulatory and environmental factors. Market prices for hydrocarbons appear to be softening now, a potential negative.