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5 IPOs that listed in November and how they did

January 5, 2023 8:00 pm
Published by: David Richardson

As we’re approaching the end of 2022, a large portion of the November IPOs have completed their listing and made their market debut. Whether you’re a stock trader or just into the stock market, you might ask: who are those companies? And how did they perform?

Continue reading this article to learn about five IPOs that were listed in November and how they did!

Bikaji Foods International Limited

Kicking off the list is Bikaji Foods, one of the earliest November IPOs. As the name implies, Bikaji is one of India’s biggest fast-moving consumer goods (FMCG) business's. The Indian FMCG company's primary products are snacks.

Bikaji Foods’ IPO started on November 3 and ended on November 7. During the four days, Bikaji offered 29,373,984 shares. The company initially priced the shares at 285 to 300 INR, which converts to $3.46 to $3.65.

The newly listed managed to sell its shares at 300 INR, the highest end of their range! Consequently, they raised INR 881.22 crore, which is around $107 million.

Following the impressive IPO, Bikaji was listed on the Indian domestic stock markets, BSE and NSE, on November 16. Since its listing, the Indian snack company’s shares have skyrocketed by nearly 40%, reaching 415 INR ($5.05).

Atour Lifestyle Holdings Limited

Atour Lifestyle Holdings is another that had a relatively successful IPO in 2022. For those who don’t know, Atour Lifestyle is a leading upper-midscale hotel chain in Shanghai, China. The Chinese hospitality chain owns 834 hotels that span over 151 Chinese cities.

After delaying its 2021 IPO debut, Atour Lifestyle went public on November 11. Initially, the lifestyle company targeted $305 million. However, they backed off their IPO target to less than $100 million after China’s crackdown.

The Shanghai-based company was listed on Nasdaq under the name ATAT. They planned on offering 4.75 million American Depositary Shares (ADS) from $11 to $13.

In case you’re wondering, ADS is when non-U.S. companies use American broker-dealers to list on the U.S. stock market. BofA Securities, Citigroup, CICC, and CMB International served as joint managers for the Chinese hotel chain company.

Atour’s IPO raised $52.25 million, selling at $11 per ADS, the lowest end of its range. However, the Chinese lifestyle company rebounded sharply after reaching $15.50 for its stock opening. That’s an impressive 40.9% increase from their original IPO stock price!

Acrivon Therapeutics Inc.

Acrivon Therapeutics, Inc. is a biopharmaceutical company specializing in oncology medicines.

As of November 15, Acrivon began its IPO listing on the Nasdaq Global Market under the symbol ACRV. Piper Sandler, Cowen, and Jefferies are the primary investment banks that led a joint book-running for Acrivon’s IPO.

Originally, the biopharmaceutical company planned to sell 5.9 million shares for $16 to $18 apiece. That would have raised Acrivon between $94 million and slightly over $100 million. Acrivon was eyeing $100.3 million in its IPO had the share price reached a middle point of $17.

However, that was not the case. The Massachusetts-based biopharmaceutical company sold 7.55 million shares at $12.50 each to raise $94.38 million.

As you can see, the cancer-biotech company had a much smaller deal than planned. Still, their stocks had a successful opening on November 15, selling at $13.35—which is up 6.8% from the original IPO price.

Following their IPO, Acrivon sold 400,000 common stock shares to Chione Limiter in a private placement, raising $5 million. Combined with their public offering, Acrivon made $99.38 million from IPOs. So, they only fell short by around $1 million from their original target.


Since the Gulf has been one of the most active IPO markets in 2022, it’s only natural that they have had a few successful IPOs in November 2022. One such successful IPO is that of Empower, a Dubai-based district cooling service.

The district cooling service company opened its subscription period for UAE retail investors from November 7 to November 8. Following the huge demand, Empower increased the offering size by 100%!

On November 15, the Dubai-based company was listed on Dubai Financial Market under EMPOWER. They offered a total of 2 billion shares, each selling for 1.33 AED, which was the highest end of the pricing range.

That means the IPO of Empower raised 2,66 billion AED, or $724 million. Citigroup Inc., Merrill Lynch, Emirates NBD Capital, and EFG Hermes were the experts that led the successful IPO. The latter investment company served as a joint book-runner.

Following that impressive IPO, Empower maintained its success, seeing a 9% increase in its IPO share prices.

Inox Green Energy

Another Indian company on this list is Inox Green Energy. The green energy company provides wind power operation and maintenance services.

Between November 11 and 15, Inox offered 56,923,077 shares in its IPO. They targeted between 61 and 65 INR per share.

Inox raised INR 370 crore, which is slightly under $45 million. That means the green energy company sold its stocks at the highest price in its IPO range.

After the successful IPO, Inox was listed on BSE and NSE, opening with 60.50 INR apiece on November 23. However, Inox’s stocks continued to decline, reaching 59.10 INR, making for a 9% loss.

Sum Up

The third quarter of 2022 wasn’t exactly the best year for IPOs. However, that didn’t stop some companies from going public. On that note, you might be curious about the IPOs that were listed in November and how they did.

Bikaji Foods and Atour Lifestyle are two Asian-based companies that had a successful IPO in 2022. The former entered the stock market on November 16, while the latter was on November 11. Empower, the Dubai-based company, also had a successful IPO on November 15.

On the flip side, Acrivon Therapeutics’ November 11 IPO wasn’t much of a success. Yet its stocks opened at a higher price than the IPO. Conversely, Inox Green raised its targeted IPO on November 23, but its stocks underperformed.

The information in this article is well-researched and factual. Still, it contains opinions also, and IT IS NOT FINANCIAL ADVICE and should not be interpreted as such, do not make any financial decisions based on the information in this article; we are not financial advisors. We are journalists. You should always consult with a professional before making any investment decisions.

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