Recent IPOs to Study: The Best (and Worst) IPOs of 2023

Written By Mike Munno

Posted December 6, 2023

Recent initial public offerings (IPOs) have given us a polarizing view of the stock market in 2023. While the market has experienced volatility, recent IPOs have followed suit. 

Not just that, recent IPOs showcased a dynamic market. Let me explain what I’m specifically talking about. Golden Heaven Group Holdings Ltd. skyrocketed, soaring 414.50% since its April 12, 2023 IPO at $4.00. Structure Therapeutics Inc. and Alpha Technology Group Limited mirrored success, with gains of 310% and 281.25%, respectively. 

Recent IPOs

Conversely, Surf Air Mobility Inc., Hanryu Holdings, Inc., and U Power Limited faced challenges, witnessing sharp declines. With all three companies experiencing losses exceeding 90%. I’ll get into more of those details below. 

Keep in mind, that these companies’ sharp declines serve as a reminder of the inherent risks involved in investing in unproven companies. But on contrast, successful companies show us the rewarding aspect of investing in recent IPOs and unproven companies. 

Today we’ll take a look at various insights into the vibrant and sometimes volatile world of recent IPOs. In addition to examining recent IPOs, we’ll discuss the best and worst IPOs of 2023 in more detail. But that’s not the best part of what we have in store…

If you stick around until the end, you’ll gain some insight into one of the most anticipated opportunities in the market for 2024, making these recent IPO gains look like peanuts. 

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Recent IPOs – The Best of 2023:

  • Golden Heaven Group Holdings Ltd.
  • Structure Therapeutics Inc.
  • Alpha Technology Group Limited

Recent IPO #1: Golden Heaven Group Holdings Ltd. (GDHG)

Golden Heaven Group Holdings Ltd. owns and operates amusement parks in China. The majority of Golden Heaven’s parks are waterparks. They were founded in 2020 and have experienced quite an uptick. 

Golden Heaven Group Holdings Ltd. has been the most successful recent IPO and the clear winner of 2023 IPOs. However, some doubt the legitimacy of Golden Heaven’s earnings. There have been claims that the company has fabricated reports. 

GDHG responded to the allegations by claiming it was subversive efforts at the hands of short sellers. Regardless of what you believe, one thing is certain. Golden Heaven is one of the most, if not the top company of recent IPOs. With a market debut on April 12, 2023, at $4.00/share, Golden Heaven is up 414.50% and trading at $21.43 (at the time of writing).

Recent IPO #2: Structure Therapeutics Inc. (GPCR)

To put it bluntly, Structure Therapeutics develops novel oral small-molecule therapeutics for metabolic and pulmonary diseases. GPCR primarily focuses on patients with nonalcoholic steatohepatitis (NASH), idiopathic pulmonary fibrosis (IPF), and type 2 diabetes. 

Their success in 2023 can be heavily attributed to some good news. In November 2023, the company announced positive Phase 1b trial results for GSBR-1290 in healthy overweight, or obese individuals. Earlier in October, Structure Therapeutics appointed Ted W. Love as its new Chief Executive Officer. The stock price is a reflection of investors’ faith in not only the company’s product but its management and direction. 

GPCR hit markets on February 3, 2023, with a price of $15.00. Now as we close out the year, GPCR is trading at $62.88 (at the time of writing). That’s an incredible gain of 310% in just 10 short months. That being said, pharmaceutical and biotech companies are inherently risky. 

There is so much that can go wrong in the FDA process that stocks can crash on a whim. Side note: if you’re looking to get a leg-up in the biotech industry, I highly encourage you to check out Topline Trader.

Recent IPO #3: Alpha Technology Group Limited (ATGL)

As far as recent IPOs go, this is the last of our top performers. Alpha Technology Group Limited is a Fintech company that provides information technology services, including cloud computing, cybersecurity, and data analytics, to businesses in China. They are a very small company with less than 20 employees, but that isn’t stopping them.

Founded in 2022, ATGL hit the NASDAQ on Halloween (October 31) of 2023. They premiered with a price of $4.00 and are already trading at $15.55 (at the time of writing). Those who got in on the IPO are sitting on a 281% gain. If that’s you, nicely done. 

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Recent IPOs – The Worst of 2023

  • Surf Air Mobility Inc.
  • Hanryu Holdings, Inc.
  • U Power Limited

Recent IPO #4: Surf Air Mobility Inc. (SRFM)

For our fourth recent IPO, we are featuring one of the worst performances of 2023 (no offense, Surf Air). Surf Air Mobility Inc. provides air travel services through its membership program, offering unlimited flights between its network of regional airports. They typically service business travelers and leisure travelers seeking a convenient and affordable alternative to traditional airlines.

As far as recent IPOs go, Surf Air’s is the least desirable result. SRFM hit the NYSE on July 27, 2023, at $20.00/share. Fast-forward to today and the stock is down an abysmal 96%. Now considered a penny stock, SRFM is trading for $0.76. 

Perhaps they’ll right the course soon, though. In December 2023, Surf Air announced plans to expand its service to five new cities in the United States. Perhaps once the company expands enough, the shareholders will be rewarded. 

Recent IPO #5: Hanryu Holdings, Inc. (HRYU)

Another poor showing among recent IPOs is Hanryu Holdings, Inc. Hanryu is a media company focused on the Korean entertainment industry, also known as Hallyu. Most of the company’s consumers are Chinese viewers interested in K-Pop.

Hanryu Holdings, Inc. is a company with a niche market focus and ambitious growth plans. However, the company has experienced significant financial losses and faces intense competition. Its future success will depend on its ability to attract and retain customers in an increasingly competitive market.

HRYU hit the stock market on August 1, 2023, with a price of $10.00/share. Since going public, Hanryu has dropped 95.85%, now trading for just $0.40. 

Recent IPO #6: U Power Limited (UCAR)

Our last company to round out the discussion on recent IPOs could be one to watch for 2024. Although U Power Limited had a very tough year, things could be improving. But before the good news, let’s cover the bad. 

As mentioned earlier, it was a hard year for U Power. This came as a surprise to me, personally. You see, U Power Limited is an EV charging stock, of sorts. Not just that, though. They develop, manufacture, and sell electric vehicle charging stations and related equipment. As the EV market grows, charging infrastructure will be in high demand. That’s why I was surprised UCAR had such a dismal stock market debut. 

Once you look a little deeper, it begins to make sense. UCAR hit markets on April 20, 2023, with a $6.00 price. Today, they are trading at just $0.43, representing a 92.6% decline. You see, if UCAR was simply making EV charging stations then perhaps they would have had a more successful year. The problem may lie in their primary product, it’s battery-swapping technology. The main issue? People aren’t a believer yet. 

The bright side? This could be the buy of the century. Proceed with caution, though. 

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Final Word on the Recent IPOs of 2023

The stories of these six companies illustrate the diverse landscape of the 2023 IPO market. Some thrived, delivering significant returns and exceeding expectations. Others have faltered, leaving investors with substantial losses. This dichotomy highlights the importance of careful due diligence before investing in any newly public company – or before making any investment, for that matter. 

Understanding the company’s business model, competitive landscape, and prospects is crucial for making informed investment decisions. Additionally, monitoring the market closely and staying updated on company developments are essential for mitigating risk and maximizing potential gains.

Ultimately, the IPO market offers both opportunities and challenges. By carefully analyzing individual companies and remaining vigilant, investors can navigate this dynamic landscape and potentially reap substantial rewards.

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