Savers Value Village Inc., a thrift-store operator, saw its stock soar 37% on Thursday in its debut trading, but two new deals failed, suggesting that investors are still wary about new offerings.

Savers Value Warehouse Inc. , SVV, +29.06%, based in Bellevue (Washington), appeared to be on track for gains following its pricing late Wednesday, which was above the proposed range.

Both Texas-based Kodiak Gas Services Inc. KGS -1.56%, and Fidelis Holdings Limited FIHL – 7.75%, fell in the early trades, after pricing their shares below ranges and making other concessions to close their deals.

Fidelis of Bermuda, a reinsurance company, reduced its deal from 17 million shares to 15 million. The price of the initial public offering was $14 per share, which is below the range proposed between $16 and $19.

Kodiak, a maker of oil and gas production equipment, opened at $16 which was almost 3% lower than its initial price. This price was also well below the proposed range of $19-$22.

These deals follow two recent IPOs, both of which were restaurant chains. Both were met with euphoria and raised hopes that the market would finally thaw after a long deep freeze.

Renaissance Capital, a provider IPO exchange traded funds and institutional analysis, reports that only 50 IPOs priced this year. This is up 28% compared to the same period last year, when the market remained static.

The total proceeds raised are $8.5 billion. This is an increase of more than 100 percent from the previous year, but still well below levels in 2021 or earlier.

Renaissance Capital

This was supposed to change following two recent IPOs. These were those of Cava Group Inc.

Investors hoped that these deals would attract issuers who had been absent from the market for a while, like tech.

See now: Money-losing food chain Cava showed IPO success. Is it time to finally make some tech deals now?

Savers Value Village is the largest chain of thrift stores in North America. The company operates 317 stores under various names.

Net income was $11.9 million for the first quarter of 2019 through April 2. This is a significant improvement from the loss of $10.2 million during the same period last year. In 2022 the company had a net profit of $84.7m, up from $83.4m in 2021.

The revenue for the third quarter was $327.5 millions, a decrease from $345.7 in the previous period. Revenues for 2022 will total $1.4 billion, an increase from $1.2 billion.

Kodiak had a revenue of 190.1 million dollars, but a loss for the quarter ending March 31 of $12.3 millions.

Fidelis reported a net profit of $1.7 billion on revenues of $2.05billion in the quarter ending March 31, but this was mainly due to an one-time gain by a related company that manages original, underwriting, and claims management.

The Renaissance IPO ETF IPO -1.47% gained 30% this year, while the S&P500 SPX -0.20% gained 14%.