Three IPOs priced this past week, led by the latest consumer success story, ODDITY Tech (ODD).
DTC retailer ODDITY Tech priced above the raised range to raise $424 million at a $2.2 billion market cap. ODDITY’s current portfolio includes cosmetics and personal care brands IL MAKIAGE and SpoiledChild, though the company believes its data- and tech-focused approach can support expansion in the highly competitive global beauty and wellness market. The company is profitable and has delivered strong though inconsistent growth. After popping on its first day, ODDITY finished the week up 50%.
Solid tumor biotech Turnstone Biologics (TSBX) offered more shares and priced at the low end to raise $80 million at a $274 million market cap. Turnstone's lead candidate is undergoing a Phase 1 trial for the treatment of various cancers, and the biotech is also conducting an investigator sponsored trial with Moffitt in melanoma. The company plans to provide an initial clinical update across these two trials in mid-2024. Turnstone finished down 8%.
Uplisting from the OTC, BioNexus Gene Lab (BGLC) raised $5 million at a $63 million market cap. Small and unprofitable, the company's subsidiary focuses on the sale of chemical raw materials in Malaysia and other countries in Southeast Asia. The company also develops and provides non-invasive liquid biopsy tests. BioNexus finished up 49%.
| 3 IPOs During the Week of July 17th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/21 |
| ODDITY Tech (ODD) | $424M | $2,205M | 23% | +36% | +50% |
| Israel-based direct-to-consumer cosmetics and personal care products provider. | |||||
| BioNexus (BGLC) | $5M | $63M | 0% | +22% | +49% |
| Distributes chemical products and provides non-invasive blood tests in Asia. | |||||
| Turnstone Biologics (TSBX) | $80M | $274M | -8% | -8% | -8% |
| Phase 1 biotech developing selected TIL therapies for solid tumors. | |||||
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| 3 Filings During the Week of July 17th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Creative Global Tech (CGTH) | $18M | Consumer Discretionary | Revere Sec. |
| Hong Kong-based seller of pre-owned consumer electronics. | |||
| Flewber Global (FLYF) | $8M | Industrials | Maxim |
| Provides private charter flight booking services. | |||
| Alpha Technology Group (ATGL) | $8M | Technology | Prime Num. Cap. |
| Provides software development and other services in Hong Kong. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/20/2023, the Renaissance IPO Index was up 41.3% year-to-date, while the S&P 500 was up 19.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 7.4% year-to-date, while the ACWX was up 12.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
