A few holdovers are tentatively scheduled for the week ahead, though more small issuers may join the calendar late.
With the end of August on the horizon, issuers will need to file soon if they plan to launch in the short Labor Day week. While recent pipeline activity points to a modest start to the fall IPO market, there are several large names reportedly targeting September listings. Chip designer Arm, luxury sandal maker Birkenstock Group, and grocery deliver platform Instacart have all indicated plans to list in the coming month, and public filings from Arm and Instacart could be imminent.
Oncology biotech Adlai Nortye (ANL) plans to raise $72 million at an $896 million market cap. Operating through subsidiaries in the US and China, Adlai Nortye’s lead candidate (in-licensed from Novartis) is a kinase inhibitor designed to act against solid tumors that is currently undergoing a Phase 3 trial. The company expects to submit an NDA to the FDA seeking potential accelerated approval in the 2H24.
Nature Wood Group (NWGL), a Macau-based vertically-integrated forestry company with facilities in Peru, may raise $9 million at a $166 million market cap. The company produces a range of products, including logs, decking, flooring, and sawn timber. Nature Wood owns natural forest concessions and cutting rights for the exploitation of timbers in Peru, covering approximately 615,333 hectares.
Bermuda-based video game creator RoyaLand (RLND) may raise $7 million at an $87 million market cap. The company is currently in the development phase for its royalty-themed video game, TheRoyal.Land. It has completed the storyboard and is in the process of assembling its design and production team.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Adlai Nortye (ANL) Grand Cayman, Cayman Islands | $72M $896M | $22 - $26 3,000,000 | Cantor Fitz. CITIC CLSA |
| Phase 3 biotech developing immunotherapies for various cancers. | |||
| Nature Wood Group (NWGL) Macau, China | $9M $166M | $9 - $11 915,000 | Orientiert XYZ Securities Prime Num. Cap. |
| Macau-based forestry company with operations in Peru. | |||
| RoyaLand (RLND) Hamilton, Bermuda | $7M $87M | $5 - $6 1,250,000 | Revere Sec. Dominari Securities |
| Bermuda-based video game developer focused on a mobile-first MMORPG. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/17/2023, the Renaissance IPO Index was up 25.8% year-to-date, while the S&P 500 was up 15.0%. 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 12.7% year-to-date, while the ACWX was up 7.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
