Just one IPO is currently scheduled to list in the week ahead, the final week of the IPO market’s annual August pause. A few small issuers may also join the calendar during the week.
Look out for new filings in the week ahead, as more companies prepare for post-Labor Day launches. The fall IPO pipeline grew this past week, with notable filings from chip designer Arm (ARM), grocery delivery unicorn Instacart (CART), Vietnamese gaming platform VNG (VNG), oncology biotech RayzeBio (RYZB), digital marketing platform Klaviyo (KVYO), and brain disease biotech Neumora Therapeutics (NMRA). Arm is eligible to launch its roadshow post-Labor Day, with Instacart and Klaviyo eligible to launch the following week.
Holdover oncology biotech Adlai Nortye (ANL) again 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.
| 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. | |||
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Street research is expected for four companies in the week ahead, and three lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/24/2023, the Renaissance IPO Index was up 25.0% year-to-date, while the S&P 500 was up 15.2%. 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 14.2% year-to-date, while the ACWX was up 7.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
