Updated Monday, 9/11.
Five issuers are currently scheduled to list in the week ahead, although one is too small for our IPO stats. Small issuers may also join the calendar during the week.
Chip designer Arm (ARM) is set to price its mega-IPO next week, planning to raise $4.7 billion at a $50.8 billion market cap. At the midpoint, it would be the largest US IPO since EV maker Rivian (RIVN) in November 2021. Arm is an industry leader in central processing units (CPUs), creating and licensing high-performance, low-cost, and energy-efficient CPU products and related technology. The company states that its energy-efficient CPUs are in over 99% of the world's smartphones in 2022, and estimates that approximately 70% of the world's population uses Arm-based products. Arm saw revenue decline in both the most recent quarter, largely due to issues in China, which it expects to continue in the near term.
Brain disease biotech Neumora Therapeutics (NMRA) plans to raise $250 million at a $2.8 billion market cap. The company's lead candidate is a novel once-daily oral kappa opioid receptor antagonist that is being developed for the treatment of major depressive disorder (MDD). Neumora is initiating a pivotal Phase 3 program for the candidate as a monotherapy in patients with moderate to severe MDD, with topline results expected in the 2H24.
Radiopharmaceutical biotech RayzeBio (RYZB) plans to raise $245 million at a $1.0 billion market cap. The company's lead candidate is designed to deliver a highly potent alpha particle radioisotope to tumors overexpressing somatostatin receptor type 2. The company is enrolling a registrational Phase 3 trial for the treatment of gasteroenteropancreatic neuroendocrine tumors.
Holdover Gamer Pakistan (GPAK) plans to raise $8 million at a $115 million market cap. The pre-revenue company is initially focused on creating men's and women's college, inter-university, and professional esports events, particularly with colleges and universities in Pakistan.
While not included below, stem cell biotech Vitro Biopharma (VTRO) plans to raise $10 million at a $37 million market cap. The company is developing novel cellular therapies to target autoimmune and inflammatory diseases, and plans to initiate Phase 1/2a trials later this year.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Arm (ARM) Cambridge, United Kingdom | $4,680M $50,838M | $47 - $51 95,500,000 | Barclays Goldman |
| UK-based chip designer for smartphones and other markets. | |||
| Neumora Therapeutics (NMRA) Watertown, MA | $250M $2,760M | $16 - $18 14,710,000 | JP Morgan BofA |
| Phase 3 biotech developing therapies for brain diseases. | |||
| RayzeBio (RYZB) San Diego, CA | $245M $1,000M | $16 - $18 14,398,000 | JP Morgan Jefferies |
| Phase 3 biotech developing radiopharmaceutical therapies for cancer. | |||
| Gamer Pakistan (GPAK) Henderson, NV | $8M $115M | $4 - $5 1,700,000 | WestPark Capital |
| Pre-revenue organizer of esports events in Pakistan. | |||
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Street research is expected for two companies in the week ahead, and two 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 9/7/2023, the Renaissance IPO Index was up 32.1% year-to-date, while the S&P 500 was up 17.3%. 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 15.3% 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.
