Updated Monday, 10/30.
Three listings are currently scheduled for the week ahead, two of which qualify for inclusion in our stats. Some small issuers may also join the calendar late.
While it looks relatively quiet for now, a couple larger issuers are eligible to launch in the week ahead: hospital billing platform Waystar (WAY), which disclosed updated financials this past week ahead of its estimated $500 million IPO, and reinsurer Hamilton Group (HG).
Launching Monday morning, gene therapy biotech Lexeo Therapeutics (LXEO) plans to raise $126 million at a $364 million market cap. The company's lead candidates for cardiovascular and Alzheimer's disease are currently being evaluated in Phase 1/2 trials, with interim data from both expected in mid to late 2024.
Shimmick (SHIM) plans to raise $50 million at a $333 million market cap. The company provides water and other critical infrastructure solutions across the US, primarily California, which accounted for over half of the company’s revenue in 2022. Shimmick has a project backlog worth $1+ billion, subject to cancellation and adjustments, and its focus on the public sector provides revenue stability.
While not included in the table below, mortgage broker Pineapple Financial (PAPL) plans to raise $4 million at a $38 million market cap. The company currently operates exclusively in Canada.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Lexeo Therapeutics (LXEO) New York, NY | $126M $364M | $13 - $15 9,000,000 | JP Morgan Leerink Partners |
| Phase 1 biotech developing gene therapies for cardio and neuro diseases. | |||
| Shimmick (SHIM) Irvine, CA | $50M $333M | $10 - $12 4,550,000 | Roth Cap. |
| California-based construction firm specializing in public water infrastructure. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/26/2023, the Renaissance IPO Index was up 18.5% year-to-date, while the S&P 500 was up 9.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Airbnb (ABNB). The Renaissance International IPO Index was down 25.8% year-to-date, while the ACWX was up 1.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
