Seven IPOs priced this past week, led by three that raised $100+ million.
After upwardly revising the terms earlier in the week, CG Oncology (CGON) further upsized the offering and priced above the range to raise $380 million at a $1.3 billion market cap. Its sole clinical asset is initially in development for a subclass of bladder cancer and is currently in an ongoing Phase 3 trial, with topline data expected by the end of 2024. If successful, the biotech believes that this trial could serve as the basis for a BLA submission. CG Oncology popped 96% on its first day and finished the week up 84%.
ArriVent Biopharma (AVBP) plans to raise $150 million at a $585 million market cap. The biotech's sole clinical candidate is a kinase inhibitor being developed for non-small cell lung cancer (NSCLC) across a broad set of epithelial growth factor receptor mutations (EGFRm). The drug is currently being evaluated in multiple trials, including a pivotal Phase 3 trial with topline data in 2025. ArriVent finished up 11%.
In its second IPO attempt, BrightSpring Health Services (BTSG) plans to raise $880 million at a $3.4 billion market cap. The company offers a home and community-based healthcare services platform. It is focused on delivering services to complex patients, particularly Senior and Specialty patients, which includes Behavioral populations. The company is very large with decent growth, though it is leveraged. BrightSpring finished down 15%.
Four very small Chinese issuers also began trading in the US this past week, all raising $10 million or less: online marketing firm Haoxi Health Technology (HAO), garment trim distributor J-Long Group (JL), toner cartridge maker Planet Image International (YIBO), and security company SU Group Holdings (SUGP). Haoxi Health Technology and J-Long Group were the only ones to finish above issue.
| 7 IPOs During the Week of January 22nd, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/26 |
| J-Long Group (JL) | $7M | $157M | 0% | +49% | +101% |
| Hong Kong-based distributor of reflective and non-reflective garment trims. | |||||
| CG Oncology (CGON) | $380M | $1,292M | 12% | +96% | +84% |
| Phase 3 biotech developing an oncolytic immunotherapy for bladder cancer. | |||||
| Haoxi Health Technology (HAO) | $10M | $128M | -11% | +32% | +32% |
| Provides online marketing solutions in China. | |||||
| ArriVent BioPharma (AVBP) | $175M | $610M | 0% | +11% | +11% |
| Phase 3 biotech developing a novel kinase inhibitor for EGFR-mutated lung cancer. | |||||
| SU Group (SUGP) | $5M | $53M | -11% | +0% | -12% |
| Provides security-related engineering services in Hong Kong. | |||||
| BrightSpring Health (BTSG) | $693M | $2,666M | -21% | -15% | -15% |
| Provides home and community-based healthcare services. | |||||
| Planet Image (YIBO) | $5M | $216M | -11% | -30% | -32% |
| Chinese toner cartridge manufacturer. | |||||
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| 3 Filings During the Week of January 22nd, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| APRINOIA Therapeutics (APRI) | $50M | Health Care | Tiger Brokers |
| Phase 3 biotech developing diagnostics and therapies for neurodegenerative diseases. | |||
| Semidux (JIE) | $17M | Technology | EF Hutton |
| Chinese provider of products and services for metaverse computing infrastructure. | |||
| iOThree (IOTR) | $19M | Technology | Eddid Securities |
| Singapore-based provider of maritime connectivity and digitalization solutions. | |||
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The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/25/2024, the Renaissance IPO Index was down 8.3% year-to-date, while the S&P 500 was up 2.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 9.2% year-to-date, while the ACWX was down 1.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
