Updated Monday, 1/29.
Five listings are currently scheduled for the week ahead, although other issuers may join the calendar throughout the week.
Leading the pack, sports equipment and apparel maker Amer Sports (AS) plans to raise $1.7 billion at an $8.3 billion market cap. The Finland-based company’s portfolio includes major brands like Arc’teryx, Salomon, Wilson, and Louisville Slugger, and its products are sold in over 100 different countries, including in over 300 owned retail stores. Amer is highly profitable with strong revenue growth, though it is highly leveraged and operates in a very competitive industry.
Fractyl Health (GUTS) plans to raise $110 million at an $810 million market cap. Fractyl is a metabolic therapeutics company focused on pioneering new approaches to the treatment of metabolic diseases, including type 2 diabetes and obesity. Its lead candidate, the Revita DMR System, is an outpatient procedural therapy and is approved for patients with inadequately controlled T2D in Europe. The company is currently enrolling a pivotal study of Revita in the US in patients with inadequately controlled T2D, with topline data expected in the 4Q24.
CNS disorder biotech Alto Neuroscience (ANRO) plans to raise $101 million at a $407 million market cap. The company's current pipeline consists of five clinical-stage assets initially targeting major depressive disorder (MDD) and schizophrenia populations characterized by independent brain-based biomarkers. Its most advanced programs are being evaluated in ongoing Phase 2b trials in MDD patients characterized by cognitive or electroencephalography biomarkers. Topline data from these trials is expected between the 2H24 and the 1H25.
UK-based luxury outerwear brand Perfect Moment (PMNT) plans to raise $8 million at a $101 million market cap. The company makes luxury ski outwear and accessories, swimwear, and activewear, which it sells both D2C and wholesale. It operates in a growing but highly seasonal industry.
Cell therapy biotech FibroBiologics (FBLG) is set to direct list on the Nasdaq in the week ahead. Spun out of former parent FibroGenesis in 2021, FibroBiologics is focused on developing fibroblast-based therapies for patients suffering from chronic diseases with significant unmet medical needs, including degenerative disc disease, multiple sclerosis (MS), wound healing, and certain cancers. It completed a Phase 1 study in Mexico for refractory MS, and plans to submit an IND with the FDA for a Phase 2 trial.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Amer Sports (AS) Helsinki, Finland | $1,700M $8,345M | $16 - $18 100,000,000 | Goldman BofA |
| Sells apparel and sports gear under brands like Arc'teryx, Salomon, and Wilson. | |||
| FibroBiologics (FBLG) Houston, TX | $87M $644M | $18 4,806,226 | |
| Phase 1 biotech developing fibroblast-based therapies for chronic diseases. | |||
| Alto Neuroscience (ANRO) Los Altos, CA | $101M $407M | $14 - $16 6,700,000 | Jefferies TD Cowen |
| Phase 2 biotech developing biomarker-focused therapies for depression and schizophrenia. | |||
| Fractyl Health (GUTS) Lexington, MA | $110M $810M | $14 - $16 7,333,333 | BofA Morgan Stanley |
| Developing a medical device and other therapies for type 2 diabetes and obesity. | |||
| Perfect Moment (PMNT) London, United Kingdom | $8M $101M | $6 - $7 1,232,000 | ThinkEquity Laidlaw (UK) |
| Luxury lifestyle brand focused on ski apparel and other activewear. | |||
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IPO Market Snapshot
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.
