Updated Monday, 2/5.
Seven IPOs are currently scheduled for the week ahead, led by five $100+ million deals.
American Healthcare REIT (AHR) plans to raise $756 million at a $1.7 billion market cap. This REIT owns a portfolio of 298 healthcare properties, mostly in the US, and focuses primarily on medical offices, senior housing, and other healthcare-related facilities. American Healthcare REIT faces favorable tailwinds from an aging population and shift toward outpatient care, and it plans to pay a dividend. It will be highly leveraged post-IPO.
Mexico-based BBB Foods (TBBB) plans to raise $435 million at a $1.7 billion market cap. Operating under the name Tiendas 3B, the company is a leader in the grocery hard discount model in Mexico, with 2,288 stores at the end of 2023 and estimated white space for at least 12,000 additional stores. BBB Foods is leveraged, and high interest expense has resulted in a history of net losses.
Specialty insurer The Fortegra Group (TFG) plans to raise $297 million at a $1.5 billion market cap. The company is focused on underwriting complex and niche risks in underserved markets, operating within the admitted insurance, excess and surplus insurance, and capital light fee-based services markets. Fortegra has a financial strength rating of "A-" from A.M. Best.
Biotech Kyverna Therapeutics (KYTX) plans to raise $200 million at a $731 million market cap. Its lead candidate is an autologous CD19 CAR T-cell therapy, whose underlying CAR was licensed from the NIH. Kyverna plans to conduct two trials of this candidate in patients with lupus nephritis, and has received IND clearance for a Phase 1/2 study in systemic sclerosis. It has also received IND clearance for Phase 2 studies in myasthenia gravis and multiple sclerosis.
Gene editing biotech Metagenomi (MGX) plans to raise $100 million at a $600 million market cap. The company is focused on developing therapies using its proprietary, comprehensive metagenomics-derived genome editing toolbox, which includes programmable nucleases, base editors, and RNA and DNA-mediated integration systems. Target indications include liver, neuromuscular, and other organ areas, though all of its product candidates are preclinical.
Holdover 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.
Maritime tour operator Amphitrite Digital (AMDI) plans to raise $7 million at a $61 million market cap. The company provides in-destination tours, activities, and attractions in the continental US and US Virgin Islands, with an owned fleet of 26 luxury catamarans and power boats in the USVI and Panama City. Amphitrite Digital is small but growing.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| American Healthcare REIT (AHR) Irvine, CA | $756M $1,714M | $12 - $15 56,000,000 | BofA Morgan Stanley |
| Healthcare REIT with 298 properties in the US and UK. | |||
| Fortegra (TFG) Jacksonville, FL | $297M $1,420M | $15 - $18 18,000,000 | Goldman JP Morgan |
| Specialty insurer focused on niche business lines and fee-based services. | |||
| Kyverna Therapeutics (KYTX) Emeryville, CA | $200M $731M | $17 - $19 11,120,000 | JP Morgan Morgan Stanley |
| Phase 2-ready biotech developing cell therapies for autoimmune diseases. | |||
| 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. | |||
| Amphitrite Digital (AMDI) St. Thomas, U.S. Virgin Islands | $7M $61M | $3.50 - $4.50 1,750,000 | Kingswood Cap. Mkts. |
| Provides maritime tours and activities in the continental US and US Virgin Islands. | |||
| BBB Foods (TBBB) Mexico City, Mexico | $435M $1,739M | $14.50 - $16.50 28,050,491 | JP Morgan Morgan Stanley |
| Operates more than 2,200 discount grocery stores in Mexico. | |||
| Metagenomi (MGX) Emeryville, CA | $100M $600M | $15 - $17 6,250,000 | JP Morgan Jefferies |
| Preclinical biotech developing therapies using metagenomics-derived genome editing. | |||
| Legato Merger III (LEGT.U) New York, NY | $175M $225M | $10 17,500,000 | BTIG |
| Blank check company targeting the infrastructure, E&C, industrial and renewables industries. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/1/2024, the Renaissance IPO Index was down 8.4% year-to-date, while the S&P 500 was up 3.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Coinbase Global (COIN). The Renaissance International IPO Index was down 9.6% year-to-date, while the ACWX was down 1.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.
