Several large issuers debuted in the US this past week, and four IPOs joined the pipeline.
Sports equipment and apparel maker Amer Sports (AS) priced below the range to raise $1.3 billion at a $6.4 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, but it is highly leveraged and had largely relied on China to deliver its recent growth. Amer Sports closed up 15%.
CNS disorder biotech Alto Neuroscience (ALTO) priced its upsized IPO at the top of the range to raise $129 million at a $456 million market cap. The company's current pipeline consists of five clinical-stage assets targeting major depressive disorder (MDD) and schizophrenia. Its most advanced programs are being evaluated in ongoing Phase 2b trials, with topline data expected between the 2H24 and the 1H25. Alto Neuroscience finished the week up 29%.
Diabetes and obesity-focused Fractyl Health (GUTS) priced at the midpoint to raise $110 million at an $810 million market cap. Its lead candidate, the Revita DMR System, is an outpatient procedural therapy designed to durably modify duodenal dysfunction. Revita is approved for patients with inadequately controlled T2D in Europe, and the company expects to submit an IDE and comparable documents to the FDA for US approval in the 1H24. Fractyl is also developing a pancreatic gene therapy platform, and it plans to nominate its first candidate in the 1Q24. Fractyl Health finished the week down 14%.
Cell therapy biotech FibroBiologics (FBLG) completed its direct listing on the Nasdaq, opening 275% above its reference price to begin trading at $30. 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. It completed a Phase 1 study in Mexico for refractory multiple sclerosis, and plans to submit an IND with the FDA for a Phase 2 trial. From its opening price, FibroBiologics finished down 50% amid volatile trading on low volume.
While not included below, global online betting and gaming operator Flutter Entertainment (FLUT) listed on the NYSE this past week, though it did not complete a firm commitment offering. The company’s portfolio includes a diverse array of brands spanning different countries, including FanDuel, Sky Betting & Gaming, and Sportsbet. In connection with its US listing, the company delisted from the Euronext Dublin, though it’s still listed on the LSE Main (FLTR). Flutter Entertainment traded up 6%.
| 4 IPOs During the Week of January 29th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/02 |
| FibroBiologics (FBLG) | $0M | $281M | 0% | +264% | +88% |
| Phase 1 biotech developing fibroblast-based therapies for chronic diseases. | |||||
| Alto Neuroscience (ANRO) | $129M | $456M | 7% | +29% | +29% |
| Phase 2 biotech developing biomarker-focused therapies for depression and schizophrenia. | |||||
| Amer Sports (AS) | $1,365M | $6,412M | -24% | +3% | +15% |
| Sells apparel and sports gear under brands like Arc'teryx, Salomon, and Wilson. | |||||
| Fractyl Health (GUTS) | $110M | $810M | 0% | -14% | -14% |
| Developing a medical device and other therapies for type 2 diabetes and obesity. | |||||
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Four IPOs submitted initial filings this past week. China-based EV charger and product provider XCharge (XCH) filed to raise $50 million. Electric bike, motorcycle, and scooter manufacturer and distributor Fly-E Group (FLYE) filed to raise $17 million. Hong Kong-based securities and asset management services provider Plutus Financial Group (PLUT) filed to raise $11 million at a $71 million market cap. Singapore-based civil engineering services provider SKK Holdings (SKK) filed to raise $11 million at a $70 million market cap.
| 4 Filings During the Week of January 29th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Fly-E Group (FLYE) | $17M | Consumer Discretionary | Benchmark |
| Makes and sells electric bikes, motorcycles, and scooters. | |||
| XCharge (XCH) | $50M | Industrials | Deutsche Bank |
| Provides DC fast chargers and related EV technology out of China and Europe. | |||
| Plutus Financial Group (PLUT) | $11M | Financials | Pacific Century |
| Hong Kong-based provider of securities and asset management services. | |||
| SKK Holdings (SKK) | $11M | Industrials | Bancroft Capital |
| Provides civil engineering services for utility projects in Singapore. | |||
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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.
