One IPO debuted this past week. Three IPOs and two SPACs submitted initial filings.
Specialty property & casualty insurer Bowhead Specialty Holdings (BOW) priced its upsized IPO at the top of the range to raise $128 million at a $551 million market cap. In the 12 months ended March 31, 2024, the company wrote $550 million in gross written premiums across its three underwriting divisions: casualty (57% of LTM 1Q24 GWP), professional liability (27%), and healthcare (16%). Its products are primarily written on an excess & surplus basis. The company, led by an experienced management team, has posted strong growth in gross written premiums. However, it writes all of its business through American Family, which it will pay rising fees to in the future. Bowhead Specialty Holdings finished the week up 51%.
| 1 IPO During the Week of May 20th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/24 |
| Bowhead Specialty (BOW) | $128M | $551M | 13% | +40% | +51% |
| Specialty property & casualty insurer. | |||||
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Three IPOs submitted initial filings this past week. Tempus AI (TEM), which provides data and analytics tools for precision medicine, filed to raise an estimated $600 million. Oncology biotech Actuate Therapeutics (ACTU) filed to raise $50 million. Chinese industrial machinery producer INLIF (INLF) filed and set terms to raise $10 million at a $73 million market cap.
Two SPACs also submitted initial filings: Centurion Acquisition (ALFUU) filed to raise $250 million to target the tech sector, and Perceptive Advisors-backed Perceptive Capital (PCSC) filed to raise $75 million to target healthcare.
| 5 Filings During the Week of May 20th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Actuate Therapeutics (ACTU) | $50M | Health Care | Titan Partners |
| Phase 2 biotech developing in-licensed inhibitor therapies for difficult to treat cancers. | |||
| Centurion Acquisition (ALFUU) | $250M | SPAC | Cantor Fitz. |
| Blank check company targeting the tech sector. | |||
| INLIF (INLF) | $10M | Industrials | Univest Sec. |
| Chinese producer of industrial manipulator arms for injection molding. | |||
| Perceptive Capital (PCSC) | $75M | SPAC | Jefferies |
| Blank check company backed by Perceptive Advisors targeting healthcare. | |||
| Tempus AI (TEM) | $600M | Health Care | Morgan Stanley |
| Provides data and analytics tools for precision medicine. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/23/2024, the Renaissance IPO Index was up 4.1% year-to-date, while the S&P 500 was up 11.1%. 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 up 5.2% year-to-date, while the ACWX was up 7.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Wise.
