Updated Monday, 6/3.
Five listings are currently scheduled for the week ahead, although smaller issuers may join the calendar throughout the week.
Hospital billing platform Waystar (WAY) plans to raise $968 million at a $3.7 billion market cap. Waystar provides cloud payments software payments for healthcare providers. The company currently serves approximately 30,000 clients, representing approximately one million distinct providers practicing across a variety of care sites. In 2023, Waystar facilitated over 5 billion healthcare payments transactions, including over $1.2 trillion in gross claims volume, spanning approximately 50% of patients in the US. The company is operating in a large market, and commands a 109% dollar-based net retention rate, but is highly leveraged.
Aluminum company Novelis (NVL) plans to raise $878 million at an $11.7 billion market cap. Based in the US, Novelis is an aluminum roller and recycler owned by India’s Hindalco. It states it is the world’s largest recycler of aluminum, and boasts an integrated network of 32 facilities throughout North America, South America, Europe, and Asia. For the FY24, the company had total flat-rolled product shipments of 3,673 kilotonnes. The company has a leading share in certain aluminum markets, and boasts a higher EBITDA margin than its peers, although it is currently facing headwinds in its highly cyclical end markets.
CNS disorder biotech Rapport Therapeutics (RAPP) plans to raise $136 million at a $633 million market cap. Its most advanced candidate has completed Phase 1 trials in healthy adults and is expected to enter a Phase 2a proof-of-concept trial in drug-resistant focal epilepsy in mid-2024, with topline results expected in mid-2025. The company believes the candidate also has therapeutic potential in peripheral neuropathic pain and bipolar disorder.
Israeli glass film manufacturer Gauzy (GAUZ) plans to raise $75 million at a $357 million market cap. Gauzy provides a variety of PDLC and SPD films which are laminated or retrofitted onto glass. The films can dim light, or show transparent displays. Major end markets for Gauzy include the automotive, aerospace, and construction sectors. The company grew its revenue 59% in 2023, but remains unprofitable with a cash flow loss.
Electric bike retailer Fly-E Group (FLYE) plans to raise $14 million at a $113 million market cap. It sells its motorcycle, e-bike, and e-scooter products online and through retailers in the US and Canada. The company is profitable, and growing cast, but competes with larger and more-established players.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Fly-E Group (FLYE) Flushing, NY | $14M $113M | $4 - $5 3,000,000 | Benchmark |
| Makes and sells electric bikes, motorcycles, and scooters. | |||
| Gauzy (GAUZ) Tel Aviv, Israel | $75M $357M | $17 - $19 4,166,667 | Barclays TD Cowen |
| Israel-based manufacturer of smart glass films. | |||
| Novelis (NVL) Atlanta, GA | $878M $11,715M | $18 - $21 45,000,000 | Morgan Stanley BofA |
| US-based aluminum roller and recycler owned by India's Hindalco. | |||
| Rapport Therapeutics (RAPP) Boston, MA | $136M $633M | $16 - $18 8,000,000 | Goldman Jefferies |
| Phase 2-ready biotech developing small molecule therapies for CNS disorders. | |||
| Waystar (WAY) Lehi, UT | $968M $3,698M | $20 - $23 45,000,000 | JP Morgan Goldman |
| Provides cloud-based revenue management software for the healthcare industry. | |||
Street research is expected for four companies in the week ahead, and lock-up periods will be expiring for three companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/30/2024, the Renaissance IPO Index was up 5.6% year-to-date, while the S&P 500 was up 10.4%. 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 2.0% year-to-date, while the ACWX was up 5.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Wise.
