Updated Monday, 6/24.
Four IPOs are currently scheduled to debut in the week ahead as the second quarter comes to a close.
Immunology biotech Alumis (ALMS) plans to raise $300 million at a $1.0 billion market cap. The company is initially focused on developing two Tyrosine Kinase 2 (TYK2) inhibitors. Its most advanced candidate, ESK-001, is an oral, highly selective, small molecule, allosteric inhibitor of TYK2. The company plans to initiate Phase 3 pivotal trials of ESK-001 in moderate-to-severe plaque psoriasis in the 2H24.
Oil land acquirer LandBridge (LB) plans to raise $297 million at a $1.5 billion market cap. LandBridge was formed by energy-focused private equity firm Five Point Energy to support the water handling infrastructure of portfolio company WaterBridge by managing and expanding a strategic land position in the Delaware Basin. The company is profitable and growing, though it will be slightly leveraged post-IPO.
Web comic platform WEBTOON Entertainment (WBTN) plans to raise $293 million at a $2.6 billion market cap. Carved out of South Korean internet company NAVER, WEBTOON has attracted about 170 million monthly active users with its novel form of digital storytelling. Its paying users make up a relatively small portion of its overall base, and there’s some geographic concentration.
Cross-listing from the ASX, natural gas E&P Tamboran Resources (TBN) plans to raise $166 million at a $448 million market cap. Tamboran is focused on the commercial development of resources in Australia’s Beetaloo Basin, with exploration permits to approximately 4.7 million contiguous gross acres. The company is early stage and does not expect to generate material revenues from production until 2026 at the earliest.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Tamboran Resources (TBN) Barangaroo, Australia | $166M $448M | $24 - $27 6,500,000 | BofA Citi |
| Natural gas E&P focused on the Beetaloo Basin in Northern Australia. | |||
| WEBTOON Entertainment (WBTN) Los Angeles, CA | $293M $2,597M | $18 - $21 15,000,000 | Goldman Morgan Stanley |
| Leading global online cartoon platform carved out of South Korea's NAVER. | |||
| Alumis (ALMS) South San Francisco, CA | $300M $1,024M | $16 - $18 17,650,000 | Morgan Stanley Leerink Partners |
| Phase 3-ready biotech developing kinase inhibitors for immune-mediated diseases. | |||
| LandBridge (LB) Houston, TX | $297M $1,476M | $19 - $22 14,500,000 | Goldman Barclays |
| Oil property acquirer in the Delaware Basin formed by Five Point Energy and WaterBridge. | |||
There are no Street research releases or lock-up period expirations expected in the week ahead. 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 6/20/2024, the Renaissance IPO Index was up 5.2% year-to-date, while the S&P 500 was up 15.5%. 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 4.9% year-to-date, while the ACWX was up 6.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Porsche.
