Updated Monday, 7/15.
After a quiet post-holiday week, the July IPO market is set to bag its first major deals in the week ahead.
Hospital operator Ardent Health (ARDT) plans to raise $300 million at a $3.0 billion market cap. Ardent states that it is the fourth largest privately held, for-profit operator of hospitals in the US. It operates a system of 30 acute care hospitals and more than 200 sits of care across six states, holding a 10%+ share of its markets. LBO’d by Sam Zell’s Equity Group Investments in 2015, the company will be levered post-IPO.
Insurance distributor TWFG (TWFG) plans to raise $165 million at an $820 million market cap. Also known as The Woodlands Financial Group, TWFG distributes personal and commercial property & casualty insurance, stating that it is the seventh largest personal lines agency in the US by revenue. The company’s business is concentrated in Texas, which accounts for more than half of its total written premiums.
Autoimmune biotech Artiva Biotherapeutics (ARTV) plans to raise $131 million at a $279 million market cap. Artiva is focused on developing "off-the-shelf" natural killer cell-based therapies for autoimmune diseases and cancers. Its lead candidate is currently in an ongoing Phase 1/1b trial in lupus nephritis and a basket investigator-initiated trial in multiple autoimmune indications. Artiva expects to report initial data from at least one of these trials in the 1H25.
Holdover QMMM Holdings (QMMM) plans to raise $9 million at a $69 million market cap. The Hong Kong-based company provides digital media advertising and virtual avatar & virtual apparel technology services. Through its operating subsidiaries, QMMM has been involved in over 500 commercial campaigns for a variety of customers across different verticals.
Japan-based BloomZ (BLMZ) plans to raise $5 million at a $53 million market cap. Operating through its subsidiary BloomZ Japan, the company is currently engaged in three lines of business: audio production, management of virtual animated characters known as “VTubers”, and voice actor workshops.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| QMMM Holdings (QMMM) Hong Kong, China | $9M $69M | $4 2,125,000 | WallachBeth Revere Sec. |
| Hong Kong-based provider of digital media advertising and VR services. | |||
| Ardent Health (ARDT) Brentwood, TN | $300M $3,009M | $20 - $22 14,300,000 | JP Morgan BofA |
| Operates hospitals and healthcare clinics in six states. | |||
| TWFG (TWFG) The Woodlands, TX | $165M $820M | $14 - $16 11,000,000 | JP Morgan Morgan Stanley |
| Distributes property & casualty insurance with a focus on personal and small business. | |||
| Artiva Biotherapeutics (ARTV) San Diego, CA | $131M $279M | $14 - $16 8,700,000 | Jefferies TD Cowen |
| Phase 1 biotech developing off-the-shelf natural killer cell-based therapies for autoimmune diseases. | |||
| BloomZ (BLMZ) Tokyo, Japan | $5M $53M | $4.30 1,250,000 | Network 1 |
| Japanese audio production and voice actor management company. | |||
Street research is expected for one company in the week ahead, and one lock-up period will be expiring. 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 7/11/2024, the Renaissance IPO Index was up 9.5% year-to-date, while the S&P 500 was up 18.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Nu Holdings (NU) and Kenvue (KVUE). The Renaissance International IPO Index was down 2.1% year-to-date, while the ACWX was up 10.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Interasional.
