Just one small IPO priced this week, raising $6 million. Two SPACS also listed. Four IPOs and two SPACs submitted initial filings.
This week’s sole listing belonged to OS Therapies (OSTX), which priced its downsized IPO at the $4 proposed price to raise $6 million at an $81 million market cap. The company is developing treatments for osteosarcoma and other solid tumors, focusing on the need for new treatments in cancers of the bone in children and young adults. Its most advanced candidate, OST-HER2, is a genetically engineered strain of Listeria monocytogenes which entered a Phase 2b trial in osteosarcoma in July 2021. The trial is expected to conclude in late 2024, after which the company plans to submit an NDA given that there is sufficiently positive endpoint data. Despite OST-HER2 being well tolerated in a Phase 1b trial conducted by Advaxis, the company only has one clinical candidate and its license partner has underperformed since the start of the agreement. A very low incidence rate of osteosarcoma may also cause significant delays in trial enrollment. The stock finished the week down 37%.
Two SPACs also priced this week. Asia-focused AA Mission Acquisition (AAMU) and turnaround veteran-led M3-Brigade Acquisition V (MBAVU) raised $300 million and $250 million, respectively.
| 3 IPOs During the Week of July 29th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/02 |
| M3-Brigade Acquisition V (MBAVU) | $250M | $313M | 0% | +1% | +0% |
| Blank check company led by turnaround veteran Mohsin Meghji targeting energy in North America. | |||||
| OS Therapies (OSTX) | $6M | $81M | -20% | -37% | +0% |
| Phase 2 biotech developing an off-the-shelf immunotherapy for osteosarcoma. | |||||
| AA Mission Acquisition (AAMU) | $300M | $383M | 0% | n/a | +0% |
| Blank check company targeting businesses in Asia. | |||||
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Four IPOs submitted initial filings this past week. Osteopathic health care provider rYojbaba (RYOJ), Canada-based mining company Lannister Mining (DRIL), and PTL (PTLE), which provides fueling logistics services to the commercial ships in the APAC region, all filed to raise $6 million. Malaysian solar project service provider Founder Group (FGL) filed to raise $11 million.
Two SPACs also submitted initial filings this week: Plum Partners’ Plum Acquisition IV (PLMKU) and new economy-focused AEI CapForce II Investment (AEIBU) filed to raise $200 million and $100 million, respectively.
| 6 Filings During the Week of July 29th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| rYojbaba (RYOJ) | $6M | Health Care | Boustead |
| Japanese provider of osteopathic health care and labor consulting services. | |||
| Founder Group (FGL) | $11M | Utilities | Tiger Brokers |
| Malaysian provider of engineering and construction services for solar projects. | |||
| Lannister Mining (DRIL) | $6M | Materials | Kingswood |
| Canada-based mining company with an exploration-stage project in Montana. | |||
| Plum Acquisition IV (PLMKU) | $200M | SPAC | Cohen & Company |
| Blank check company sponsored by investment company Plum Partners. | |||
| AEI CapForce II Inv. (AEIBU) | $100M | SPAC | EF Hutton |
| Blank check company targeting "new economy" sectors in the Southeast Asia and APAC regions. | |||
| PTL (PTLE) | $6M | Energy | Pacific Century |
| Provides fueling logistic services to commercial ships in the Asia Pacific region. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/1/2024, the Renaissance IPO Index was up 2.6% year-to-date, while the S&P 500 was up 15.1%. 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 7.3% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Amman Mineral Internasional and Barito Renewables Energy.
