Six IPOs debuted this past week, including three deals of more than $100 million. Seven IPOs submitted initial filings.
Immunology biotech Zenas Biopharma (ZBIO) priced its upsized deal at the midpoint to raise $225 million at a $710 million market capitalization. Advancing its lead bifunctional antibody, obexelimab, targeting both CD19 (a popular target in autoimmune disease) and FcyRIIb, the company is pursuing multiple autoimmune indications, chiefly IgG4-related disease (IgG4-RD), which it expects to report Phase 3 data for in 2024. The company will also have readout in multiple sclerosis, warm autoimmune hemolytic anemia, and systemic lupus erythematosus in the next two years. Zenas Biopharma finished up 7%.
Metabolic disease biotech MBX Biosciences (MBX) priced its upsized deal at the high end of the range to raise $163 million at a $538 million market cap. The company is advancing its lead candidate, MBX 2109, for the treatment of chronic hypoparathyroidism, which is a condition causing low blood calcium levels which is primarily caused by removal of the parathyroid gland during neck surgery. While the company has not reported any efficacy data from its lead candidate thus far, and has two even earlier-stage candidates (one of which is intended for the treatment of obesity), it believes its peptide technology may allow for less frequent injections and greater efficacy, with data from its lead candidate expected in the 3Q25. MBX BioPharma finished up 48%.
Oncology biotech Bicara Therapeutics (BCAX) priced its upsized deal at the high end of the range to raise $315 million at a $1 billion market cap. The company is advancing its lead candidate, ficerafusp alfa, to improve upon the efficacy of existing EGFR inhibitors in multiple cancers by targeting both EGFR and transforming growth factor beta (TGF-ß). Having raised over $350 million of private funding prior its IPO, the company is conducting a Phase 2/3 trial in recurrent/metastatic head and neck squamous cell carcinoma (R/M HNSCC), which it expects to report data from in late 4Q24 or early 1Q25, with hopes of continuing the success of its promising Phase 1 data. Bicara Therapeutics finished up 30%.One SPAC, Future Vision II, priced this week, raising $50 million to target TMT in China.
One SPAC, Future Vision II (FVNNU), priced this week, raising $50 million to target TMT in China.
| 7 IPOs During the Week of September 9th, 2024 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/13 |
| MBX Biosciences (MBX) | $163M | $538M | 7% | +48% | +48% |
| Phase 2 biotech developing precision peptides for endocrine and metabolic diseases. | |||||
| Bicara Therapeutics (BCAX) | $315M | $1,022M | 6% | +30% | +30% |
| Phase 1 biotech developing a bifunctional antibody to target solid tumors. | |||||
| XCharge (XCH) | $21M | $368M | -11% | +19% | +27% |
| Provides DC fast chargers and related EV technology out of China and Europe. | |||||
| Galaxy Payroll (GLXG) | $7M | $71M | -20% | +11% | +11% |
| Hong Kong-based provider of outsourced payroll and other business services. | |||||
| Zenas BioPharma (ZBIO) | $225M | $710M | 0% | +7% | +7% |
| Phase 3 biotech developing therapies for autoimmune and inflammatory diseases. | |||||
| Future Vision II Acq. (FVNNU) | $50M | $65M | 0% | +0% | +0% |
| Blank check company targeting the TMT industry in the Greater China region. | |||||
| Trident Digital Tech (TDTH) | $9M | $323M | -44% | -23% | -26% |
| Provides business consulting, marketing, and IT services to SMEs in Singapore. | |||||
Seven IPOs submitted initial filings this past week, including two names that filed to raise $100 million. Outparcel REIT FrontView REIT (FVR) filed to raise $100 million, and Chinese on-demand courier service provider BingEx (FLX) also filed to raise $100 million.
| 7 Filings During the Week of September 9th, 2024 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Basel Medical (BMGL) | $6M | Health Care | Cathay Securities |
| Operates two medical clinics in Singapore. | |||
| BingEx (FLX) | $100M | Industrials | CICC |
| Operates a leading on-demand dedicated courier service in China. | |||
| Chain Bridge Bancorp (CBNA) | $46M | Financials | Piper Sandler |
| Provides online banking services primarily to political organizations. | |||
| BrilliA (BRIA) | $11M | Consumer Discretionary | A.G.P. |
| Provider of women's lingerie and intimate apparel. | |||
| Diginex (DGNX) | $11M | Technology | Dominari Securities |
| Provides software that enables businesses to collect, analyze, and report ESG data. | |||
| Fitness Champs (FCHL) | $9M | Consumer Discretionary | Bancroft Capital |
| Leading provider of swim lessons in Singapore. | |||
| FrontView REIT (FVR) | $100M | Real Estate | Morgan Stanley |
| Commercial REIT focused on net lease outparcel properties. | |||
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/13/2024, the Renaissance IPO Index was up 12.4% year-to-date, while the S&P 500 was up 18.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU) and The Renaissance International IPO Index was down 7.7% year-to-date, while the ACWX was up 7.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
