As many as eight companies are expected to price their IPOs in the upcoming week, including three larger deals.
BKV (BKV) plans to raise $300 million at a $1.7 billion market cap. The company is primarily focused on natural gas production in the Barnet Shale region in Texas. It also engages in midstream operations, power generation, and carbon capture, utilization, and sequestration (CCUS). The company has deliberately cut capex in recent periods in response to low US natural gas prices, but plans to reinitiate capex once prices rise above $3/Mcf.
BioAge Labs (BIOA) plans to raise $135 million at a $602 million market cap. This clinical-stage biotech is developing therapies for metabolic diseases. Its lead candidate, azelaprag, is an orally-available small molecule that has been tested in 265 patients across 8 Phase 1 trials and is currently enrolling in a Phase 2 trial in combination with Eli Lilly’s Zepbound for the treatment of obesity, with topline results expected in the 3Q25. The company also plans to conduct a Phase 2 trial in combination with Novo Nordisk’s semaglutide. The company plans to initiate a monotherapy trial in the 1H25.
Guardian Pharmacy Services (GRDN) plans to raise $101 million at a $913 million market cap. Through its network of 50 locally-operated pharmacies across 34 states, Guardian provides prescription management, fulfillment, delivery, and other services primarily to assisted living facilities. The company has grown at a 15% CAGR since 2012, and has continued 15% revenue growth in 2023 and the 1H25, all while maintaining steady profitability. Guardian will look to continue methodically expanding its footprint both acquisitively and organically through increasing its adoption rate at facilities.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Wellchange Holdings (WCT) Hong Kong, China | $9M $95M | $4 - $5 2,000,000 | Dominari Securities Revere Sec. |
| Hong Kong-based provider of customized software solutions for SMBs. | |||
| FBS Global (FBGL) | $11M $64M | $4.50 - $5 2,250,000 | WallachBeth |
| Provides interior design and fit-out services in Singapore. | |||
| BioAge Labs (BIOA) Richmond, CA | $135M $602M | $17 - $19 7,500,000 | Goldman Morgan Stanley |
| Phase 2 biotech developing obesity therapies by targeting metabolic aging. | |||
| BKV Corp (BKV) Denver, CO | $300M $1,683M | $19 - $21 15,000,000 | Citi Barclays |
| US natural gas producer operating in the Barnett and Marcellus Shale. | |||
| Guardian Pharmacy (GRDN) Atlanta, GA | $101M $913M | $14 - $16 6,750,000 | Raymond James Stephens |
| Provides pharmacy services to long-term healthcare facilities. | |||
| Legacy Education (LGCY) Lancaster, CA | $12M $74M | $5 - $7 2,000,000 | Northern Capital |
| Owns and operates healthcare vocational institutions. | |||
| Libera Gaming Operations (LBRJ) Tokyo, Japan | $6M $61M | $4 - $6 1,250,000 | Craft Capital Boustead |
| Operates pachinko gaming halls in Japan. | |||
| PTL (PTLE) Singapore | $6M $63M | $4 - $6 1,250,000 | Dominari Securities Revere Sec. |
| 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 9/20/2024, the Renaissance IPO Index was up 13.8% year-to-date, while the S&P 500 was up 19.7%. 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 13.3% year-to-date, while the ACWX was up 9.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
