Updated Monday 10/7/2024; three deals set terms on Monday with plans to price Thursday post-close.
As many as nine companies are expected to price their IPOs in the upcoming week, including two large deals and three sizable healthcare companies.
KinderCare (KLC) plans to raise $600 million at a $2.9 million. After being acquired by Partners Group in 2015 and then withdrawing its planned IPO in 2022, KinderCare is aiming to enter public markets after rationalizing its early childhood education (ECE) business by closing underperforming centers and looking to acquire and establish greenfield centers in attractive markets. As a result, the company has returned to pre-pandemic occupancy rates and now has capacity to serve over 200,000 children across 1,500 KinderCare Learning Centers in 40 states. The company looks to capitalize on the increasing need for early childcare programs amidst an increasing labor force participation amongst women and an increase in dual-income households.
Moove (MOOV) plans to raise $400 million at a $1.8 billion market cap. Moove is a leading manufacturer and distributor of lubricants, greases, and other industrial fluids in South America, Europe, and the United States. Originally formed by Brazilian conglomerate Cosan’s acquisition of ExxonMobil’s Brazilian lubricant assets, Moove has gradually expanded beyond its core Brazilian market (where is commands ~20%) into the Europe and the US, most prominently via 2022 purchase of PetroChoice, the second-largest lubricant distributor in the US. Leveraging its longstanding relationship with ExxonMobil, Moove plans to continue pursuing expansion opportunities, especially in Europe and the US.
Upstream Bio (UPB) plans to raise $200 million at a market value of about $850 million. The Phase 2 biotech is developing a monoclonal antibody to treat respiratory disorders, including severe asthma, by targeting the Thymic Stromal Lymphopoietin (TSLP) receptor.
CeriBell (CBLL) aims to raise $101 million, valued just north of $500 million at the midpoint. The company manufactures and sells an electroencephalography (EEG) platform, the Ceribell System, which combines portable hardware with AI-powered algorithms to rapidly diagnose and continuously monitor seizures in acute care settings.
CAMP4 Therapeutics (CAMP) expects to raise $75 million at a market cap of about $280 million. Backed by Enavate Sciences and 5AM Ventures, the Phase 1 biotech is developing RNA-based therapies for genetic diseases, including urea cycle disorders, such as ornithine transcarbamylase deficiency. Phase 1 data is expected in 2025.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| KinderCare (KLC) Lake Oswego, OR | $600M $2,883M | $23 - $27 24,000,000 | Goldman Morgan Stanley |
| Largest private provider of early childhood education and care services in the US. | |||
| Moove Lubricants (MOOV) São Paulo, Brazil | $400M $1,822M | $14.50 - $17.50 25,000,000 | JP Morgan BofA |
| Produces and distributes lubricants for automotive, agricultural, and industrial uses. | |||
| CAMP4 Therapeutics (CAMP) Cambridge, MA | $75M $280M | $14 - $16 5,000,000 | JP Morgan Leerink Partners |
| Clinical-stage biotech developing RNA-based therapies to target genetic diseases. | |||
| CeriBell (CBLL) Sunnyvale, CA | $101M $505M | $14 - $16 6,700,000 | BofA JP Morgan |
| Medical device maker with an EEG platform that uses AI to monitor patient seizures. | |||
| Upstream Bio (UPB) Waltham, MA | $200M $851M | $15 - $17 12,500,000 | JP Morgan TD Cowen |
| Clinical-stage biotech developing a monoclonal antibody to target respiratory disorders. | |||
| Aduro Clean Technologies (ADUR) London, Canada | $5M $131M | $4.25 - $5 1,098,901 | Craft Capital EF Hutton |
| Canadian developer of chemical recycling technologies. | |||
| 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. | |||
| SAG Holdings (SAG) Singapore | $8M $80M | $8 1,000,000 | Wilson-Davis Dominari Securities |
| Singaporean distributor of spare automotive and industrial parts. | |||
| Synergy CHC (SNYR) Westbrook, ME | $20M $96M | $9 - $11 2,000,000 | Roth Cap. |
| Provides consumer health care, beauty, and lifestyle products. | |||
Street research will be available for six companies next week, and four companies will have their share lockups expire. 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 10/4/2024, the Renaissance IPO Index was up 11.6% year-to-date, while the S&P 500 was up 20.5%. 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 6.1% year-to-date, while the ACWX was up 11.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Amman Mineral Internasional.
