Updated Monday, 10/21.
Two sizable offerings are set to liven up a fairly quiet week for the IPO market.
Taken private in 2016 and currently owned by PE firm Platinum Equity, tech distributor Ingram Micro (INGM) is gearing up to return to public markets with a $400 million offering that is expected to value the company at $5.1 billion. Ingram Micro is among the world's largest business technology distributors, with operations in 57 countries and 134 global logistics and service centers. Despite its size, the company has struggled to grow in recent years due to a cyclical downturn in IT spending, and working capital swings have caused volatility in its cash flow.
Biotech Septerna (SEPN) plans to raise $175 million at a $626 million market cap. Septerna is developing orally-available small molecule drugs targeting G protein-coupled receptors (GPCRs). Its lead and sole clinical-stage program is currently enrolling in a Phase 1 trial in patients with the rare endocrine disease hypoparathyroidism, with topline data expected in mid-2025.
Two smaller issuers may also list in the week ahead. US oil and gas producer Peak Resources LP (PRB) plans to raise $66 million at a $209 million market cap, and OTC-listed consumer products firm Synergy CHC (SNYR) plans to raise $10 million at an $86 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Ingram Micro (INGM) Irvine, CA | $400M $5,141M | $20 - $23 18,600,000 | Morgan Stanley Goldman |
| Leading IT solutions distributor. | |||
| Septerna (SEPN) South San Francisco, CA | $175M $626M | $15 - $17 10,937,500 | JP Morgan TD Cowen |
| Phase 1 biotech targeting GPCRs in multiple therapeutic areas. | |||
| Peak Resources LP (PRB) Durango, CO | $66M $209M | $13 - $15 4,700,000 | Janney Roth Cap. |
| US oil and natural gas producer operating in the Powder Ridge Basin. | |||
| Synergy CHC (SNYR) Westbrook, ME | $10M $86M | $9 - $11 1,000,000 | Roth Cap. |
| Provides consumer health care, beauty, and lifestyle products. | |||
Street research is expected for two companies in the week ahead, and eight lock-up periods 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 10/17/2024, the Renaissance IPO Index was up 16.9% year-to-date, while the S&P 500 was up 23.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Nu Holdings (NU). The Renaissance International IPO Index was down 8.1% 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 Amman Mineral Internasional and Porsche.
