Updated Monday, 1/27.
Five IPOs and one SPAC are currently scheduled to list in the week ahead. Some small issuers may also join the calendar throughout the week.
Leading meat products producer Smithfield Foods (SFD) plans to raise $870 million at a $10.0 billion market cap. Smithfield produces and distributes a wide variety of packaged meats and fresh pork products both domestically and abroad. It is a leading provider of packaged meats in the US, and is also the largest fresh pork processor in the US with approximately 23% market share. Formerly traded on the NYSE, Smithfield was taken private in 2013 by Hong Kong-listed WH Group for $4.7 billion. The company has more than doubled its packaged meat profit since 2014 on minimal sales growth, but is exposed to volatile commodity prices as well as changing consumer demand.
Oil and gas producer Infinity Natural Resources (INR) plans to raise $258 million at a $1.1 billion market cap. The company engages in the acquisition, operation and development of oil and natural gas properties in the Utica (Ohio and Pennsylvania) and Marcellus (Pennsylvania) shells. As of June 30, 2024, its total acreage position was approximately 90,000 net acres. The company had total estimated proved reserves of 141,587 MBoe (48% developed) as of December 31, 2023. Infinity Natural Resources has rapidly increased production lately, in part due to acquisitions, but spends significantly on capital expenditures, and has a negative free cash flow.
Precision medicine biotech Maze Therapeutics (MAZE) plans to raise $125 million at a $715 million market cap. Its most advanced lead program, MZE829, is an oral, small molecule inhibitor of apolipoprotein L1 (APOL1) for the treatment of patients with APOL1 kidney disease. Maze initiated a Phase 2 trial of MZE829 in November 2024 and expects to dose its first patient in the 1Q25, with proof of concept data expected in the 1Q26.
Insulin delivery device maker Beta Bionincs (BBNX) plans to raise $113 million at a $625 million market cap. The company’s iLet Bionic Pancreas (iLet) is the first insulin delivery device cleared by the FDA to utilize adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring a user to count carbohydrate intake. The iLet received FDA clearance for patients with type 1 diabetes ages six and older in May 2023. The company plans to pursue expanded use of the iLet to patients with type 2 diabetes, and it is also in the early stages of developing an insulin "patch pump" and a bihormonal configuration of the iLet.
UK-based B2B platform RedCloud Holdings (RCT) plans to raise $55 million at a $352 million market cap. The company operates the RedCloud platform, which facilitates the trading of fast-moving consumer goods across business supply chains. RedCloud currently operates throughout many emerging markets, with 93% of its 2023 revenue coming from Nigeria.
Blank check company FG Merger II (FGMCU) plans to raise $80 million to target financial services in North America.
U.S. IPO Calendar | |||
---|---|---|---|
Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
FG Merger II (FGMCU) Itasca, IL | $80M $102M | $10 8,000,000 | ThinkEquity |
Blank check company targeting the financial services industry in North America. | |||
Smithfield Foods (SFD) Smithfield, VA | $870M $9,975M | $23 - $27 34,800,000 | Morgan Stanley BofA |
Leading US producer of meat products being spun out of China's WH Group. | |||
Beta Bionics (BBNX) Irvine, CA | $113M $625M | $14 - $16 7,500,000 | BofA Piper Sandler |
Makes an automated insulin delivery system for type 1 diabetes. | |||
Infinity Natural Resource (INR) Morgantown, WV | $258M $1,148M | $18 - $21 13,250,000 | Citi Raymond James |
US oil and natural gas producer operating in the Utica and Marcellus Shales. | |||
Maze Therapeutics (MAZE) South San Francisco, CA | $125M $715M | $15 - $17 7,800,000 | JP Morgan TD Cowen |
Phase 2 biotech developing precision small molecule therapies for kidney disease. | |||
RedCloud (RCT) London, United Kingdom | $55M $352M | $4 - $6 11,000,000 | Roth Cap. Clear Street |
Operates a B2B platform for sellers of consumer goods in emerging markets. |
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/23/2025, the Renaissance IPO Index was up 8.2% year-to-date, while the S&P 500 was up 4.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 4.1% year-to-date, while the ACWX was up 2.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.