US IPO Week Ahead: 10 US IPOs planned for the week of July 16

There are 10 IPOs expected to price this week after the July holiday slowdown. The week is being led by oil and gas OEM AFG Holdings and Canadian cannabis supplier Tilray. Six healthcare companies are also pricing this week, with two $100+ mm deals. 

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AFG Holdings (AFGL), a oil and gas OEM specializing in pressure pumping and managed pressure drilling, plans to raise $300 million by offering 18.2 million shares at a price range of $15.00 to $18.00. At the midpoint of the proposed range, AFG Holdings would command a market value of $1.3 billion. AFG Holdings, which was founded in 1996, booked $543 million in sales over the last 12 months. The Houston, TX-based company plans to list on the NYSE under the symbol AFGL. Goldman Sachs, Credit Suisse, Simmons & Co. and Barclays are the joint bookrunners on the deal.

Allakos (ALLK), which is developing antibodies for allergic, inflammatory and proliferative diseases, plans to raise $96 million by offering 6.0 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Allakos would command a market value of $738 million. Allakos, which was founded in 2012, booked $0 million in sales over the last 12 months. The San Carlos, CA-based company plans to list on the Nasdaq under the symbol ALLK. Goldman Sachs and Jefferies are the joint bookrunners on the deal.Please note: Insiders intend to purchase $35 million of the IPO (36% of deal). Insider NEA plans to invest $10 million in a concurrent private placement.

Coastal Financial (CCB), a community bank in Washington state, plans to raise $38 million by offering 2.7 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Coastal Financial would command a market value of $166 million. Coastal Financial, which was founded in 1997, booked $35 million in sales over the last 12 months. The Everett, WA-based company plans to list on the Nasdaq under the symbol CCB. Keefe Bruyette Woods and Hovde Group are the joint bookrunners on the deal.

Constellation Pharmaceuticals (CNST), which is developing epigenetic cancer therapies that modulate abnormal genes, plans to raise $80 million by offering 5.3 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Constellation Pharmaceuticals would command a market value of $430 million. Constellation Pharmaceuticals, which was founded in 2008, booked $0 million in sales over the last 12 months. The Cambridge, MA-based company plans to list on the Nasdaq under the symbol CNST. J.P. Morgan, Jefferies and BMO Capital Markets are the joint bookrunners on the deal.Please note: Insiders intend to purchase $30 million of the IPO (37% of deal).

Crinetics Pharmaceuticals (CRNX), a clinical-stage biotech developing oral therapies for rare endocrine diseases, plans to raise $80 million by offering 5.0 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Crinetics Pharmaceuticals would command a market value of $380 million. Crinetics Pharmaceuticals, which was founded in 2008, booked $0 million in sales over the last 12 months. The San Diego, CA-based company plans to list on the Nasdaq under the symbol CRNX. J.P. Morgan, Leerink Partners and Piper Jaffray are the joint bookrunners on the deal.Please note: Insiders intend to purchase $30 million of the IPO (38% of deal).

Establishment Labs Holdings (ESTA), which is fast-growing provider of silicone breast implants, plans to raise $50 million by offering 3.1 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Establishment Labs Holdings would command a market value of $321 million. Establishment Labs Holdings, which was founded in 2004, booked $43 million in sales over the last 12 months. The Alajuela, Costa Rica-based company plans to list on the Nasdaq under the symbol ESTA. Jefferies and Cowen are the joint bookrunners on the deal.

First Western Financial (MYFW), a denver, CO-based bank and wealth manager for high net worth individuals, plans to raise $37 million by offering 1.9 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, First Western Financial would command a market value of $153 million. First Western Financial, which was founded in 2002, booked $58 million in sales over the last 12 months. The Denver, CO-based company plans to list on the Nasdaq under the symbol MYFW. Keefe Bruyette Woods and Stephens Inc. are the joint bookrunners on the deal.

Replimune Group (REPL), which is developing oncolytic immunotherapies to fight solid tumors, plans to raise $101 million by offering 6.7 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Replimune Group would command a market value of $500 million. Replimune Group, which was founded in 2015, booked $0 million in sales over the last 12 months. The Woburn, MA-based company plans to list on the Nasdaq under the symbol REPL. J.P. Morgan, Leerink Partners and BMO Capital Markets are the joint bookrunners on the deal.Please note: Insiders intend to purchase $40 million of the IPO (40% of deal).

Rubius Therapeutics (RUBY), a preclinical biotech developing novel therapies based on red blood cells, plans to raise $200 million by offering 9.5 million shares at a price range of $20.00 to $22.00. At the midpoint of the proposed range, Rubius Therapeutics would command a market value of $1.8 billion. Rubius Therapeutics, which was founded in 2013, booked $0 million in sales over the last 12 months. The Cambridge, MA-based company plans to list on the Nasdaq under the symbol RUBY. J.P. Morgan, Morgan Stanley, Jefferies and Leerink Partners are the joint bookrunners on the deal.

Tilray (TLRY), a canadian vertically integrated supplier of medical cannabis, plans to raise $135 million by offering 9.0 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Tilray would command a market value of $1.4 billion. Tilray, which was founded in 2014, booked $23 million in sales over the last 12 months. The Nanaimo, Canada-based company plans to list on the Nasdaq under the symbol TLRY. is the lead bookrunner on the deal.

IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 10.1% year-to-date, while the S&P 500 is up 5.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and SNAP (SNAP). The Renaissance International IPO Index is down -3.9% year-to-date, while the ACWX is down -3.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.

Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.