A handful of small IPOs are set to price before the August break, with five raising less than $400 million.
This week's largest deal is regional US carrier Mesa Air Group ($161 million), which operates flights on behalf of American and United. Two regional banks are also coming this week: New York-based Amalgamated Bank (AMAL) and California-based Pacific City Financial. Two small health care deals are also planning to raise less than $50 million.
It's possible that a few IPOs will join the calendar, including Ra Medical Systems (RMED) and Remora Royalties (RRI).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Amalgamated Bank (AMAL) New York, NY |
$107M $516M |
$15 - $17 6,718,729 |
Barclays JP Morgan |
| Union-owned commercial bank based in New York. | |||
| Mesa Air Group (MESA) Phoenix, AZ |
$161M $549M |
$14 - $16 10,700,000 |
Raymond James BofA ML |
| Regional US air carrier with a fleet of 145 aircraft. | |||
| Vaccinex (VCNX) Rochester, NY |
$45M $191M |
$12 - $15 3,333,000 |
Oppenheimer BTIG |
| Developing antibody therapies to combat cancer and neurological diseases. | |||
| Pacific City Financial (PCB) Los Angeles, CA |
$50M $343M |
$20 - $22 2,385,000 |
KBW Raymond James |
| California commercial bank primarily serving Korean-American communities. | |||
| Bionano Genomics (BNGO) San Diego, CA |
$30M $85M |
$5 - $6 5,500,000 |
Roth Cap. |
| Sells a proprietary system for next-generation genome analysis. | |||
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Amalgamated Bank (AMAL), a union-owned commercial bank based in New York, plans to raise $107 million by offering 6.7 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Amalgamated Bank would command a market value of $516 million. The company has filed for its IPO with the FDIC via an offering circular, and is thinly traded on OTC Pink (ANYB). It was founded in 1923 and booked $153 million in revenue over the last 12 months. The New York, NY-based company plans to list on the Nasdaq under the symbol AMAL. Barclays, J.P. Morgan and Keefe Bruyette Woods are the joint bookrunners on the deal.
Mesa Air Group (MESA), a regional US air carrier with a fleet of 145 aircraft, plans to raise $161 million by offering 10.7 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Mesa Air Group would command a market value of $549 million. Mesa Air Group, which was founded in 1982, booked $657 million in sales over the last 12 months. The Phoenix, AZ-based company plans to list on the Nasdaq under the symbol MESA. Raymond James and BofA Merrill Lynch are the joint bookrunners on the deal.
Pacific City Financial (PCB), a California commercial bank primarily serving Korean-American communities, plans to raise $50 million by offering 2.4 million shares at a price range of $20.00 to $22.00. At the midpoint of the proposed range, Pacific City Financial would command a market value of $343 million. The company is listed on the OTC Pink under the symbol PFCF. Pacific City Financial was founded in 2003 and booked $72 million in revenue over the last 12 months. The Los Angeles, CA-based company plans to list on the Nasdaq under the symbol PCB. Keefe Bruyette Woods, Raymond James and Sandler O'Neill are the joint bookrunners on the deal.
Vaccinex (VCNX), which is developing antibody therapies to combat cancer and neurological diseases, plans to raise $45 million by offering 3.3 million shares at a price range of $12.00 to $15.00. Insiders intend to purchase $30 million of the IPO (67% of the deal). At the midpoint of the proposed range, Vaccinex would command a market value of $191 million. Founded in 2001, the Rochester, NY-based company plans to list on the Nasdaq under the symbol VCNX. Oppenheimer & Co. and BTIG are the joint bookrunners 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 6% year-to-date, while the S&P 500 is up 7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Athene (ATH). The Renaissance International IPO Index is down 6% year-to-date, while the ACWX is down 3%. 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.
