As many as 7 IPOs could raise about $450 million in the week ahead, including 6 healthcare deals. Don't expect all of them to get done. IPOs have sold off alongside the broader markets, while the VIX Volatility Index is in the "IPO postponement zone."
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Eton Pharmaceuticals (ETON) Deer Park, IL |
$18M $110M |
$6 3,000,000 |
National Sec. |
| Developing liquid formulations of various approved drugs. | |||
| Orchard Therapeutics (ORTX) London, United Kingdom |
$200M $1,370M |
$14 - $16 13,333,333 |
JP Morgan Goldman |
| Developing stem cell gene therapies for rare diseases. | |||
| Twist Bioscience (TWST) San Francisco, CA |
$75M $418M |
$14 - $16 5,000,000 |
JP Morgan Cowen |
| Manufactures synthetic genes and other DNA-based products. | |||
| Axonics Modulation (AXNX) Irvine, CA |
$100M $400M |
$14 - $16 6,667,000 |
BofA ML Morgan Stanley |
| Commercializing a neural implant for overactive bladder and incontinence. | |||
| Tiziana Life Sciences (TLSA) London, United Kingdom |
$10M $147M |
$9.90 1,010,110 |
Laidlaw (UK) |
| Developing antibody therapies to combat NASH, Crohn's disease, MS, and cancer. | |||
| YayYo (YAYO) Beverly Hills, CA |
$5M $228M |
$7 - $9 625,000 |
Benchmark |
| Operates a fleet management and auto rental platform for ridesharing drivers. | |||
| Alzheon (ALZH) Framingham, MA |
$35M $196M |
$13 - $15 2,500,000 |
ThinkEquity HC Wainwright |
| Phase 3 biotech developing small molecule therapies for Alzheimer's disease. | |||
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Only 3 of the 7 - all VC-backed healthcare - have a proposed market cap above $250 million. By far the week's largest IPO is biotech Orchard Therapeutics (ORTX), targeting $200 million at a $1.4 billion valuation. Orchard's lead candidate has had promising results targeting the rare "bubble boy" disease. The other two notable offerings are early stage with potentially strong growth prospects: synthetic gene manufacturer Twist Bioscience (TWST) and neural implant maker Axonics Modulation (AXNX).
Listed in London, micro-cap antibody biotech Tiziana Life Sciences (TLSA) plans to raise $10 million in its US IPO. Former Imprimis Pharmaceuticals subsidiary Eton Pharmaceuticals (ETON) is targeting $18 million at a market cap of $110 million. Alzheimer's biotech Alzheon (ALZH) and car rental platform YayYo (YAYO) are still pricing on a day-to-day basis. Micro-cap bank BankFlorida (BFL) had originally targeted this week, but has postponed the offering due to market conditions.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/25/18, the Renaissance IPO Index was down 7.2% year-to-date, while the S&P 500 had a gain of 2.3%. 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 was down 18.1% year-to-date, while the ACWX was down 11.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Siemens Healthineers and innogy.
