These will be the first IPOs of 2019

As expected, the 2019 US IPO market is off to a slow start. This is largely driven by three factors:

1. January is typically a less active month for IPOs
2. The market's recent downturn and spike in volatility makes it difficult to price new deals
3. There will be no IPOs until the US's partial government shutdown is resolved

However, recent filings point to the most likely candidates for 2019's first IPOs. Continuing a major theme of last year, these have mostly been biotechs and Chinese companies, despite some recent poor returns from both groups. Biotechs are not impacted by broader economic forces, and for both biotechs and Chinese companies, many recent IPOs included significant insider buying, in several cases over 75% of the offering.

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Seven biotechs have submitted initial filings in the past few weeks, notably Gossamer Bio (GOSS), which plans to raise $265 million, and Alector (ALEC), on file for $150 million.



Meanwhile, four Chinese companies have filed for US IPOs since mid-December, including a $300 million proposed offering from fast-growing online brokerage Futu (FHL). The other three are micro-caps.



Aside from those, a number of other filings from January and late 2018 could launch offerings when government agencies eventually re-open. Some of the largest include Blackstone's subprime auto lender Exeter Finance (XTF), LBO'd hospital operator Ardent Health (ARDT), Canadian casino operator Gateway Casinos (GTWY), gene-edited crop company Cibus (CBUS), Florida railway operator Virgin Trains USA (VTUS), and plant-based burger company Beyond Meat (BYND).