Just two micro-cap companies are expected to IPO as we enter the last week before the holidays.
Micro-cap onshore E&P Indonesia Energy (INDO) is expected to raise $15 million at a $75 million market cap. The company operates one production block and one exploration block, and production peaked at 400 BOPD in 2018.
In its second IPO revival, micro-cap oncology biotech Monopar Therapeutics (MNPR) is expected to raise $10 million at a $100 million market cap. The company previously filed in November to raise $20 million before postponing in the same week. Prior to that, it filed in August to raise $40 million, postponing the following month.
Chinese cancer diagnostics provider AnPac Bio-Medical Science (ANPC) may also price in the week ahead.
Lock-up periods will be expiring for six companies. On Monday, December 16: Stoke Therapeutics (STOK). On Tuesday, December 17: Akero Therapeutics (AKRO), Atreca (BCEL), Grocery Outlet Holdings (GO), Personalis (PSNL), and Prevail Therapeutics (PRVL).
Street research is expected for three companies. On Monday, December 16: Canaan (CAN) and SiTime (SITM). On Tuesday, December 17: Alpine Income Property Trust (PINE).
Track lock-ups and Street research dates on the IPO Pro Master Calendar, available only on IPO Pro.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Monopar Therapeutics (MNPR) Wilmette, IL |
$10M $100M |
$8 - $10 1,111,112 |
JonesTrading |
| Developing therapies for chemotherapy-induced mucositis and cancers. | |||
| Indonesia Energy (INDO) Jakarta, Indonesia |
$15M $75M |
$9 - $11 1,500,000 |
Aegis Cap. |
| Onshore Indonesian E&P that operates eight wells. | |||
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The following IPOs are expected to price this week:
Indonesia Energy (INDO), an onshore Indonesian E&P that operates eight wells, plans to raise $15 million by offering 1.5 million shares at a price range of $9.00 to $11.00. At the midpoint of the proposed range, it would command a market value of $75 million. Indonesia Energy, which was founded in 2014, booked $6 million in revenue over the last 12 months. The Jakarta, Indonesia-based company plans to list on the NYSE American under the symbol INDO. Aegis Capital is the sole bookrunner on the deal.
Monopar Therapeutics (MNPR), which is developing therapies for chemotherapy-induced mucositis and cancers, plans to raise $10 million by offering 1.1 million shares at a price range of $8.00 to $10.00. At the midpoint of the proposed range, it would command a market value of $100 million. Monopar Therapeutics was founded in 2014. The Wilmette, IL-based company plans to list on the Nasdaq under the symbol MNPR. JonesTrading and Arcadia Securities are the joint bookrunners on the deal.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/12/19, the Renaissance IPO Index was up 30.0% year-to-date, while the S&P 500 had a gain of 26.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Roku (ROKU). The Renaissance International IPO Index was up 21.3% year-to-date, while the ACWX was up 18.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
