Five IPOs plan to raise $444 million in the week ahead.
Chinese apartment rental platform Phoenix Tree Holdings (DNK) plans to raise $164 million at a $3.1 billion market cap. Operating under the name Danke Apartment, the company operates 391,911 units in China. Close peer Q&K International (QK) is down 29% from its November 2019 IPO.
Chinese immunotherapy biotech I-Mab Biopharma (IMAB) plans to raise $100 million at an $876 million market cap. I-Mab would be the first Chinese biotech to IPO in the US in over two years and the second largest Chinese biotech to IPO in the US ever.
Chinese podcast platform LIZHI (LIZI) plans to raise $49 million at a $549 million market cap. The fast-growing, unprofitable company is China's second largest online audio platform and largest interactive audio entertainment platform by MAUs as of 9/30/19.
Mortgage lender Velocity Financial (VEL) plans to raise $109 million at a $285 million market cap, and Chinese cancer diagnostics provider AnPac Bio-Medical Science (ANPC) plans to raise $22 million at a $150 million market cap.
Lock-up periods will be expiring for nine companies. On Monday, January 13: DouYu International (DOYU). On Tuesday, January 14: AssetMark Financial (AMK), Fulcrum Therapeutics (FULC), Mirum Pharmaceuticals (MIRM), and Phreesia (PHR). On Wednesday, January 15: Afya (AFYA), Innate Pharma (IPHA), Intercorp Financial (IFS), and Medallia (MDLA).
Street research is expected for Indonesia Energy (INDO) and Monopar Therapeutics (MNPR) on Monday, January 13.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| I-Mab Biopharma (IMAB) Shanghai, China |
$100M $876M |
$12 - $15 7,407,400 |
Jefferies CICC |
| Late-stage cancer/autoimmune biotech developing in-licensed antibodies in China. | |||
| LIZHI (LIZI) Guangzhou, China |
$49M $549M |
$11 - $13 4,100,000 |
Citi Haitong |
| Chinese interactive podcast platform for user-generated content. | |||
| Phoenix Tree Holdings (DNK) Beijing, China |
$164M $3,110M |
$14.50 - $16.50 10,600,000 |
Citi Credit Suisse |
| Renovates and sub-leases apartments in Chinese cities. | |||
| Velocity Financial (VEL) Westlake Village, CA |
$109M $285M |
$14 - $16 7,250,000 |
Wells Fargo Citi |
| Mortgage lender focused on residential rental and small commercial properties. | |||
| AnPac Bio-Medical Science (ANPC) Lishui, China |
$22M $150M |
$12 - $14 1,666,700 |
WestPark Capital Univest Securities |
| Chinese provider of multi-cancer screening tests. | |||
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The following IPOs are expected to price this week:
AnPac Bio-Medical Science (ANPC), a Chinese provider of multi-cancer screening tests, plans to raise $22 million by offering 1.7 million ADSs at a price range of $12.00 to $14.00. At the midpoint of the proposed range, AnPac Bio-Medical Science would command a market value of $150 million. AnPac Bio-Medical Science, which was founded in 2010, booked $12 million in revenue over the last 12 months. The Lishui, China-based company plans to list on the Nasdaq under the symbol ANPC.
I-Mab (IMAB), a late-stage cancer/autoimmune biotech developing in-licensed antibodies in China, plans to raise $100 million by offering 7.4 million ADSs at a price range of $12.00 to $15.00. At the midpoint of the proposed range, I-Mab would command a market value of $876 million. I-Mab, which was founded in 2014, booked $40 million in revenue over the last 12 months. The Shanghai, China-based company plans to list on the Nasdaq under the symbol IMAB.
LIZHI (LIZI), a Chinese interactive podcast platform for user-generated content, plans to raise $49 million by offering 4.1 million ADSs at a price range of $11.00 to $13.00. At the midpoint of the proposed range, LIZHI would command a market value of $549 million. LIZHI, which was founded in 2010, booked $1.1 billion in revenue over the last 12 months. The Guangzhou, China-based company plans to list on the Nasdaq under the symbol LIZI.
Phoenix Tree Holdings (DNK), which renovates and sub-leases apartments in Chinese cities, plans to raise $164 million by offering 10.6 million ADSs at a price range of $14.50 to $16.50. At the midpoint of the proposed range, Phoenix Tree Holdings would command a market value of $3.1 billion. Phoenix Tree Holdings, which was founded in 2015, booked $6.0 billion in revenue over the last 12 months. The Beijing, China-based company plans to list on the NYSE under the symbol DNK.
Velocity Financial (VEL), a mortgage lender focused on residential rental and small commercial properties, plans to raise $109 million by offering 7.3 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Velocity Financial would command a market value of $285 million. Velocity Financial, which was founded in 2004, booked $56 million in revenue over the last 12 months. The Westlake Village, CA-based company plans to list on the NYSE under the symbol VEL.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/9/20, the Renaissance IPO Index was up 4.5% year-to-date, while the S&P 500 had a gain of 1.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Spotify (SPOT). The Renaissance International IPO Index was up 1.3% year-to-date, while the ACWX was up 0.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.
