There are no IPOs scheduled for the week ahead.
The most likely April IPOs
Despite the encouraging market rally this past week, the Renaissance IPO Volatility Index is still about double the five-year average and few companies have filed, indicating the IPO market’s slow April will continue.
April’s headline IPO could come from grocery giant Albertsons Companies (ACI), which is benefiting from a surge in demand and low interest rates. With successful public debuts from Keros Therapeutics (KROS) and Zentalis Pharmaceuticals (ZNTL), the most likely IPO launches include several biotechs, such as oncology-focused Ayala Pharmaceuticals (AYLA) and ORIC Pharmaceuticals (ORIC), ENT biotech Lyra Therapeutics (LYRA), and CNS drug developer NLS Pharmaceuticals (NLSP). Massive capital raises by biotech VCs also indicate investor optimism in the space.
| 4 Recent Biotech Filers in the IPO Pipeline | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
File Date | Lead Underwriter |
| Ayala Pharmaceuticals (AYLA) | $50M | 03/06/2020 | Citi |
| Phase 2 biotech developing small molecule therapies for aggressive cancers. | |||
| Lyra Therapeutics (LYRA) | $58M | 03/06/2020 | BofA |
| Phase 2 biotech targeting ear, nose, and throat diseases. | |||
| NLS Pharmaceuticals (NLSP) | $40M | 02/28/2020 | Maxim Group |
| Developing controlled-release formulations of approved drugs for ADHD and narcolepsy. | |||
| ORIC Pharmaceuticals (ORIC) | $86M | 02/28/2020 | Roth Cap. |
| Phase 1 biotech developing small molecule therapies for treatment-resistant cancers. | |||
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One lock-up period will be expiring in the week ahead. On Tuesday, 4/14: BellRing Brands (BRBR).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/8/20, the Renaissance IPO Index was down 14.2% year-to-date, while the S&P 500 was down 14.9%. 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 down 9.9% year-to-date, while the ACWX was down 21.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.
