Updated Monday, 10/5.
Following an active September, seven IPOs and four SPACs are scheduled to raise $2.3 billion in the week ahead.
Live TV streaming platform fuboTV (FUBO) plans to raise $150 million at a $1.4 billion market cap. Launched in 2015, fuboTV offers subscribers access to live sporting events annually as well as leading news and entertainment content through streaming devices. Fast-growing and highly unprofitable, fuboTV had over 300,000 paid subscribers in 2019. The company is currently listed on the OTCQB under the symbol FUBO.
Commercial-stage regenerative medical product maker Aziyo Biologics (AZYO) plans to raise $50 million at a $177 million market cap. Through its proprietary tissue processing platforms, the company has developed a portfolio of advanced regenerative medical products designed to be similar to natural biological material. While gross margin increased in the 1H20, revenue declined and losses widened.
Oncology biotech Kronos Bio (KRON) plans to raise $175 million at a $940 million market cap. The company's lead candidate is an orally administered, selective spleen tyrosine kinase inhibitor that has been tested in 148 acute myeloid leukemia (AML) patients. The company plans to initiate a registrational Phase 2/3 trial in 2021, with data readout expected in 2023.
Oncology biotech Shattuck Labs (STTK) plans to raise $150 million at a $600 million market cap. The company's lead candidate is designed to simultaneously inhibit the CD47/SIRPa checkpoint and activate the CD40 costimulatory receptor. The company is currently conducting a Phase 1 trial for ovarian cancer, with initial data expected in the 2H21.
Chinese edutainment provider iHuman (IH) plans to raise $84 million at a $649 million market cap. iHuman is a leading childhood edutainment company in China, providing learning services and learning materials and devices for children mainly aged between three and eight. In the 1H20, the company ranked #1 in terms of paying users among online childhood edutainment providers in China and in terms of MAUs among online childhood edutainment providers in China.
Rare disease biotech Spruce Biosciences (SPRB) plans to raise $75 million at a $351 million market cap. The company's lead candidate is being developed for classic congenital adrenal hyperplasia (CAH). The company has initiated a two Phase 2b trials and anticipates topline results between the 4Q21 and the 1H22.
OTCQB-listed enterprise security software provider Intrusion (INTZ) plans to raise $44 million at a $242 million market cap. Intrusion develops, markets, and supports a family of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products. Its end-user customers include US federal government entities, state and local government entities, large and diverse conglomerates, and manufacturing entities, among others.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Empower (EMPW.U) New York, NY |
$250M $313M |
$10 25,000,000 |
JP Morgan Jefferies |
| Blank check company formed by MidOcean Partners targeting US consumer-facing businesses. | |||
| Montes Archimedes Acq. (MAACU) Menlo Park, CA |
$500M $625M |
$10 50,000,000 |
Citi Jefferies |
| Blank check company formed by Patient Square Capital targeting the healthcare industry. | |||
| TPG Pace Beneficial Fin. (TPGY.U) Fort Worth, TX |
$350M $438M |
$10 35,000,000 |
Deutsche Bank JP Morgan |
| Blank check company formed by TPG Pace Group targeting a business with a strong ESG profile. | |||
| TPG Pace Tech (PACE.U) Fort Worth, TX |
$450M $563M |
$10 45,000,000 |
Deutsche Bank JP Morgan |
| Blank check company formed by TPG Pace Group targeting the tech industry. | |||
| Aziyo Biologics (AZYO) Silver Spring, MD |
$50M $177M |
$16 - $18 2,941,176 |
Piper Sandler Cowen |
| Makes regenerative medical products for various tissue types. | |||
| fuboTV (FUBO) New York, NY |
$150M $1,374M |
$9 - $11 15,000,000 |
Evercore ISI BMO |
| Offers a live TV sports-first streaming platform under the name fuboTV. | |||
| Intrusion (INTZ) Richardson, TX |
$44M $242M |
$14.32 3,100,000 |
B. Riley FBR |
| Provides a family of software products for enterprise security. | |||
| Kronos Bio (KRON) San Mateo, CA |
$175M $940M |
$16 - $18 10,294,118 |
Goldman Jefferies |
| Phase 2 biotech developing kinase inhibitor therapies for leukemia and solid tumors. | |||
| iHuman (IH) Beijing, China |
$84M $649M |
$11 - $13 7,000,000 |
Credit Suisse Citi |
| Provides edutainment products for children in China. | |||
| Shattuck Labs (STTK) Austin, TX |
$150M $600M |
$14 - $16 10,000,000 |
Citi Cowen |
| Phase 1 biotech developing dual-sided fusion protein therapies for cancer. | |||
| Spruce Biosciences (SPRB) Daly City, CA |
$75M $351M |
$14 - $16 5,000,000 |
Cowen SVB Leerink |
| Phase 2 biotech developing novel therapies for rare endocrine disorders. | |||
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Street research is expected for Lightspeed POS (LSPD) on Tuesday, 10/06.
Lock-up periods will be expiring for Keros Therapeutics (KROS) on Monday, 10/5, and Inventiva (IVA) on Thursday, 10/8.
Renaissance Capital recently released its Quarterly Review for the US IPO market, exploring the third quarter’s record-breaking activity, best and worst performers, and outlook for the rest of 2020.
- The 3Q 2020 US IPO Market Review
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/1/20, the Renaissance IPO Index was up 72.2% year-to-date, while the S&P 500 was up 4.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was up 32.1% year-to-date, while the ACWX was down 4.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
