Updated Monday, 11/30.
Five IPOs and two SPACs are scheduled for the week ahead, with a wave of Monday morning launches kicking off the December IPO blitz as expected.
Chinese education technology group 17 Education & Technology Group (YQ) plans to raise $288 million at a $2.2 billion market cap. The company's smart in-school classroom solution delivers data-driven teaching, learning, and assessment products to teachers, students, and parents across 70,000+ K-12 schools. Boosted by pandemic-driven demand for online educational tools, revenue nearly quadrupled in the 9mo20, though the company remained highly unprofitable.
Seer (SEER), which develops protein analysis tools, plans to raise $150 million at a $1.1 billion market cap. The company aims to commercialize proteome research products starting with its initial product, the Proteograph Product Suite. Its first Proteograph was delivered to one of its first collaborators in October 2020, and the company expects to place another Proteograph with a second collaborator before the end of 2020.
Solid tumor biotech Silverback Therapeutics (SBTX) plans to raise $125 million at a $566 million market cap. The company's lead candidate is currently in a Phase 1/1b trial for advanced or metastatic HER2-expressing solid tumors, with an update on interim data from the dose-escalation cohorts expected in the 2H21.
Chronic disease biotech Sigilon Therapeutics (SGTX) plans to raise $101 million at a $573 million market cap. Sigilon's lead candidate is designed to prevent bleeding episodes in patients with Hemophilia A and recently began a Phase 1/2 trial.
Oncology biotech Kinnate Biopharma (KNTE) plans to raise $170 million at a $756 million market cap. Kinnate's lead candidate is a Rapidly Accelerated Fibrosarcoma (RAF) inhibitor for the treatment of patients with lung cancer, melanoma, and other solid tumors, and the company expects to file an IND in the 1H21.
Seaport Global Acquisition (SGAMU) plans to raise $125 million to acquire companies emerging from a reorganization or distressed situation. The SPAC is led by The Seaport Group and Seaport Global Asset Management founder Stephen Smith.
Live Oak Acquisition II (LOKB.U) plans to raise $200 million to target companies with above industry-average growth. The company is led by CEO Richard Hendrix and President Gary Wunderlich, the co-founders of Live Oak Merchant Partners.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Seaport Global Acq. (SGAMU) New York, NY |
$125M $156M |
$10 12,500,000 |
B. Riley FBR |
| Blank check company formed by Seaport Global Asset Management targeting distressed businesses. | |||
| Live Oak Acquisition II (LOKB.U) Memphis, TN |
$200M $250M |
$10 20,000,000 |
Jefferies BofA |
| Second blank check company formed by Live Oak Merchant Partners targeting a high-growth business. | |||
| 17 Education & Tech (YQ) Beijing, China |
$288M $2,229M |
$9.50 - $11.50 27,400,000 |
Goldman (Asia) Morgan Stanley |
| Provides online K-12 tutoring services in China. | |||
| Seer (SEER) Redwood City, CA |
$150M $1,118M |
$16 - $18 8,825,000 |
JP Morgan Morgan Stanley |
| Developing next-generation proteome analysis tests for biomedical research. | |||
| Sigilon Therapeutics (SGTX) Cambridge, MA |
$101M $573M |
$17 - $19 5,600,000 |
Morgan Stanley Jefferies |
| Phase 1/2 biotech developing molecular therapeutics for chronic diseases. | |||
| Silverback Therapeutics (SBTX) Seattle, WA |
$125M $566M |
$17 - $19 6,950,000 |
Goldman SVB Leerink |
| Phase 1 biotech developing targeted immunotherapies for solid tumors. | |||
| Kinnate Biopharma (KNTE) San Diego, CA |
$170M $756M |
$16 - $18 10,000,000 |
Goldman SVB Leerink |
| Early stage biotech developing small molecule kinase inhibitors for difficult-to-treat cancers. | |||
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Lock-up periods will be expiring for seven companies. On Monday, 11/30: Pliant Therapeutics (PLRX). On Tuesday, 12/1: Warner Music Group (WMG) and ZoomInfo (ZI). On Wednesday, 12/2: Applied Molecular Transport (AMTI), Dada Nexus (DADA), Legend Biotech (LEGN), and Shift4 Payments (FOUR).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/25/20, the Renaissance IPO Index was up 96.3% year-to-date, while the S&P 500 was up 12.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (UBER) and Zoom Video (ZM). The Renaissance International IPO Index was up 37.9% year-to-date, while the ACWX was up 6.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.
