Updated Monday, 5/3.
10 IPOs are expected to raise a total of $1.4 billion in the first week of May. The lineup is led by Jessica Alba’s highly-anticipated lifestyle brand, The Honest Company (HNST).
The largest deal of the week, non-toxic lifestyle brand The Honest Company (HNST) plans to raise $400 million at a $1.6 billion market cap. The company’s products include baby care, skin and personal care, as well as household and wellness products. Though the company saw considerable revenue growth in 2020, it has a history of losses and negative free cash flow, and insiders are selling 75% of the IPO.
Chinese health insurance platform Waterdrop (WDH) plans to raise $330 million at a $4.6 billion market cap. The company states that it is the largest independent third-party insurance platform in China by life and health insurance first year premiums distributed in 2020. Fast growing and unprofitable, it collaborated with 62 insurance carriers to offer 200 health and life insurance products as of 12/31/20.
Stem cell transplantation biotech Talaris Therapeutics (TALS) plans to raise $150 million at a $736 million market cap. Its lead candidate is a novel allogeneic cell therapy comprised of stem and immune cells that are procured from a healthy donor. The company is currently enrolling patients in a Phase 3 registration trial in the US of FCR001 in 120 adult living donor kidney transplant recipients.
UK biotech Gyroscope Therapeutics (VISN) plans to raise $142 million at a $633 million market cap. Its lead investigational gene therapy, GT005, is advancing in an ongoing Phase 1/2 trial and is being evaluated in Phase 2 trials in two different genetically defined patient populations with geographic atrophy, an advanced form of dry AMD.
Chinese e-commerce company Onion Global (OG) plans to raise $103 million at an $854 million market cap. Through its lifestyle brand platform, the company incubates, markets, and distributes more than 4,000 beauty, maternal and baby, fashion, and food and beverage brands across Asia. The company is profitable and has demonstrated strong growth.
French vaccine biotech Valneva (VALN) plans to raise $100 million at a $1.5 billion market cap. Valneva has successfully commercialized vaccines for Japanese Encephalitis and Cholera, and is currently developing three other programs. While the company’s COVID-19 candidate will see stiff competition, its candidate targeting the bacterium that causes Lyme Disease would be the first of its kind if approved.
California bank Five Star Bancorp (FSBC) plans to raise $100 million at a $309 million market cap. The bank serves the greater Sacramento MSA through its seven branches and two loan offices, with a primary focus on commercial real estate lending. While Five Star saw a significant increase in assets and deposits in 2020, large money center banks dominate the control the majority of deposits in the area.
Online hydroponic equipment supplier iPower (IPW) plans to raise $50 million at a $272 million market cap. Fast growing and profitable, the company sells equipment that enables its customers to grow fruits, vegetables, flowers, and other plants, including cannabis, through its own website and third party retailers like Amazon, eBay, and Walmart.
Engineering solutions provider Bowman Consulting Group (BWMN) plans to raise $40 million at a $134 million market cap. The company offers planning, engineering, construction management, commissioning, environmental consulting, land procurement, and other services to over 2,200 clients in diverse end markets.
Cannabinoid overdose biotech Anebulo Pharmaceuticals (ANEB) plans to raise $21 million at a $163 million market cap. The company’s lead candidate is intended to reverse the negative effect of cannabinoid overdose within 1 hour of administration. The company expects to begin a Phase 2 proof-of-concept trial for cannabinoid overdose in the Netherlands in the 4Q21.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Five Star Bancorp (FSBC) Rancho Cordova, CA |
$100M $309M |
$18 - $20 5,265,000 |
KBW |
| California bank with seven branches and two loan production offices. | |||
| The Honest Company (HNST) Los Angeles, CA |
$400M $1,591M |
$14 - $17 25,807,000 |
Morgan Stanley JP Morgan |
| Non-toxic lifestyle brand of baby, skin, and household products. | |||
| Bowman Consulting Group (BWMN) Reston, VA |
$40M $134M |
$12 - $14 3,077,000 |
DA Davidson B. Riley FBR |
| Provides engineering-focused professional services. | |||
| Valneva (VALN) Saint-Herblain, France |
$100M $1,492M |
$28.24 3,541,381 |
Goldman Jefferies |
| Commercial-stage French biotech developing vaccines for infectious diseases. | |||
| Anebulo Pharmaceuticals (ANEB) Lakeway, TX |
$21M $163M |
$6 - $8 3,000,000 |
Benchmark |
| Phase 2 biotech developing treatments for cannabinoid overdose and substance addiction. | |||
| Gyroscope Therapeutics (VISN) Hertfordshire, United Kingdom |
$142M $633M |
$20 - $22 6,750,000 |
Morgan Stanley Goldman |
| UK-based Phase 2 biotech developing gene therapies for ocular diseases. | |||
| iPower (IPW) Duarte, CA |
$50M $272M |
$9 - $11 5,000,000 |
DA Davidson Roth Cap. |
| Online hydroponic equipment supplier. | |||
| Onion Global (OG) Guangzhou, China |
$103M $854M |
$7.25 - $9.25 12,500,000 |
AMTD Global Huatai |
| Operates a cross-border e-commerce platform for lifestyle brands in China. | |||
| Talaris Therapeutics (TALS) Louisville, KY |
$150M $736M |
$16 - $18 8,825,000 |
Morgan Stanley SVB Leerink |
| Phase 3 biotech developing methods for allogeneic hematopoietic stem cell transplantation. | |||
| Waterdrop (WDH) Beijing, China |
$330M $4,638M |
$10 - $12 30,000,000 |
Goldman (Asia) Morgan Stanley |
| Operates a health insurance distribution and crowd-funding platform in China. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/29/21, the Renaissance IPO Index was down 2.2% year-to-date, while the S&P 500 was up 12.1%. 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 down 0.2% year-to-date, while the ACWX was up 8.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou Technology and Nexi.
