Updated Monday, 5/24.
Six IPOs are scheduled to raise $1.4 billion in the week ahead, joined by one direct listing.
Set to begin trading Wednesday, job marketplace ZipRecruiter (ZIP) plans to complete a direct listing on the NYSE, with an estimated market value at listing of more than $3 billion. ZipRecruiter operates an online job marketplace that matches employers and job seekers. Despite having a large reach with over 90 million job postings and 36 million job seekers in 2020, the company faces high competition from large companies such as LinkedIn and Facebook.
Healthcare apparel brand FIGS (FIGS) plans to raise $394 million at a $3.4 billion market cap. This apparel company designs, markets, and sells scrubs and other related clothing for healthcare professionals. FIGS is fast growing and profitable, though its use of more expensive air freight to meet customer demand weighed on gross margin in the 1Q21.
Biotech holding company Centessa Pharmaceuticals (CNTA) plans to raise $285 million at a $1.8 billion market cap. The company's portfolio is comprised of 10 life science companies previously owned by either Medicxi or Index Ventures which represent 16 development programs with clear biological rationale, four of which are in clinical development. The company has stated it expects to present more than 12 clinical readouts over the next three years, including three this year.
Payment processor Flywire (FLYW) plans to raise $200 million at a $2.6 billion market cap. Flywire provides a global payments platform for the education, healthcare, and travel verticals. The company operates in large underserved markets and has a sticky customer base. Organic growth slowed in 2020 due to the pandemic, and investments in S&M and R&D will weigh on margins in the near term.
Electronic billing platform Paymentus (PAY) plans to raise $200 million at a $2.4 billion market cap. Paymentus provides cloud-based bill payment technology for more than 1,300 business clients. The company has demonstrated growth and profitability, though increased investments in opex will hurt margins and profitability in the near term.
Singular Genomics Systems (OMIC), which is developing novel next generation sequencing and multiomics technologies, plans to raise $179 million at a $1.5 billion market cap. Singular has developed a unique and proprietary next generation sequencing technology, which it refers to as its Sequencing Engine. The company is currently developing two integrated solutions that are purpose built to target specific applications, with commercial launches expected in 2021 and 2023.
Pediatric oncology biotech Day One Biopharmaceuticals (DAWN) plans to raise $126 million at an $881 million market cap. The company's lead candidate is an oral, brain-penetrant, highly-selective type II pan-RAF kinase inhibitor, and it is currently in a pivotal Phase 2 trial for the treatment of pediatric patients with relapsed or progressive low-grade glioma. The company anticipates an initial data readout in the 1H22, and expects to file an NDA in 2023.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Flywire (FLYW) Boston, MA |
$200M $2,642M |
$22 - $24 8,700,000 |
Goldman JP Morgan |
| Provides payment processing software to education, healthcare, travel, and B2B firms. | |||
| Paymentus (PAY) Redmond, WA |
$200M $2,438M |
$19 - $21 10,000,000 |
Goldman JP Morgan |
| Electronic billing platform provider. | |||
| Day One Biopharma (DAWN) South San Francisco, CA |
$126M $881M |
$14 - $16 8,400,000 |
JP Morgan Cowen |
| Phase 2 biotech developing treatments for pediatric glioma and other cancers. | |||
| FIGS (FIGS) Santa Monica, CA |
$394M $3,448M |
$16 - $19 22,500,000 |
Goldman Morgan Stanley |
| Premium medical scrubs and healthcare apparel brand. | |||
| Singular Genomics Systems (OMIC) La Jolla, CA |
$179M $1,512M |
$20 - $22 8,500,000 |
JP Morgan Goldman |
| Developing novel next generation sequencing and multiomics technologies. | |||
| ZipRecruiter (ZIP) Santa Monica, CA |
$2,168M $3,263M |
$25.04 86,598,896 |
|
| Operates an online job marketplace. | |||
| Centessa Pharmaceuticals (CNTA) Cambridge, United Kingdom |
$285M $1,759M |
$18 - $20 15,000,000 |
Morgan Stanley Goldman |
| Biotech holding company carved out of Medicxi. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/20/21, the Renaissance IPO Index was down 9.3% year-to-date, while the S&P 500 was up 10.7%. 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 2.3% year-to-date, while the ACWX was up 8.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and Kuaishou Technology.
