Updated Monday, 6/21/21.
17 IPOs are scheduled to raise $6.3 billion in the week ahead, led by two billion-dollar deals.
Chinese freight platform Full Truck Alliance (YMM) plans to raise $1.5 billion at a $19.7 billion market cap. The company’s platform connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types. Full Truck states that it is the world's largest digital freight platform by gross transaction value (GTV), facilitating 22+ million fulfilled orders with GTV of nearly $8 billion in the 1Q21.
Healthcare manager Bright Health Group (BHG) plans to raise $1.3 billion at a $15.4 billion market cap. Bright Health seeks to employ a more consumer-centric approach to healthcare to improve consumer experiences. Through a multi-pronged organic and inorganic growth strategy, the company’s core business has grown to serve roughly 623,000 patients in 14 states since its founding.
Data infrastructure provider Confluent (CFLT) plans to raise $713 million at a $10.0 billion market cap. Confluent data infrastructure offering is designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system. The company had more than 2,500 customers as of March 2021, with a dollar-based net retention rate of 117%.
Car wash brand Mister Car Wash (MCW) plans to raise $600 million at a $5.3 billion market cap. Profitable with solid cash flow, Mister Car Wash is the largest national car wash brand in the US, with 344 locations in 21 states. The company offers a monthly subscription program called Unlimited Wash Club which had 1.4 million members as of 3/31/21, representing nearly two-thirds of total wash sales.
Digital physicians network Doximity (DOCS) plans to raise $501 million at a $4.5 billion market cap. Doximity claims that it is the leading digital platform for US medical professionals, allowing collaboration with colleagues and secure coordination of patient care, among other features. Fast growing and profitable, the company had over 1.8 million members as of 3/31/21, representing more than 80% of physicians across the country.
Customer experience software provider Sprinklr (CXM) plans to raise $361 million at a $5.5 billion market cap. Sprinklr provides a software platform that helps enterprises create a persistent, unified view of each customer at scale. The company has attracted more than 1,000 customers, including over 50% of the Fortune 100. Sprinklr has improved its gross margins, though cash flow swung negative in the 1Q FY22.
HR platform provider First Advantage (FA) plans to raise $298 million at a $2.1 billion market cap. First Advantage provides technology solutions for screening, verifications, safety, and compliance related to human capital. Profitable with positive cash flow, the company derives most of its revenues from pre-onboarding screening, performing over 75 million screens on behalf of more than 30,000 customers in 2020.
Gene editing biotech Graphite Bio (GRPH) plans to raise $200 million at a $915 million market cap. Graphite's lead candidate, GPH101, aims to correct the mutation that causes sickle cell disease and restore normal adult hemoglobin expression. The company has received IND clearance for GPH101 and intends to enroll a Phase 1/2 trial in the 2H21, with initial data expected by the end of 2022.
Chinese social networking platform Soulgate (SSR) plans to raise $185 million at a $1.8 billion market cap. The company’s app Soul is a virtual social network created to address the drawbacks of current social media platforms. In March 2021, the company averaged 9.1 million DAUs, a 94% increase over the prior-year period.
Oncology biotech Monte Rosa Therapeutics (GLUE) plans to raise $176 million at an $827 million market cap. The company plans to select one of its selective, orally bioavailable GSPT1-directed MGD molecules for use in a genetically-defined subset of non-small cell lung cancer patients by the 2H21, and submit an IND in the 1H22.
Irish DMT biotech GH Research (GHRS) plans to raise $125 million at a $733 million market cap. The company is developing its proprietary 5-MeO-DMT compound in a Phase 2 trial in the Netherlands for patients with Treatment-Resistant Depression.
Digital financial services provider AMTD Digital (HKD) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the "fusion reactor" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.
Oncology biotech Elevation Oncology (ELEV) plans to raise $100 million at a $403 million market cap. Elevation's lead program is focused on neuregulin-1, or NRG1, fusions. It has initiated a Phase 2 trial of seribantumab, an anti-HER3 monoclonal antibody, in advanced solid tumors harboring an NRG1 fusion, with data from pre-planned interim analysis expected in late 2021 or early 2022 and topline data from the full trial accrual in the 1H23.
Biopharmaceutical reagents provider Alpha Teknova (TKNO) plans to raise $75 million at a $425 million market cap. Alpha Teknova provides critical reagents that enable the discovery, research, development and production of biopharmaceutical products such as drug therapies, novel vaccines, and molecular diagnostics. As of March 31, 2021, Alpha Teknova had over 3,000 active customers.
Organ bioengineering company Miromatrix Medical (MIRO) plans to raise $32 million at a $162 million market cap. Miromatrix is developing a novel technology for bioengineering fully transplantable human organs, initially focused on livers and kidneys. The company has demonstrated functional vasculature and important organ function in preclinical studies, and hopes to initiate a Phase 1 trial in late 2022 with its External Liver Assist Product.
Kidney disease biotech Unicycive Therapeutics (UNCY) plans to raise $25 million at a $116 million market cap. The company’s candidates include Renazorb, which was in-licensed from Spectrum Pharmaceuticals, and UNI 494, which was in-licensed from Sphaera Pharmaceuticals. Unicycive began conducting preclinical trials on UNI 494 in 2020.
Antibiotic biotech Acurx Pharmaceuticals (ACXP) plans to raise $15 million at a $62 million market cap. The company is developing a new class of antibiotics for infections caused by bacteria listed as priority pathogens by the WHO, CDC, and USDA. Its lead candidate recently completed a Phase 2a trial in patients with C. difficile infections, and is expected to begin a Phase 2b trial this year.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Full Truck Alliance (YMM) Guiyang, China | $1,485M $19,723M | $17 - $19 82,500,000 | Morgan Stanley CICC |
| Digital freight platform that connects shippers and truckers in China. | |||
| First Advantage (FA) Atlanta, GA | $298M $2,097M | $13 - $15 21,250,000 | Barclays BofA |
| Provides background checks and other services to corporate customers. | |||
| Sprinklr (CXM) New York, NY | $361M $5,541M | $18 - $20 19,000,000 | Morgan Stanley JP Morgan |
| Provides customer experience management software for enterprises. | |||
| Bright Health Group (BHG) Minneapolis, MN | $1,290M $15,385M | $20 - $23 60,000,000 | JP Morgan Goldman |
| Provides health insurance and other healthcare services. | |||
| Confluent (CFLT) Mountain View, CA | $713M $10,033M | $29 - $33 23,000,000 | Morgan Stanley JP Morgan |
| Provides an enterprise platform that collects and processes real-time data streams. | |||
| Doximity (DOCS) San Francisco, CA | $501M $4,549M | $20 - $23 23,300,000 | Morgan Stanley Goldman |
| Professional network for physicians with telehealth and scheduling tools. | |||
| Monte Rosa Therapeutics (GLUE) Boston, MA | $176M $827M | $17 - $19 9,750,000 | JP Morgan Cowen |
| Preclinical biotech developing small molecule protein degraders for cancer and other diseases. | |||
| Soulgate (SSR) Shanghai, China | $185M $1,824M | $13 - $15 13,200,000 | Morgan Stanley Jefferies |
| Provides the gamified social networking app Soul in China. | |||
| Acurx Pharmaceuticals (ACXP) Staten Island, NY | $15M $62M | $5 - $7 2,500,000 | Alexander Capital Network 1 |
| Phase 2 biotech developing antibiotics for antibiotic-resistant pathogens. | |||
| Alpha Teknova (TKNO) Hollister, CA | $75M $425M | $14 - $16 5,000,000 | Cowen William Blair |
| Provides reagents and other materials for biopharmaceutical R&D applications. | |||
| Elevation Oncology (ELEV) New York, NY | $100M $403M | $15 - $17 6,250,000 | JP Morgan Cowen |
| Phase 2 biotech developing targeted therapies for cancer in genomically-defined patients. | |||
| GH Research (GHRS) Dublin, Ireland | $125M $733M | $14 - $16 8,333,333 | Cowen Stifel |
| Phase 2 biotech developing DMT-based therapies for depression. | |||
| Graphite Bio (GRPH) South San Francisco, CA | $200M $915M | $15 - $17 12,500,000 | Morgan Stanley BofA |
| Phase 1/2-ready biotech developing gene editing therapies for sickle cell and other diseases. | |||
| Mister Car Wash (MCW) Tucson, AZ | $600M $5,256M | $15 - $17 37,500,000 | BofA Morgan Stanley |
| Leading national car wash brand with 344 locations across the US. | |||
| AMTD Digital (HKD) Hong Kong, China | $120M $1,388M | $6.80 - $8.20 16,000,000 | AMTD Global Loop Capital |
| Digital financial services provider being spun out of AMTD. | |||
| Miromatrix Medical (MIRO) Eden Prairie, MN | $32M $162M | $7 - $9 4,000,000 | Craig-Hallum |
| Developing novel bioengineering technology for organ transplants. | |||
| Unicycive Therapeutics (UNCY) Los Altos, CA | $25M $116M | $8.50 - $10.50 2,635,000 | Roth Cap. |
| Early-stage biotech developing in-licensed therapies for kidney disease. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/17/21, the Renaissance IPO Index was flat at 0.0% year-to-date, while the S&P 500 was up 12.4%. 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 3.4% year-to-date, while the ACWX was up 10.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.
