Updated Monday, 7/12.
After a slow holiday week, 15 IPOs are scheduled to raise nearly $4 billion in the week ahead. A handful of SPACs should also price.
Italian drug container supplier Stevanato Group (STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.
Shopping center REIT Phillips Edison & Company (PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.
Known for its member-only luxury hotel brand Soho House, Membership Collective Group (MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.
Mark Wahlberg-backed fitness franchise F45 Training (FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.
Mortgage software provider Blend Labs (BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&D and S&M spend.
Bridge Investment Group (BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.
Oncology biotech Erasca (ERAS) plans to raise $263 million at a $1.9 billion market cap. The company currently has five clinical-stage programs, including ERAS-007, which began enrollment of a Phase 1b/2 trial in advanced solid tumors in May 2021. The company plans to begin three more Phase 1b/2a trials for ERAS-007 in other cancer indications by the 1Q22.
Ocular medical device provider Sight Sciences (SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.
Microbial testing device provider Rapid Micro Biosystems (RPID) plans to raise $125 million at an $828 million market cap. Rapid Micro Biosystems' flagship product, the Growth Direct platform, automates the manual microbial quality control testing workflow which safeguards the complex and critical bioprocessing workflows of pharmaceutical manufacturers. The Growth Direct platform is used to ensure the quality of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables.
Bone marrow disease biotech Imago BioSciences (IMGO) plans to raise $105 million at a $499 million market cap. Its lead candidate, bomedemstat, is being advanced for the treatment of myeloproliferative neoplasms, or MPNs, a family of related, chronic cancers of the bone marrow. Bomedemstat has completed enrollment of a Phase 2 trial in patients with an MPN known as myelofibrosis, and is currently enrolling patients in a Phase 2 trial in patients with an MPN known as essential thrombocythemia.
Preclinical oncology biotech TScan Therapeutics (TCRX) plans to raise $100 million at a $404 million market cap. TScan Therapeutics is developing a pipeline of T cell receptor-engineered T cell, or TCR-T, therapies for the treatment of hematological and solid tumors. The company plans to submit INDs for its lead two liquid tumor candidates in the 4Q21 and at least three of its four solid tumor candidates in the 2H22.
French neuromuscular disease biotech Dynacure (DYCU) plans to raise $100 million at a $339 million market cap. Its lead candidate, DYN101, is an antisense oligonucleotide designed to be a disease-modifying medicine for treatment of the majority of CNM patients across multiple mutations in both adult and pediatric populations. The company is conducting a Phase 1/2 trial in Europe of DYN101, and intends to expand this trial to sites in the US in the 2H21. It expects to report interim pharmacokinetic and safety data in the 2H22 and final data in 2023.
Medical imaging software provider Perspectum Group (SCAN) plans to raise $75 million at a $637 million market cap. Perspectum's software products combine image formation, magnetic resonance (MR) image analysis, and AI to support healthcare provider diagnosis, treatment decision-making, and monitoring of the progression of chronic metabolic diseases, multi-organ pathologies, and cancer, and determine whether the patient is responding to therapy. Its product portfolio comprises cloud-based AI-driven software that utilizes medical images.
Pregnancy diagnostics company Sera Prognostics (SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.
A hold-over from last week, early-stage kidney disease biotech Unicycive Therapeutics (UNCY) plans to raise $25 million at a $79 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| ARYA Sciences Acq. V (ARYE) New York, NY | $130M $167M | $10 13,000,000 | Jefferies Goldman |
| Fifth healthcare-focused blank check company formed by Perceptive Advisors. | |||
| Good Works II Acquisition (GWIIU) Houston, TX | $200M $254M | $10 20,000,000 | I-Bankers |
| Blank check company targeting high-growth businesses. | |||
| F45 Training (FXLV) Austin, TX | $325M $1,488M | $15 - $17 20,312,500 | Goldman JP Morgan |
| Global fitness franchise offering 45-minute workouts. | |||
| Membership Collective (MCG) London, United Kingdom | $450M $3,158M | $14 - $16 30,000,000 | JP Morgan Morgan Stanley |
| Operates members-only luxury hotels and clubs under the Soho House brand. | |||
| Phillips Edison (PECO) Cincinnati, OH | $502M $3,672M | $28 - $31 17,000,000 | Morgan Stanley BofA |
| REIT focused on grocery-anchored neighborhood shopping centers. | |||
| Rapid Micro Biosystems (RPID) Lowell, MA | $125M $828M | $18 - $20 6,600,000 | JP Morgan Morgan Stanley |
| Provides an automated microbial testing device and platform. | |||
| Sera Prognostics (SERA) Salt Lake City, UT | $75M $564M | $15 - $17 4,687,500 | Citi Cowen |
| Develops diagnostic tests for pregnancy complications. | |||
| Blend Labs (BLND) San Francisco, CA | $340M $4,469M | $16 - $18 20,000,000 | Goldman Allen & Co. |
| Provides a digital platform for lenders to offer mortgages and consumer loans. | |||
| Bridge Investment Group (BRDG) Salt Lake City, UT | $300M $1,790M | $15 - $17 18,750,000 | Morgan Stanley JP Morgan |
| Vertically-integrated real estate investment manager with $26 billion in AUM. | |||
| Dynacure (DYCU) Illkirch-Graffenstaden, France | $100M $339M | $15 - $17 6,250,000 | JP Morgan BofA |
| French Phase 1/2 biotech developing therapies for neuromuscular diseases. | |||
| Erasca (ERAS) San Diego, CA | $263M $1,917M | $14 - $16 17,500,000 | JP Morgan Morgan Stanley |
| Phase 2 biotech developing therapies for RAS/MAPK pathway-driven cancers. | |||
| Imago BioSciences (IMGO) South San Francisco, CA | $105M $499M | $14 - $16 7,000,000 | Jefferies Cowen |
| Phase 2 biotech developing small molecules for bone marrow cancer and diseases. | |||
| Perspectum Group (SCAN) Oxfordshire, United Kingdom | $75M $637M | $15 - $17 4,687,500 | Citi Barclays |
| Provides a portfolio of medical imaging software. | |||
| Sight Sciences (SGHT) Menlo Park, CA | $150M $1,000M | $20 - $23 6,980,000 | Morgan Stanley BofA |
| Provides medical and surgical devices for underserved eye diseases. | |||
| Stevanato Group (STVN) Padua, Italy | $900M $6,760M | $21 - $24 40,000,000 | Morgan Stanley BofA |
| Italian supplier of glass vials, syringes, and other pharmaceutical containers. | |||
| TScan Therapeutics (TCRX) Waltham, MA | $100M $404M | $15 - $17 6,250,000 | Morgan Stanley Jefferies |
| Preclinical biotech developing engineered T cell cancer therapies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.
