The IPO calendar is expected to stay relatively quiet in the week ahead, as IPO candidates get their audited 2021 financials in order and evaluate their chances amid the IPO market meltdown. Just one biotech is scheduled to price, though it's likely that we may see a few SPACs join the calendar as well.
Cancer biotech Arcellx (ACLX) plans to raise $132 million at a $624 million market cap. Arcellx's lead ddCAR candidate, CART-ddBCMA, is in Phase 1 development for the treatment of relapsed or refractory (r/r) multiple myeloma (MM). The company plans to initiate a Phase 2 pivotal trial of CART-ddBCMA for treatment of r/r MM in late 2022.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Arcellx (ACLX) Gaithersburg, MD | $132M $624M | $15 - $17 8,250,000 | BofA SVB Leerink |
| Phase 1 biotech developing cell therapies for cancer and other incurable diseases. | |||
| Blue World Acquisition (BWAQU) New York, NY | $80M $104M | $10 8,000,000 | Maxim |
| Blank check company targeting marine-related businesses. | |||
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A few other small companies have delayed January offerings, and are currently set to price on a day-to-day basis. AdTech platform Direct Digital Holdings (DRCT) could raise $32 million offering shares at $7 to $9 for a proposed $123 million market cap. OTC-listed wearable insulin pump maker Modular Medical (MODD) has filed terms to raise $30 million in its uplisting, based on its filed price of $12.49.
Street research is expected for five companies, and lock-up periods will be expiring for up to five companies. For access to lock-up expiration and Street research dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/27/22, the Renaissance IPO Index was down 28.3% year-to-date, while the S&P 500 was down 9.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and Snowflake (SNOW). The Renaissance International IPO Index was down 13.1% year-to-date, while the ACWX was down 4.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Volvo Car Group and Zhejiang Kuaishou Information Technology.
