Just two small deals are currently on the calendar, though other companies may join the September lineup in the short week ahead.
OTC-listed Know Labs (KNW) plans to raise $6 million at a $123 million market cap. Know Labs is focused on the development and commercialization of proprietary biosensor technologies. The early-stage company is initially using its Bio-RFID technology to develop a non-invasive glucose monitor.
While not counted below, holdover Wearable Devices (WLDS) may raise $22 million at a $99 million market cap in a unit offering. The company is developing a non-invasive neural input interface in the form of a wrist wearable band for controlling digital devices using subtle finger movements.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Know Labs (KNW) Seattle, WA | $6M $123M | $2 3,000,000 | Boustead |
| Developing a non-invasive glucose monitor using biosensor technology. | |||
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The long Labor Day weekend marks the start of the fall IPO market, and while we don’t expect the typical wave of launches, a pickup in secondary activity in August and updates from large issuers in the pipeline hint at IPO activity resuming this September. For more on what to expect in the coming months, read our Fall 2022 US IPO Preview.
The list of notable companies that could launch in the coming weeks are led by AIG carve-out Corebridge Financial (CRBG), the largest deal on file, which could raise up to $3 billion in its IPO.
| Notable Companies Primed for Fall IPOs | |||
|---|---|---|---|
| Issuer Business | Est. Deal Size ($mm) | Sector | |
| Corebridge Financial (CRBG) | $3,000 | Financials | |
| Carve-out of AIG's retirement services and life insurance business. | |||
| Turo (TURO) | $300 | Technology | |
| Online platform for peer-to-peer car sharing. | |||
| Aleph Group (ALEF) | $300 | Comm. Services | |
| Provides tech platforms with ad distribution services in emerging countries. | |||
| Savers Value Village (SVV) | $250 | Consumer Disc. | |
| Largest for-profit thrift operator in the US and Canada. | |||
| Fogo Hospitality (FOGO) | $200 | Consumer Disc. | |
| Brazilian steakhouse chain with 67 locations in the US and internationally. | |||
| Third Harmonic Bio (THRD) | $150 | Healthcare | |
| Phase 1 biotech developing a therapy for allergic and inflammatory diseases. | |||
| Dynasty Financial Partners (DSTY) | $100 | Financials | |
| Provides business services and an investment management platform to RIAs. | |||
| Claire’s (CLRS) | $100 | Consumer Disc. | |
| Girl’s fashion, jewelry, and accessories retailer. | |||
| Steinway (STWY) | $100 | Consumer Disc. | |
| Makes high-performance pianos and other musical instruments. | |||
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Street research is expected for four companies, and a lock-up period will be expiring for one company. For access to Street research and lock-up expiration 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 9/1/2022, the Renaissance IPO Index was down 45.8% year-to-date, while the S&P 500 was down 15.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 36.4% year-to-date, while the ACWX was down 19.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
