Six deals are expected to begin trading in the week ahead, though only five meet the criteria for our IPO stats. The group is led by AIG carve-out Corebridge Financial (CRBG) and biotech Third Harmonic Bio (THRD).
In what could be the largest deal of 2022 so far, Corebridge plans to raise $1.8 billion at a fully diluted market value of $14.7 billion. Parent AIG is selling 100% of the shares in the offering. A top 10 life and annuity company, Corebridge’s main business segments include individual retirement, group retirement, institutional markets, and life insurance. The company is profitable and has delivered solid growth, though it is exposed to market movements and could be impacted by weak economic conditions. Corebridge plans to pay quarterly dividends, offering a 4.1% annualized yield at the midpoint.
Third Harmonic Bio, a Phase 1 biotech targeting allergic and inflammatory diseases, plans to raise $153 million at a $649 million market cap. Backed by several blue chip VCs, the company is developing an oral therapy, in-licensed from Novartis, which it believes can treat multiple indications, including urticaria (hives) and asthma. Third Harmonic has limited data available to support efficacy, and an unclear timeline to commercialization.
Two companies are planning to uplist from the OTC. LINKBANCORP (LNKB) plans to raise $40 million at a $126 million market cap. Operating Pennsylvania-based The Gratz Bank, the company currently has 10 branches and one loan production office. Know Labs (KNW), which is developing a non-invasive glucose monitor, plans to raise $6 million at a $123 million market cap.
Two deals are not listed below: China-based Lichen China (LICN), which is expected to raise $25 million on Friday and begin trading on Monday, and Israel-based Wearable Devices (WLDS), which plans to raise $22 million at a $99 million market cap in a Nasdaq unit offering, making it ineligible for RC’s IPO stats.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| LINKBANCORP (LNKB) Camp Hill, PA | $40M $126M | $8 - $9.50 4,575,000 | Stephens Piper Sandler |
| Pennsylvania community bank with 11 branches. | |||
| Corebridge Financial (CRBG) Houston, TX | $1,800M $14,722M | $21 - $24 80,000,000 | JP Morgan Morgan Stanley |
| Carve-out of AIG's retirement services and life insurance business. | |||
| Know Labs (KNW) Seattle, WA | $6M $123M | $2 3,000,000 | Boustead |
| Developing a non-invasive glucose monitor using biosensor technology. | |||
| Third Harmonic Bio (THRD) Cambridge, MA | $153M $649M | $16 - $18 9,000,000 | Morgan Stanley Jefferies |
| Phase 1 biotech developing a therapy for allergic and inflammatory diseases. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/7/2022, the Renaissance IPO Index was down 45.4% year-to-date, while the S&P 500 was down 15.6%. 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 37.1% year-to-date, while the ACWX was down 20.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
