A handful of deals are scheduled to price in the week ahead, led by large biotech Prime Medicine (PRME), which would be the first sizable IPO of the fourth quarter.
Along with the deals already scheduled, Intel’s Mobileye (MBLY) will be eligible to launch its IPO and could join the calendar in the week ahead. The self-driving tech developer is currently the largest issuer in the pipeline, on file to raise an estimated $2.5 billion.
Backed by several prominent life science investors, Prime Medicine plans to raise $151 million at a $1.7 billion market cap. The company is developing one-time curative genetic therapies using Prime Editing technology, which it believes its more accurate and versatile than other types of gene editing. Prime currently has a pipeline of 18 preclinical programs targeting various indications, though it has no clinical data available and doesn’t expect to file its first IND until 2024.
ASP Isotopes (ASPI) plans to raise $12 million at a $205 million market cap. The pre-commercial stage company has an exclusive license for the Aerodynamic Separation Process (ASP) of isotope enrichment, and will initially focus on the production and commercialization of enriched Molybdenum-100. ASP Isotopes has a limited operating history and has yet to generate revenues.
Three holdovers from the past week are scheduled to price. Israeli video software provider Beamr Imaging (BMR) plans to raise $15 million at a $73 million market cap, and solid tumor biotech Intensity Therapeutics (INTS) plans to raise $10 million at an $82 million market cap. While not counted below, infectious disease biotech Alopexx (ALPX) plans to raise $15 million at a $39 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| ASP Isotopes (ASPI) Boca Raton, FL | $12M $205M | $5 - $7 2,000,000 | Revere Securities |
| Developing isotope enrichment facilities for medical and energy applications. | |||
| Prime Medicine (PRME) Cambridge, MA | $151M $1,652M | $16 - $18 8,900,000 | JP Morgan Goldman |
| Preclinical biotech developing novel gene editing therapies for various diseases. | |||
| Beamr (BMR) Herzeliya, Israel | $15M $73M | $5 3,000,000 | ThinkEquity |
| Israeli provider of video encoding and image optimization software. | |||
| Intensity Therapeutics (INTS) Westport, CT | $10M $82M | $4 - $5 2,222,223 | Roth Cap. Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/13/2022, the Renaissance IPO Index was down 51.6% year-to-date, while the S&P 500 was down 22.0%. 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 46.2% year-to-date, while the ACWX was down 27.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
