Updated Monday, 11/7.
Three deals are currently set to price in the week ahead, although other small deals may join the calendar during the week. Two biotechs are coming to market amid challenging conditions, though 2022's healthcare IPOs, especially larger ones, have delivered solid trading recently. They are joined by a Chinese hotel chain.
Precision oncology biotech Acrivon Therapeutics (ACRV) plans to raise $100 million at a $351 million market cap. The company’s lead candidate is in a potentially registrational Phase 2 trial across multiple tumor types, focusing on platinum-resistant ovarian, endometrial, and bladder cancers, with initial readouts expected in the 2H23.
Chinese hotel chain Atour Lifestyle Holdings (ATAT) plans to raise $57 million at a $1.6 billion market cap. Atour Lifestyle has developed a scenario-based retail business within its hotels, incorporating a fully immersive shopping experience in guests' rooms. As of June 30, 2022, the company had 834 hotels in 151 cities in China.
Holdover Intensity Therapeutics (INTS) plans to raise $10 million at an $82 million market cap. The company’s lead candidate, an intratumoral injection therapy, is being evaluated in Phase 2 trials for refractory/metastatic cancers and early stage breast cancer, with final data expected in 2023.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Intensity Therapeutics (INTS) Westport, CT | $10M $82M | $4 - $5 2,222,223 | Roth Cap. Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
| Acrivon Therapeutics (ACRV) Watertown, MA | $100M $351M | $16 - $18 5,900,000 | Morgan Stanley Jefferies |
| Phase 2 biotech developing proteomics-based precision oncology therapies. | |||
| Atour Lifestyle Holdings (ATAT) Shanghai, China | $57M $1,623M | $11 - $13 4,750,000 | BofA Citi |
| Upper midscale hotel chain in China. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/3/2022, the Renaissance IPO Index was down 54.2% year-to-date, while the S&P 500 was down 20.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index was down 46.3% year-to-date, while the ACWX was down 24.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nongfu Spring and EQT.
