After delaying its offering, Acrivon Therapeutics (ACRV) completed the week’s sole IPO. In the pipeline, seven companies submitted initial filings, including three planning to raise $100 million.
Biotech Acrivon Therapeutics (ACRV) offered more shares and priced well below the range to raise $94 million at a $277 million market cap. The company also raised $5 million in a concurrent private placement, and added insider indications at pricing covering 88% of the deal. Acrivon is spearheading the proteomic approach to oncology. Though its lead candidate is a drug that was shelved by Eli Lily in 2019, it is currently in a potentially registrational Phase 2 trial across multiple tumor types. Acrivon finished up 26%.
| 1 IPO During the Week of November 14th, 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/18 |
| Acrivon Therapeutics (ACRV) | $94M | $277M | -26% | +33% | +26% |
| Phase 2 biotech developing proteomics-based precision oncology therapies. | |||||
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The week’s major IPO filings came from specialty property and casualty insurer Skyward Specialty Insurance Group (SKWD) and energy companies TXO Energy Partners LP (TXO) and BKV Corp (BKV), all of which filed to raise $100 million.
| 7 Filings During the Week of November 14th, 2022 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| BKV Corp (BKV) | $100M | Energy | Credit Suisse |
| US natural gas producer operating in the Barnett and Marcellus Shale. | |||
| Coya Therapeutics (COYA) | $17M | Health Care | Chardan |
| Phase 2 biotech developing regulatory T-cell therapies for various indications. | |||
| CytoMed Therapeutics (GDTC) | $15M | Health Care | Benchmark |
| Singaporean preclinical biotech developing gamma-delta T cell therapies for cancer. | |||
| MGO Global (MGOL) | $8M | Technology | Boustead |
| Building a portfolio of lifestyle brands led by Lionel Messi's Messi Brand. | |||
| TXO Energy Partners (TXO) | $100M | Energy | Raymond James |
| US oil and gas production company in the Permian and San Juan Basins. | |||
| SYLA Technologies (SYT) | $17M | Real Estate | Boustead |
| Japanese real estate developer expanding into fintech, solar, and crypto. | |||
| Skyward Specialty (SKWD) | $100M | Financials | Barclays |
| Specialty property & casualty insurer focused on underserved markets. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/17/2022, the Renaissance IPO Index was down 53.2% year-to-date, while the S&P 500 was down 16.0%. 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 37.8% year-to-date, while the ACWX was down 17.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and EQT.
