Eight companies are currently scheduled to go public in the week ahead, seven of which are eligible for inclusion in our IPO stats. If all seven qualifying deals price, it would be the busiest week for the US IPO market in over a year.
The week’s lineup is led by oil and gas producer TXO Energy Partners LP (TXO), which plans to raise $100 million at a $600 million market cap. Concentrated in the Permian and San Juan Basins, TXO’s assets consisted of approximately 846,000 gross (370,000 net) leasehold and mineral acres as of 7/31/22, with approximately 143 MMBoe of proved reserves. TXO plans to issue a quarterly distribution, though it will be highly variable and have no minimum.
Chinese edtech QuantaSing Group (QSG) plans to raise $41 million at a $763 million market cap. The company was expected to price this past week but delayed. QuantaSing states that it is the largest online financial learning service provider for adults in China, with a 37% share of the market by 2021 revenue. The company is unprofitable and saw revenue decline in the 1Q FY23.
Two small oncology biotechs are also slated to go public in the coming week. Genelux (GNLX) plans to raise $16 million at a $154 million market cap, and Intensity Therapeutics (INTS) plans to raise $8 million at an $84 million market cap. Both drug developers are clinical stage and targeting solid tumors.
They are joined by small foreign issuers Lead Real Estate (LRE) and Brera Holdings (BREA). Focusing on luxury residential properties, Japanese real estate developer Lead Real Estate plans to raise $16 million at a $116 million market cap. Italian amateur football club Brera is slated to raise $8 million at a $63 million market cap, and plans to use the IPO proceeds to acquire additional football assets.
Holdovers Lucy Scientific Discovery (LSDI) and BullFrog AI Holdings (BFRG) may also price in the week ahead. Early-stage Canadian psychotropics company Lucy plans to raise $8 million at a $62 million market cap. While not included below, pre-revenue BullFrog plans to raise $8 million at a $34 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Genelux (GNLX) Westlake Village, CA | $16M $154M | $6 - $7 2,500,000 | Benchmark Brookline Cap. Mkts. |
| Phase 3 biotech developing oncolytic viral immunotherapies for solid tumors. | |||
| Intensity Therapeutics (INTS) Westport, CT | $8M $84M | $4 - $5 1,777,778 | Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
| Lead Real Estate (LRE) Tokyo, Japan | $16M $116M | $7 - $9 2,000,000 | Network 1 |
| Luxury residential property developer in Japan. | |||
| Brera Holdings (BREA) Dublin, Ireland | $8M $63M | $5 - $6 1,500,000 | Revere Sec. |
| Operates amateur football club Brera FC in Milan, Italy. | |||
| TXO Energy Partners (TXO) Fort Worth, TX | $100M $600M | $19 - $21 5,000,000 | Raymond James Stifel |
| US oil and gas production company in the Permian and San Juan Basins. | |||
| Lucy Scientific Discovery (LSDI) Victoria, Canada | $8M $62M | $4 2,000,000 | WestPark Capital |
| Early-stage psychotropics contract manufacturing company. | |||
| QuantaSing Group (QSG) Beijing, China | $41M $763M | $11.50 - $13.50 3,250,000 | Citi CICC |
| Provides online financial literacy and personal interest courses for adults in China. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/19/2023, the Renaissance IPO Index was up 5.0% year-to-date, while the S&P 500 was up 1.6%. 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 up 4.9% year-to-date, while the ACWX was up 6.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
