Just one small IPO began trading this week as headline deal QuantaSing Group (QSG) delayed its offering; it now plans to price in the week ahead. The pipeline continued to see more activity, with six IPOs submitting initial filings, including three planning to raise $100 million.
The week’s sole deal, Cadrenal Therapeutics (CVKD) raised $7 million at a $63 million market cap in its Nasdaq listing. The biotech’s sole candidate was designed for the prevention of systemic thromboembolism in patients with end-stage renal disease and atrial fibrillation (AFib), and the company expects to commence a Phase 3 trial in the 2H23. Cadrenal Therapeutics finished the week down -18%.
| 1 IPO During the Week of January 16th, 2023 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/20 |
| Cadrenal Therapeutics (CVKD) | $7M | $63M | 0% | -18% | -18% |
| Phase 3-ready biotech developing an acquired therapy for thrombosis and AFib. | |||||
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Six IPOs submitted initial filings this past week, led by three planning to raise $100 million: Hesai Group (HSAI), a Chinese provider of lidar products mostly for autonomous vehicles; Mineralys Therapeutics (MLYS), a Phase 2 biotech developing an in-licensed therapy for cardiorenal disorders; and Enlight Renewable Energy (ENLT), which operates wind and solar energy projects in Israel, Europe, and the US. Interactive Strength (TRNR), which sells home fitness equipment and personal training classes under the Forme brand, filed to raise $17 million. Squarex Pharmaceutical (SQRX), a Phase 2 biotech developing a topical therapy for cold sores, filed to raise $15 million. Top KingWin (TCJH), a Chinese provider of financial advisory services to small and medium enterprises, filed to raise $14 million.
| 6 Filings During the Week of January 16th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Enlight Renewable Energy (ENLT) | $100M | Utilities | JP Morgan |
| Operates wind and solar energy projects in Israel, Europe, and the US. | |||
| Mineralys Therapeutics (MLYS) | $100M | Health Care | BofA |
| Phase 2 biotech developing an in-licensed therapy for cardiorenal disorders. | |||
| Top KingWin (TCJH) | $14M | Financials | Univest Sec. |
| Provides financing advisory and related services to SMEs in China. | |||
| Hesai Group (HSAI) | $100M | Technology | Goldman (Asia) |
| Chinese provider of lidar products for autonomous vehicles and other applications. | |||
| Interactive Strength (TRNR) | $17M | Consumer Discretionary | Aegis Cap. |
| Sells connected home fitness equipment and personal training classes. | |||
| Squarex (SQRX) | $15M | Health Care | EF Hutton |
| Phase 2 biotech developing a topical therapy for cold sores. | |||
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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.
