Updated Monday, 1/30.
Three deals are currently scheduled for the week ahead, two of which qualify for inclusion in our IPO stats, though other small issuers may join the calendar last minute.
Chronic disease biotech Structure Therapeutics (GPCR) leads the week's deals, planning to raise $125 million at a $511 million market cap. Headquartered in California with R&D operations in China, the biotech is developing novel oral therapeutics for chronic diseases, with an initial focus on G-protein-coupled receptors (GPCRs). Its lead candidate is being developed for type-2 diabetes mellitus and obesity. Structure initiated a Phase 1b multiple ascending dose study in January 2023 and expects to initiate a Phase 2a proof-of-concept study in the 2H23.
Also on the calendar is holdover Lead Real Estate (LRE) may price in the week ahead, planning to raise $9 million at a $109 million market cap. The luxury real estate developer has produced more than 1,000 single-family homes and 25 condos in Japan and Dallas, Texas. While not included below, nano-cap NeurAxis (NRXS) may also price. The company, which makes a non-surgical device to treat IBS-related pain in children, plans to raise $15 million at a $48 million market cap.
There were no major launches this past week even though a few sizable issuers were eligible, most notably J&J spin-off Kenvue (KVUE), which is on file to raise an estimated $5 billion. Other deals that could launch in the week ahead include solar tracker system provider Nextracker (NXT), which is on file for an estimated $500 million IPO, as well as Chinese lidar firm Hesai Group (HSAI), which filed to raise $100 million.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Structure Therapeutics (GPCR) South San Francisco, CA | $125M $511M | $13 - $15 8,950,000 | Jefferies SVB Leerink |
| Phase 1 biotech developing G-protein-coupled receptors for chronic diseases. | |||
| Lead Real Estate (LRE) Tokyo, Japan | $9M $109M | $7 - $9 1,143,000 | Network 1 |
| Luxury residential property developer in Japan. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/26/2023, the Renaissance IPO Index was up 12.9% year-to-date, while the S&P 500 was up 5.8%. 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 7.9% year-to-date, while the ACWX was up 8.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
