Updated Monday, 2/6:
After a strong start in January, the IPO market is expected to heat up in the week ahead with nine deals, led by four that plan to raise more than $100 million. Two of the deals currently on the calendar are too small to be included in our stats.
In what would be the year’s largest US IPO to date, Nextracker (NXT) plans to raise $500 million at a $3.1 billion market cap. The offering is 100% synthetic secondary, and new investors have indicated on 20% of the deal. Nextracker’s integrated solar tracker and software solutions enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. The company is profitable and growing, though it is exposed to rising commodity and logistics prices.
Israel-based Enlight Renewable Energy (ENLT) plans to raise $293 million at a $2.5 billion market cap. Operating across three continents, Enlight's utility-scale renewable energy projects include what it believes to be some of the largest onshore wind and solar projects across the US, Western and Central & Eastern Europe, and Israel. As of 11/22/22, its global portfolio included approximately 17.0 GW of multi-technology generation capacity and approximately 15.3 GWh of energy storage capacity.
Chinese lidar developer Hesai Group (HSAI) plans to raise $162 million at a $2.4 billion market cap. The company is a leading provider of three-dimensional lidar products for advanced driver assistance systems (ADAS), autonomous mobility, and last-mile delivery robots. Between 2017 and 12/31/22, it shipped over 103,000 lidar units, and its top ADAS customers include Li Auto, Jidu, and Lotus. Hesai is highly unprofitable and has faced increasing costs and supply chain constraints.
Cardiorenal disease biotech Mineralys Therapeutics (MLYS) plans to raise $150 million at a $574 million market cap. Its sole candidate was licensed from Mitsubishi Tanabe and is initially being developed for uncontrolled hypertension. The company plans to initiate a randomized, double-blind, placebo-controlled Phase 2 trial for uncontrolled hypertension and resistant hypertension in the 1H23, followed by a Phase 3 trial in the 2H23.
E-bike maker SONDORS (SODR) plans to raise $23 million at a $146 million market cap. The company makes premium electric bikes through a collection of kits, and through a partnership agreement, offers its entry level model to Costco customers. Unprofitable but growing, SONDORS has delivered over 63,000 e-bikes in 72 countries since 2015.
Four other small deals may also price. Solid tumor biotech Intensity Therapeutics (INTS) plans to raise $8 million at an $84 million market cap, and middle-market asset manager CaliberCos (CWD) plans to raise $8 million at a $108 million market cap. While not included below, medical device maker NeurAxis (NRXS) plans to raise $15 million at a $48 million market cap, and drug development platform BullFrog AI Holdings (BFRG) plans to raise $9 million at a $37 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Hesai Group (HSAI) Shanghai, China | $162M $2,397M | $17 - $19 9,000,000 | Goldman (Asia) Morgan Stanley |
| Chinese provider of lidar products for autonomous vehicles and other applications. | |||
| Intensity Therapeutics (INTS) Westport, CT | $8M $84M | $4.50 1,777,778 | Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
| Enlight Renewable Energy (ENLT) Rosh Ha'ayin, Israel | $293M $2,458M | $20.96 14,000,000 | JP Morgan BofA |
| Operates wind and solar energy projects in Israel, Europe, and the US. | |||
| Mineralys Therapeutics (MLYS) Radnor, PA | $150M $574M | $14 - $16 10,000,000 | BofA Evercore ISI |
| Phase 2 biotech developing an in-licensed therapy for cardiorenal disorders. | |||
| Nextracker (NXT) Fremont, CA | $500M $3,147M | $20 - $23 23,255,814 | JP Morgan BofA |
| Provides utility-scale advanced solar tracker systems. | |||
| SONDORS (SODR) Malibu, CA | $23M $146M | $8 - $10 2,500,000 | DA Davidson Lake Street Cap. |
| Makes electric bikes and motorcycles. | |||
| Caliber (CWD) Scottsdale, AZ | $8M $108M | $5 1,600,000 | Revere Sec. Spartan Capital |
| Middle-market asset manager focused on real estate and other alternatives. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/2/2023, the Renaissance IPO Index was up 25.2% year-to-date, while the S&P 500 was up 9.0%. 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 up 9.5% year-to-date, while the ACWX was up 9.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
