After the busiest week for $100+ million IPOs in over a year, six small companies are currently scheduled to go public in the week ahead, four of which are eligible for inclusion in our IPO stats.
Electric bike maker SONDORS (SODR) plans to raise $20 million at a $96 million market cap. The company makes premium electric bikes through a collection of kits, and offers its entry level model to Costco customers through a partnership. Unprofitable but growing, SONDORS has delivered over 63,000 e-bikes in 72 countries since 2015.
Fitness equipment brand Interactive Strength (TRNR) plans to raise $14 million at a $100 million market cap. The company sells home fitness equipment and offers personal training classes under the Forme brand. Very small and highly unprofitable, its two product offerings feature a connected fitness mirror.
Gaming platform developer The NFT Gaming Company (NFTG) plans to raise $7 million at a $50 million market cap. The company is developing a digital gaming platform, and plans to integrate non-fungible tokens into games on the platform. NFT Gaming Co. has yet to generate revenue.
Holdover Intensity Therapeutics (INTS) plans to raise $8 million at an $84 million market cap in the coming week. The company’s lead candidate is currently in Phase 2 trials, one in late-stage diseases and another in early-stage breast cancer, and is expected to enter Phase 3 trials for advanced soft tissue sarcoma and neoadjuvant breast cancer in late 2023 or early 2024.
While not included below, infectious disease biotech Alopexx (APLX) plans to raise $15 million at a $39 million market cap, and BullFrog AI (BFRG), which is developing a platform for drug development, 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 |
| Intensity Therapeutics (INTS) Westport, CT | $8M $84M | $4.50 1,777,778 | Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
| Interactive Strength (TRNR) Austin, TX | $14M $100M | $6 - $8 2,000,000 | Aegis Cap. |
| Sells connected home fitness equipment and personal training classes. | |||
| NFT Gaming Co. (NFTG) Roseland, NJ | $7M $50M | $4.15 1,686,747 | Laidlaw (UK) |
| Developing an NFT-focused digital gaming platform. | |||
| SONDORS (SODR) Malibu, CA | $20M $96M | $4 - $6 4,000,000 | A.G.P. |
| Makes electric bikes and motorcycles. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/9/2023, the Renaissance IPO Index was up 17.1% year-to-date, while the S&P 500 was up 6.5%. 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 4.7% year-to-date, while the ACWX was up 8.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
