Just one small holdover is scheduled to price in the short holiday week ahead.
Azitra (AZTR) plans to raise $12 million at a $70 million market cap. The biotech’s pipeline is led by a genetically modified strain of bacteria targeting orphan disease Netherton syndrome. Azitra’s lead candidate is expected to enter a Phase 1b trial in the 1H23, and the company has a joint development agreement with Bayer to develop bacterial microbes for consumer and cosmetic products.
While the post-Memorial Day IPO calendar looks quiet, movement in the pipeline has set the stage for a potentially active June. Several sizable deals have filed or updated in the past month, including restaurant chains CAVA Group (CAVA) and Fogo Hospitality (FOGO), energy plays MN8 Energy (MNX) and Kodiak Gas Services (KGS), thrift store chain Savers Value Village (SVV), and Bermuda-based reinsurer Fidelis Insurance (FIHL).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Azitra (AZTR) Branford, CT | $12M $70M | $4.50 - $5.50 2,400,000 | ThinkEquity |
| Phase 1-ready dermatology biotech developing engineered bacterial therapies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/25/2023, the Renaissance IPO Index was up 15.8% year-to-date, while the S&P 500 was up 8.9%. 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 down 10.0% year-to-date, while the ACWX was up 6.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
