Updated Monday, 6/12.
Three companies are scheduled to price in the week ahead, two of which are eligible for inclusion in our IPO stats.
The first sizable restaurant play to go public since 2021, CAVA Group (CAVA) plans to raise $282 million at a $2.3 billion market cap. CAVA is a leading national Mediterranean chain, with more than twice the locations of its next largest competitor in the category. Expanding its footprint with the 2018 acquisition of Zoes Kitchen, the company owned and operated 263 CAVA restaurants across 22 states and DC as of 4/16/23 (including conversions). CAVA believes its fast-casual concept can support 1,000 locations in the next 10 years, though expansion will become more expensive once all Zoes conversions are complete.
Holdover Azitra (AZTR) plans to raise $8 million at a $65 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 not included below, snack brand BranchOut Food (BOF) plans to raise $8 million at a $27 million market cap. BranchOut manufactures and markets plant-based dehydrated foods. Very small and highly unprofitable, the company markets and sells its products through physical retail channels like grocery chains and natural food outlets, on its website, and on Amazon.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| CAVA Group (CAVA) Washington, DC | $282M $2,260M | $19 - $20 14,444,444 | JP Morgan Jefferies |
| Fast-casual Mediterranean restaurant chain with over 260 locations across the US. | |||
| Azitra (AZTR) Branford, CT | $8M $65M | $4.50 - $5.50 1,500,000 | 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 6/8/2023, the Renaissance IPO Index was up 26.1% year-to-date, while the S&P 500 was up 12.7%. 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 7.5% year-to-date, while the ACWX was up 8.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
