There were no pricings during the shortened holiday week, as Korean BBQ chain Gen Restaurant Group (GENK) delayed its offering to next week. However, the calendar saw encouraging activity: Reinsurer Fidelis Insurance (FIHL), natural gas compression firm Kodiak Gas Services (KGS), and thrift store chain Savers Value Village (SVV) launched IPOs that could raise a combined total of more than $900 million. All three are scheduled to price in the week ahead. The IPO pipeline also got a boost, as five IPOs and one SPAC submitted initial filings.
Direct-to-consumer cosmetics and personal care products provider ODDITY Tech (ODD) filed to raise an estimated $300 million. The company calls itself a consumer tech platform, claiming it is differentiated by its investment in technology and data science, and believes its approach can support a portfolio of brands and services that aim to innovate and disrupt the global beauty and wellness market. Its first brand, IL MAKIAGE, was the fastest growing digital, direct-to-consumer beauty brand in the US through 2021, and it says that its second brand, SpoiledChild, launched in 2022, is scaling faster than IL MAKIAGE.
Inflammatory disease biotech Apogee Therapeutics (APGE) filed to raise $100 million, in a deal led by Jefferies. The company is developing differentiated biologics for inflammatory and immunology indications with a high unmet need. Apogee anticipates initiating a Phase 1 trial of its lead candidate in the second half of the year.
Liver disease and cancer biotech Sagimet Biosciences (SGMT) filed to raise $75 million after previously filing for an IPO in April 2021, only to withdraw in March 2022. Sagimet is developing a portfolio of internally-discovered, selective fatty acid synthase (FASN) inhibitors for the treatment of several diseases that result from the overproduction of the fatty acid, palmitate. Its lead candidate has completed a Phase 2a trial in NASH, and the company presented interim results for its Phase 2b trial in November 2022.
Packaging maker Unifoil Holdings (UNFL) filed to raise $15 million at a $68 million market cap. Unifoil’s recyclable paper-based products provide the appearance of foil and film laminates on consumer packaged goods, and end-users include Anheuser-Busch, Procter & Gamble, and Colgate-Palmolive.
Hong Kong-based construction subcontractor Ming Shing Group Holdings (MSGH.RC) filed to raise $15 million at a $60 million market cap. Ming Sheng Group mainly engages in wet trades works, such as plastering, tile laying, brick laying, floor screeding, and marble works. The group primarily focuses on residential and commercial developments.
Nabors Energy Transition II (NETDU), the second SPAC formed by Nabors Industries, filed to raise $300 million to target the energy transition space. Its first SPAC (NETC) announced a merger with Australian solar developer Vast in February.
| 6 Filings During the Week of June 19th, 2023 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Ming Shing Group (MSGH.RC) | $15M | Industrials | Pacific Century Securities |
| Hong Kong construction subcontractor focused on wet trades services. | |||
| ODDITY Tech (ODD) | $300M | Consumer Staples | Goldman |
| Israel-based direct-to-consumer cosmetics and personal care products provider. | |||
| Sagimet Biosciences (SGMT) | $75M | Health Care | Goldman |
| Phase 3 biotech developing selective FASN inhibitors for liver diseases and cancers. | |||
| Apogee Therapeutics (APGE) | $100M | Health Care | Jefferies |
| Phase 1-ready biotech developing monoclonal antibodies for inflammatory diseases. | |||
| Unifoil Holdings (UNFL) | $15M | Materials | Boustead |
| Produces recyclable paper-based laminates for consumer goods packaging. | |||
| Nabors Energy Transition (NETDU) | $300M | SPAC | Citi |
| Second blank check company formed by Nabors Industries targeting the energy transition space. | |||
Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/22/2023, the Renaissance IPO Index was up 27.1% year-to-date, while the S&P 500 was up 15.1%. 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 down 10.4% year-to-date, while the ACWX was up 9.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
