Updated Monday, 7/10.
After several Monday morning launches, four companies are scheduled to begin trading in the week ahead, three of which are eligible for inclusion in our 2023 stats.
After scrapping plans for a SPAC merger in 2022, aviation company Surf Air Mobility (SRFM) is slated to begin trading on the NYSE in the first direct listing of 2023. Surf Air provides a regional air mobility platform and intends to develop powertrain technology to electrify existing fleets with its commercial partners, though it does not yet have FAA approval for its hybrid and electric planes. Together with Southern Airways (pending merger), the company’s footprint covers 44 cities, serving over 99,000 passengers with over 18,000 departures in the 1Q23. Surf Air is currently highly unprofitable, with a going concern warning.
Founded by healthcare investors Fairmount Funds and Venrock, biotech Apogee Therapeutics (APGE) plans to raise $250 million at a $735 million market cap. Apogee's two most advanced programs, APG777 and APG808, are subcutaneous extended half-life monoclonal antibodies initially being developed for atopic dermatitis and chronic obstructive pulmonary disease, respectively. The company anticipates initiating a Phase 1 trial of APG777 in the 2H23 and nominating a development candidate for its APG808 program in 2023.
Liver disease and cancer biotech Sagimet Biosciences (SGMT) plans to raise $75 million at a $375 million market cap. Sagimet is developing a portfolio of internally-discovered, selective fatty acid synthase (FASN) inhibitors. Its lead candidate has completed a Phase 2a trial in NASH, and interim results for its Phase 2b trial in NASH were presented in November 2022.
While not included below, agriculture equipment maker Opti-Harvest (OPHV) plans to raise $8 million at a $70 million market cap in a unit offering. Opti-Harvest provides equipment and related technology that allows commercial growers to better utilize sunlight. The company is very small and highly unprofitable.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Surf Air Mobility (SRFM) Hawthorne, CA | N/A N/A | N/A (direct listing) 23,698,646 | |
| Regional air travel company focused on electrified aircraft. | |||
| Apogee Therapeutics (APGE) Waltham, MA | $250M $735M | $15 - $17 15,625,000 | Jefferies TD Cowen |
| Phase 1-ready biotech developing monoclonal antibodies for inflammatory diseases. | |||
| Sagimet Biosciences (SGMT) San Mateo, CA | $75M $375M | $15 - $17 4,687,500 | Goldman TD Cowen |
| Phase 2 biotech developing a selective FASN inhibitor for NASH and cancers. | |||
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Street research is expected for two companies in the week ahead, and lock-ups will be expiring for two companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
This past week, we released our 2Q23 IPO rankings for the Big Four accounting firms. Read it here, and check out our other quarterly content:
- 2Q 2023 US IPO Market Review
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/6/2023, the Renaissance IPO Index was up 30.9% year-to-date, while the S&P 500 was up 15.9%. 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 12.6% year-to-date, while the ACWX was up 7.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
