Updated Monday, 7/17.
There are currently three deals scheduled for the week ahead, two of which qualify for inclusion in our 2023 stats. We could see more sizable launches as issuers look to go public before the IPO market’s annual August break.
Raising its range on Monday, DTC retailer ODDITY Tech (ODD) plans to raise $347 million at a $2.1 billion market cap. ODDITY’s current portfolio includes cosmetics and personal care brands IL MAKIAGE and SpoiledChild, though the company believes its data- and tech-focused approach can support expansion in the highly competitive global beauty and wellness market. ODDITY is profitable and has delivered strong though inconsistent growth. The company’s peers, as well as the year’s larger consumer IPOs, have traded well.
Solid tumor biotech Turnstone Biologics (TSBX) plans to raise $75 million at a $288 million market cap. Turnstone's lead candidate is undergoing a Phase 1 trial for the treatment of breast cancer, colorectal cancer, and uveal melanoma. It is also conducting an investigator sponsored trial with Moffitt, in both cutaneous and non-cutaneous melanomas. The company plans to provide an initial clinical update across these two trials in mid-2024.
While not included below, holdover 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 crop 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 |
| ODDITY Tech (ODD) Tel Aviv, Israel | $347M $2,066M | $32 - $34 10,526,314 | Goldman Morgan Stanley |
| Israel-based direct-to-consumer cosmetics and personal care products provider. | |||
| Turnstone Biologics (TSBX) La Jolla, CA | $75M $288M | $12 - $14 5,800,000 | BofA Leerink Partners |
| Phase 1 biotech developing selected TIL therapies for solid tumors. | |||
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This past week, we released our 2Q23 rankings for IPO law firms. Read it here, and check out our other quarterly content:
- 2Q23 US IPO Market Review
- 2Q23 IPO Rankings for the Big Four Accounting Firms
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/13/2023, the Renaissance IPO Index was up 43.6% year-to-date, while the S&P 500 was up 18.5%. 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 down 6.5% year-to-date, while the ACWX was up 12.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
