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There have been no IPOs over the past week as the only scheduled offering (AZTR) has been postponed to next week. With no launches after Memorial Day, the pipeline was quiet and there were no new initial applications. The summer IPO market is just around the corner but also a slow start to May, which has been the weakest month of the year for IPOs so far the largest proceeds since December 2021. However, movement in the pipeline points to a possible pick-up in the coming months as restaurant chain CAVA Group files large initial claims (CAVA) and the diagnostics company Advanced Biomed (ADVB) as well as updates from big companies that are already in the pipeline (FOGO, MNX, KGS, SIA, FIHL).
Currently, a single company is scheduled to list in the coming week, although other small issuers may be added to the calendar as the week progresses. Holdover Azitra (AZTR) could rally $12 million with a market cap of $70 million. The biotech’s pipeline is spearheaded by a genetically engineered strain of bacteria that targets the rare disease Netherton syndrome. Azitra’s lead candidate is expected to enter a Phase 1b trial in H1 23 and the Company has a joint development agreement with Bayer to develop bacterial microbes for consumer and cosmetic products.
| US IPO Calendar | |||
|---|---|---|---|
| IssuerBusiness |
DealSizeMarket Lid |
Price RangeShares Discarded |
TopBookrunners |
|
Azitra (AZTR) Branford, CT |
$12 million $70M |
$4.50 – $5,502,400,000 |
ThinkEquity |
| Phase 1 mature dermatology biotechnology company developing engineered bacterial therapies. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market capitalization weighted baskets of newly listed companies. As of 6/1/2023, the Renaissance IPO Index is up 22.4% year-to-date, while the S&P 500 is up 10.8%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index is down 8.5% year-to-date, while the ACWX is up 6.2%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.
A lockdown expires next week.
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Editor’s note: The summary bullet points for this article were selected by Seeking Alpha editors.
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