Izmagilov
Three IPOs and one SPAC debuted last week, while three IPOs filed initial filings.
Phase 1 oncology biotechnology Limitless organic (BOLD) raised $100 million at a market cap of $396 million. The company focuses on developing therapies targeting oncogenes amplified tumors by attacking extrachromosomal DNA (ecDNA). Its lead ecDTx, BBI-355, is a novel, oral, selective inhibitor of checkpoint kinase 1 that controls ecDNA replication and transcription in cancer cells. BBI-355 is currently being evaluated in a first-in-human phase 1/2 study in patients with oncogene-enhanced cancers. Preliminary data is expected in the second half of 2024. It ended with a loss of -11%.
Chinese business service provider U-BX technology (UBXG) raised $10 million at a market cap of $135 million. U-BX Technology's business consists of digital advertising services, risk assessment services and bundled value-added services. Using its proprietary algorithm model, the company is able to create customized risk reports B. by vehicle make, model, travel area and vehicle age. It ended with a loss of -18%.
Australia-based fitness program provider Alta Global Group (MMA) raised $7 million at a market cap of $58 million. Alta provides a martial arts and martial arts platform with four core products: the Warrior Training Program, the UFC Fight Fit Program, the Alta Academy and the Alta Community. So far, the company has monetized its Warrior training program. It ended with a loss of -16%.
The only SPAC to debut was IB acquisition (IBACU), which has raised $100 million across fintech, healthcare, entertainment and consumer products sectors.
| 4 IPOs in the week of March 25, 2024 | |||||
|---|---|---|---|---|---|
| Issuer business | Deal size | Market capitalization at IPO | Price vs. center point | Return on the first day | Return on March 29th |
|
IB Acquisition (IBACU) |
$100 million | $137 million | 0% | +0% | +0% |
| Blank check companies focused on fintech, healthcare, entertainment and consumer products. | |||||
|
Limitless organic (fat) |
$100 million | $396 million | 0% | -11% | -11% |
| Phase 1 biotech is developing inhibitor therapies for oncogene-enhanced tumors. | |||||
|
Alta Global Group (MMA) |
$7 million | $58 million | 0% | -16% | -16% |
| Offers martial arts and martial arts training through a network of partner gyms. | |||||
|
U-BX technology (UBXG) |
$10 million | $135 million | 0% | -18% | -18% |
| Provides a variety of services to insurance companies in China. | |||||
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Three IPOs filed initial public filings this week, led by a U.K.-based commodities broker and trading services firm Marex Group (MRX), which has filed to raise an estimated $500 million. Logistics service provider based in Hong Kong Reitar Logtech Holdings (RITR) filed to raise $11 million at a market cap of $281 million. China-based professional education software provider NetClass technology (NTCL) filed to raise $10 million at a market cap of $97 million while withdrawing its previous IPO filings.
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April's IPO marketing begins with a fairly quiet calendar, although that could change as several issuers line up for possible launches in the coming week.
Two major newcomers lead the potential additions to the calendar: skilled nursing care provider PACS group (PACS) and neuro- and inflammatory biotechnology Continuum therapeutics (CTNM). Several other major IPOs in the pipeline have provided updates in the last month, including its hospital billing platform Waystar (WAY), Chinese luxury electric vehicle brand ZEEKR (ZK), air transport service provider PHI Group (ROTR), car sharing platform to teach (TURO) and providers of product review services UL solutions (ULS).
Two IPOs are tentatively planned for the coming week. Brain tumor biotechnology NeOnc Technologies Holdings (NTHI) can raise $75 million at a market cap of $315 million. Its most advanced candidate, NEO100, is a purified form of perillylic acid that is administered intranasally to brain cancer patients. The company is currently conducting two Phase 2a trials with NEO100 and expects results by the end of 2024.
Remnants Mobile health network solutions (MNDR) could raise $10 million at a market cap of $153 million. The Singapore-based telehealth company offers services through its MaNaDr platform, through which users across the APAC region can access a range of telehealth solutions, including teleconsultation services and personalized services. The company also operates an inpatient general practice in Singapore.
| US IPO calendar | |||
|---|---|---|---|
| Issuer business | Deal size market capitalization | Price range shares submitted | Top bookrunners |
|
Mobile Health Network (MNDR) |
$10 $153 million |
4-5$ 2,250,000 |
Network 1 |
| Provides a platform for telehealth and other healthcare services in the APAC region. | |||
|
NeOnc Technologies (NTHI) Westlake Village, California |
$75 million $315 million |
$11.25 – $13.75 6,000,000 |
Loop Capital |
| Phase 2 biotech is developing intranasal and oral therapies for brain cancer. | |||
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Last week we published our first quarter US IPO market report. Read the report for discussions on last quarter's activity, our Q2 outlook, and more.
One company is expected to undergo a street search next week, and three companies have their lockdown periods expiring.
IPO market snapshot
The Renaissance IPO Indices are market capitalization-weighted baskets of newly public companies. As of March 27, 2024, the Renaissance IPO Index was up 9.8% year-to-date, while the S&P 500 was up 10.4%. Renaissance Capital's IPO ETF (IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Coinbase Global (COIN). The Renaissance International IPO Index fell 2.0% year-to-date, while the ACWX gained 4.6%. Renaissance Capital's International IPO ETF (IPOS) tracks the index, and top ETF holdings include Porsche and Wise.
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Editor's note: The summary bullet points for this article were selected by Seeking Alpha editors.
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