Updated Monday, 11/6.
Three IPOs are currently scheduled for the week ahead, although some small issuers may join the calendar late.
Launching on Monday, CARGO Therapeutics (CRGX) plans to raise $300 million at a $653 million market cap. The biotech's lead program is an autologous CD22 CAR T-cell candidate, the underlying CAR of which the company exclusively licensed from the National Cancer Institute. This past August, CARGO initiated a potentially pivotal Phase 2 trial in relapsed or refractory large B-cell lymphoma, with interim results expected in 2025.
Hamilton Group (HG) plans to raise $255 million at a $1.9 billion market cap. Mostly operating through subsidiaries in Bermuda and Europe, the company provides a range of insurance products globally, including casualty and specialty insurance, as well as reinsurance. Hamilton is set to be the year’s third and largest insurance IPO; reinsurer Fidelis (FIHL) has hovered around its offer price since its June IPO, while fast-growing property & casualty insurer Skyward (SKWD) has strongly outperformed since its early 2023 debut.
Holdover Shimmick (SHIM) is tentatively scheduled for the week ahead, aiming to raise $50 million at a $333 million market cap. The company specializes in public water infrastructure, including dams, reservoirs, water treatment, and desalination plans. Its project backlog is worth $1+ billion, though it is subject to cancellation and adjustments.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| CARGO Therapeutics (CRGX) San Mateo, CA | $300M $653M | $15 - $17 18,750,000 | JP Morgan Jefferies |
| Phase 2 biotech developing CAR T cell therapies for cancer. | |||
| Hamilton Group (HG) Hamilton, Bermuda | $255M $1,923M | $16 - $18 15,000,000 | Barclays Morgan Stanley |
| Bermuda-based provider of reinsurance and specialty insurance. | |||
| Shimmick (SHIM) Irvine, CA | $50M $333M | $10 - $12 4,550,000 | Roth Cap. |
| California-based construction firm specializing in public water infrastructure. | |||
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Street research is expected for five companies in the week ahead, and two lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/2/2023, the Renaissance IPO Index was up 23.5% year-to-date, while the S&P 500 was up 14.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Palantir Technologies (PLTR) and Kenvue (KVUE). The Renaissance International IPO Index was down 22.4% year-to-date, while the ACWX was up 4.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
