Renaissance Capital logo

US IPO Week Ahead: January IPO market gets more large deals, led by health services firm BrightSpring

January 19, 2024
Week Ahead

Updated Monday, 1/22.

More sizable issuers are lining up for January IPOs, with three currently scheduled for the week ahead.

In its second IPO attempt, BrightSpring Health Services (BTSG) plans to raise $880 million at a $3.4 billion market cap. The company offers a home and community-based healthcare services platform. It is focused on delivering services to complex patients, particularly Senior and Specialty patients, which includes Behavioral populations. Very large with decent growth, BrightSpring serves over 400,000 patients daily through a network of 10,000 clinical providers and pharmacists.

Biotech CG Oncology (CGON) plans to raise $201 million at a $1.0 billion market cap. Its sole clinical asset, cretostimogene, is initially in development for high-risk Bacillus Calmette Guerin-unresponsive Non-Muscle Invasive Bladder Cancer. Cretostimogene is currently in an ongoing Phase 3 trial, with topline data expected by the end of 2024. If successful, CG Oncology believes that this trial could serve as the basis for a Biologics License Application submission to the FDA.

ArriVent Biopharma (AVBP) plans to raise $150 million at a $585 million market cap. The biotech's lead candidate, furmonertinib, is an epidermal growth factor receptor (EGFR) mutant-selective tyrosine kinase inhibitor being developed for non-small cell lung cancer (NSCLC) across a broad set of EGFR mutations (EGFRm). Furmonertinib is currently being evaluated in multiple trials, including a pivotal Phase 3 trial in first-line patients with locally advanced or metastatic EGFRm NSCLC with exon 20 insertion mutations, with topline data from this trial expected in 2025.

U.S. IPO Calendar
Deal Size
Market Cap
Price Range
Shares Filed
CG Oncology (CGON)
Irvine, CA
$16 - $18
Morgan Stanley
Phase 3 biotech developing an oncolytic immunotherapy for bladder cancer.
ArriVent BioPharma (AVBP)
Newtown Square, PA
$17 - $19
Phase 3 biotech developing a novel kinase inhibitor for cancer.
BrightSpring Health (BTSG)
Louisville, KY
$15 - $18
Provides home and community-based healthcare services.

Sign up for a free trial of our premium platform, IPO Pro. Follow us on Twitter (@IPOtweet) and register for our updates on the IPO market.

Lock-up periods will be expiring for three companies in the week ahead. For access to 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 1/18/2024, the Renaissance IPO Index was down 9.3% year-to-date, while the S&P 500 was up 0.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 9.2% year-to-date, while the ACWX was down 3.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Wise and Porsche.