Updated Monday, 4/1.
The April IPO market is starting off with a fairly quiet calendar, with one large issuer scheduled for the week ahead. That could change, as several issuers are teed up for potential launches.
Potential calendar additions include one larger recent filer, skilled nursing care provider PACS Group (PACS). A few other sizable IPOs in the pipeline have provided updates in the past month, including hospital billing platform Waystar (WAY), Chinese luxury EV brand ZEEKR (ZK), air transportation services provider PHI Group (ROTR), car sharing platform Turo (TURO), and product assessment services provider UL Solutions (ULS).
Leading the week's IPOs, neuro and inflammation biotech Contineum Therapeutics (CTNM) plans to raise $150 million at a $490 million market cap. The company's lead asset, PIPE-791, is a small molecule inhibitor in development for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (Progressive MS), that has completed Phase 1 trials in both indications. Contineum is collaborating with Johnson & Johnson on its second candidate, which has entered a Phase 2 trial in relapse remitting MS.
Brain cancer biotech NeOnc Technologies Holdings (NTHI) may raise $75 million at a $315 million market cap. Its most advanced candidate, NEO100, is a purified form of perillyl acid which is administered to brain cancer patients via intranasal delivery. The company is currently conducting two Phase 2a trials of NEO100, and expects readouts by the end of 2024.
Holdover Mobile-health Network Solutions (MNDR) may raise $10 million at a $153 million market cap. Singapore-based telehealth company provides services through its MaNaDr platform, where users throughout the APAC region can access a range of telehealth solutions, comprising teleconsultation services and personalized services. The company also operates one brick-and-mortar GP clinic in Singapore.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Contineum Therapeutics (CTNM) San Diego, CA | $150M $490M | $16 - $18 8,800,000 | Goldman Morgan Stanley |
| Phase 1 biotech developing small molecule therapies for IPF and multiple sclerosis. | |||
| Mobile-health Network (MNDR) | $10M $153M | $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, CA | $75M $315M | $11.25 - $13.75 6,000,000 | Loop Capital |
| Phase 2 biotech developing intranasal and oral therapies for brain cancer. | |||
This past week, we released our 1Q US IPO Market Review. Read the report for discussions on activity over the past quarter, our outlook for the 2Q, and more.
Street research is expected for one company in the week ahead, and lock-up periods will be expiring for three companies. 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 3/27/2024, 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 (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Coinbase Global (COIN). The Renaissance International IPO Index was down 2.0% year-to-date, while the ACWX was up 4.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Wise.
