
Five IPOs listed this week, all of which raised over $100 million. One direct listing and three SPACs also debuted. Four IPOs and three SPACs submitted initial filings.
Leading meat products producer Smithfield Foods (SFD) priced its downsized IPO below the range to raise $522 million at a $7.9 billion billion market cap. It raised 40% less than at the previous midpoint. Smithfield produces and distributes a wide variety of packaged meats and fresh pork products both domestically and abroad. It is a leading provider of packaged meats in the US, and is also the largest fresh pork processor in the US. Formerly traded on the NYSE, Smithfield was taken private in 2013 by Hong Kong-listed WH Group for $4.7 billion. The company has more than doubled its packaged meat profit since 2014 on minimal sales growth, but is exposed to volatile commodity prices as well as changing consumer demand. Smithfield Foods’ pricing put it at an EV/EBITDA ratio below its peers. It finished the week up 8%.
Obesity biotech Metsera (MTSR) priced its downsized IPO above the range to raise $275 million at a $2.0 billion market cap. The company is developing injectable and oral nutrient stimulated hormone (NuSH) analog peptides to treat obesity, overweight, and related conditions. Its most advanced candidate, MET-097i is a fully biased, monthly, subcutaneously injectable ultra-long acting GLP-1 RA for the treatment of obesity and overweight. The company has initiated a Phase 2b trial of MET-097i, and expects to report preliminary data from this trial in mid 2025. It plans to separately initiate a Phase 2b study in participants with obesity or overweight with T2D. MET-097i has a significantly longer half-life than the competition, but has comparable efficacy to peers with more side effects than many of them. Metsera finished the week up 47%.
Oil and gas producer Infinity Natural Resources (INR) priced above the midpoint to raise $265 million at a $1.2 billion market cap. The company engages in the acquisition, operation and development of oil and natural gas properties in the Utica (Ohio and Pennsylvania) and Marcellus (Pennsylvania) shells. As of June 30, 2024, its total acreage position was approximately 90,000 net acres. The company had total estimated proved reserves of 141,587 MBoe (48% developed) as of December 31, 2023. Infinity Natural Resources has rapidly increased production lately, in part due to acquisitions, but spends significantly on capital expenditures, and has a negative free cash flow. It finished the week up 5%.
Insulin delivery device maker Beta Bionincs (BBNX) priced its upsized IPO at the top of the upwardly revised range to raise $204 million at a $788 million market cap. The company’s iLet Bionic Pancreas (iLet) is the first insulin delivery device cleared by the FDA to utilize adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring a user to count carbohydrate intake. The iLet received FDA clearance for patients with type 1 diabetes ages six and older in May 2023. The company plans to pursue expanded use of the iLet to patients with type 2 diabetes, and it is also in the early stages of developing an insulin "patch pump" and a bihormonal configuration of the iLet. It finished the week up 40%.
Precision medicine biotech Maze Therapeutics (MAZE) priced its upsized IPO at the midpoint to raise $140 million at a $731 million market cap. Its most advanced lead program, MZE829, is an oral, small molecule inhibitor of apolipoprotein L1 (APOL1) for the treatment of patients with APOL1 kidney disease. Maze initiated a Phase 2 trial of MZE829 in November 2024 and expects to dose its first patient in the 1Q25, with proof of concept data expected in the 1Q26. It finished the week flat.
While not included below, video surveillance services provider Cloudastructure (CSAI) completed a direct listing on the Nasdaq.
Three SPACs also priced this week. Drugs Made in America Acquisition (DMAAU) raised $200 million to target pharma businesses in the US. Stellar V Capital (SVCCU), formed by Greek shipping executives, raised $150 million. FG Merger II (FGMCU) raised $80 million to target financial services in North America.
8 IPOs During the Week of January 27th, 2025 | |||||
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Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 01/31 |
Metsera (MTSR) | $275M | $1,973M | 13% | +47% | +47% |
Phase 2 biotech developing nutrient stimulated hormone analog peptides for obesity. | |||||
Beta Bionics (BBNX) | $204M | $788M | 13% | +39% | +40% |
Makes an automated insulin delivery system for type 1 diabetes. | |||||
Smithfield Foods (SFD) | $522M | $7,893M | -20% | -1% | +8% |
Leading US producer of meat products being spun out of China's WH Group. | |||||
Infinity Natural Resource (INR) | $265M | $1,178M | 3% | +5% | +5% |
US oil and natural gas producer operating in the Utica and Marcellus Shales. | |||||
Drugs Made In America Acq (DMAAU) | $200M | $292M | 0% | +0% | +0% |
Blank check company targeting pharmaceutical businesses in the US. | |||||
Stellar V Capital (SVCCU) | $150M | $208M | 0% | +0% | +0% |
Blank check company formed by Greek shipping executives targeting established businesses. | |||||
Maze Therapeutics (MAZE) | $140M | $731M | 0% | +0% | +0% |
Phase 2 biotech developing precision small molecule therapies for kidney disease. | |||||
FG Merger II (FGMCU) | $80M | $102M | 0% | -2% | -2% |
Blank check company targeting the financial services industry in North America. |
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Four microcaps submitted initial filings this week. Singapore-based cable laying firm Vistek (VTEK) filed to raise $10 million at a $98 million market cap. Residential vacation rentals developer Awaysis Capital (AWCA) filed to raise $10 million at a $68 million market cap. Chinese auto insurance services firm QMSK Technology (QMSK) filed to raise $8 million at an $83 million market cap. TV Channels Network (TVCN), which is developing an entertaining streaming platform, filed to raise $6 million at a $196 million market cap.
Three SPACs also submitted initial filings. Tech-focused Fifth Era Acquisition I (FERAU) filed to raise $200 million. Cartesian Growth III (CGTHU.RC), formed by Cartesian Capital, filed to raise $200 million to target high-growth businesses. Gesher Acquisition II (GSHRU) filed to raise $125 million to target Israel-based businesses.
7 Filings During the Week of January 27th, 2025 | |||
---|---|---|---|
Issuer Business | Deal Size | Sector | Lead Underwriter |
Awaysis Capital (AWCA) | $10M | Real Estate | D. Boral Capital |
Developing residential vacation rentals. | |||
Fifth Era Acquisition I (FERAU) | $200M | SPAC | Cantor Fitz. |
Blank check company formed by investors Fifth Era and Blockchain Coinvestors targeting tech. | |||
TV Channels Network (TVCN) | $6M | Technology | Craft Capital |
Developing an entertainment streaming platform. | |||
Cartesian Growth III (CGTHU.RC) | $200M | SPAC | Cantor Fitz. |
Third blank check company formed by Cartesian Capital Group targeting high-growth businesses. | |||
Gesher Acquisition II (GSHRU) | $125M | SPAC | BTIG |
Blank check company targeting Israeli businesses with international operations. | |||
QMSK Technology (QMSK) | $8M | Industrials | D. Boral Capital |
Chinese provider of auto insurance aftermarket services. | |||
Vistek (VTEK) | $10M | Industrials | Bancroft Capital |
Provides cable laying services for power networks and telecoms in Singapore. |
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/30/2025, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 3.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 5.8% 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 Galderma and Porsche.