Two biotechs priced IPOs this past week and more joined the pipeline, along with a billion-dollar data center developer, an emerging markets fintech, and a dental treatment company.
Autoimmune biotech TRex Bio (TRXB) priced at the low end to raise $117 million at a $422 million market cap. The company's Deep Biology platform maps regulatory T cell (Treg) function in fresh human skin, gut, and lung tissue to identify targets, then validates them in a proprietary in vitro Treg model and a high-throughput functional assay suite. Lead candidate TRB-061, a TNFR2 agonist, is in a Phase 1b trial for moderate-to-severe atopic dermatitis, with topline data expected in mid-2027. TRex Bio finished flat.
Hypertension biotech Retension Pharmaceuticals (RTSN) upsized and priced at the midpoint to raise $45 million at a $114 million market cap. The company's sole asset, RTN-001, is an in-licensed, once-daily oral PDE-5 inhibitor for uncontrolled and resistant hypertension. It's currently in a Phase 2b dose-ranging trial, with initial data expected in the 1H27. Retension finished down 12%.
| 3 IPOs During the Week of October 5th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/09 |
| TRex Bio (TRXB) | $117M | $422M | -7% | +0% | +0% |
| Phase 1 biotech developing medicines for autoimmune and inflammatory diseases. | |||||
| Pine Tree Acquisition (PAXGU) | $100M | $148M | 0% | +0% | +0% |
| Blank check company led by a climate tech financial advisory executive. | |||||
| Retension Pharmaceuticals (RTSN) | $45M | $114M | 0% | -12% | -12% |
| Phase 2b biotech developing an in-licensed treatment for hypertension. | |||||
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The week’s pipeline additions were led by Singapore-based DayOne Data Centers (DODC), which filed for a US IPO this past week that we estimate could raise $3 billion. The company could reportedly seek a valuation of up to $20 billion, though recent volatility in the AI infrastructure space could weigh on that figure.
| 10 Filings During the Week of October 5th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aspen Neuroscience (ASPE) | $100M | Health Care | Leerink Partners |
| Phase 1/2a biotech developing stem cell therapies for Parkinson’s disease. | |||
| Bambusa Therapeutics (BBTX) | $100M | Health Care | BofA |
| Phase 2 biotech developing bispecific antibodies for inflammatory diseases. | |||
| OPay (OPAY) | $500M | Financials | Citi |
| Digital bank and fintech platform in Nigeria and other emerging markets. | |||
| Patriot Mobile (PTRT) | $10M | Communication Services | Northland |
| Wireless communications company focused on Christian-conservative organizations. | |||
| Simwon America (SWA) | $50M | Industrials | WallachBeth |
| Electric vehicle structural components manufacturer being spun out of Korea's MS Autotech. | |||
| vVardis (VVVV) | $200M | Health Care | Goldman |
| Sells proprietary non-invasive treatments for cavities. | |||
| Centinel Spine (CNTL) | $100M | Health Care | Morgan Stanley |
| Makes total disc replacement implants for the cervical and lumbar spine. | |||
| Tang Capital Acquisition (TCAA) | $75M | SPAC | LifeSci Capital |
| Blank check company formed by Tang Capital targeting clinical-stage biotechs. | |||
| DayOne Data Centers (DODC) | $3,000M | Technology | Morgan Stanley |
| Fast-growing data center developer in Southeast Asia and Europe. | |||
| Lycia Therapeutics (LYCA) | $100M | Health Care | Jefferies |
| Phase 1 biotech developing protein degraders for food allergy and Graves' disease. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/8/2026, the Renaissance IPO Index was up 16.3% year-to-date, while the S&P 500 was up 14.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and SpaceX (SPCX). The Renaissance International IPO Index was up 24.0% year-to-date, while the ACWX was up 13.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.
