Two IPOs priced this week, while one biotech (RZRA) postponed. Two IPOs and three SPACs submitted filings.
The biggest headline was about what’s to come: Anthropic (ANT) set terms and kicked off the roadshow for its highly anticipated IPO on Tuesday. It’s slated to begin trading on the Nasdaq on Thursday, November 19.
Leading the week’s pricings, cavity treatment provider vVardis (VVVV) offered more shares than anticipated but priced below the range to raise $175 million at a $1.1 billion market cap. Based in Switzerland, vVardis develops and sells Curodont, a peptide-based treatment for early-stage cavities that is applied in a dental office in five minutes or less, with no drilling or needles. Its US product, Curodont Repair Fluoride Plus, is marketed as an OTC drug under an FDA monograph and generates the vast majority of revenue. The company is fast growing but expects to remain unprofitable in the near term. vVardis finished down 8.3%.
Swiss biotech Windward Bio Group (WWB) priced at the midpoint to raise $175 million at a $1.0 billion market cap. Windward is developing two in-licensed antibodies for asthma, COPD, and atopic dermatitis that need less frequent dosing than current treatments. Its lead candidate, WIN378, targets TSLP (the same target as Tezspire) and is designed for twice-yearly dosing versus every four weeks for Tezspire. The company reported some positive interim data in WIN378's Phase 2 asthma trial, and is moving on to two Phase 3 trials that are expected to read out in the 1H29. Windward Bio finished up 67.6%.
| 2 IPOs During the Week of November 9th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/13 |
| Windward Bio (WWB) | $175M | $1,046M | 0% | +68% | +68% |
| Switzerland-based Phase 2/3 biotech developing antibodies for respiratory and dermatologic diseases. | |||||
| vVardis (VVVV) | $175M | $1,109M | -20% | -8% | -8% |
| Sells proprietary non-invasive treatments for cavities. | |||||
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Among the week’s most notable news was an initial filing from American Barrick Gold (ABGC), which we estimate could raise $6 billion. One micro-cap IPO and three SPACs also submitted filings.
| 5 Filings During the Week of November 9th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| CloudDepots Holdings (CLDS.RC) | $17M | Industrials | US Tiger Securities |
| Provides technology-enabled, asset-light shipping and logistics services. | |||
| Compute AI Acquisition (AICPU) | $75M | SPAC | D. Boral Capital |
| Blank check company targeting businesses across the AI ecosystem. | |||
| American Barrick Gold (ABGC) | $6,000M | Materials | Goldman |
| Pure-play North American gold producer being carved out of Barrick Mining. | |||
| Research Alliance V (RACV) | $62M | SPAC | Leerink Partners |
| Fifth blank check company formed by RA Capital targeting healthcare, life sciences, and healthtech. | |||
| ZA Acquisition I (ZACAU) | $75M | SPAC | D. Boral Capital |
| Blank check company targeting established businesses with recurring revenue. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/12/2026, the Renaissance IPO Index was up 1.2% year-to-date, while the S&P 500 was up 11.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include SpaceX (SPCX) and Astera Labs (ALAB). The Renaissance International IPO Index was up 6.0% year-to-date, while the ACWX was up 10.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
