One biotech, Aridis Pharmaceuticals, is on the IPO calendar for the week ahead to raise $28 million. Insiders intend to buy up to 89% of the IPO. A holdover from last week, small healthcare company Bionano Genomics will again attempt to price. The slowdown in IPO activity marks the start of the annual August lull.
Quiet periods for eight recent IPOs are set to expire in the coming week. Street research is expected on Monday for rare endocrine disease biotech Crinetics Pharmaceuticals (CRNX), red blood cell therapy biotech Rubius Therapeutics (RUBY), Colorado bank First Western Financial (MYFW), Canadian cannabis producer Tilray (TLRY), breast implant provider Establishment Labs (ESTA) and clinical-stage biotechs Constellation Pharmaceuticals (CNST) and Allakos (ALLK); research on immunotherapy biotech Replimune (REPL) is expected on Tueday.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Aridis Pharmaceuticals (ARDS) San Jose, CA |
$28M $111M |
$13 - $15 2,000,000 |
Cantor Fitz. |
| Developing immunotherapies for antibiotic-resistant infections. | |||
| Bionano Genomics (BNGO) San Diego, CA |
$30M $85M |
$5 - $6 5,500,000 |
Roth Cap. |
| Sells a proprietary system for next-generation genome analysis. | |||
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Aridis Pharmaceuticals (ARDS), which is developing immunotherapies for antibiotic-resistant infections, plans to raise $28 million by offering 2.0 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Aridis Pharmaceuticals would command a market value of $111 million. The company's top shareholders include its co-founders and Chinese investors, and insiders intend to purchase $25 million of the IPO (89% of the deal). Founded in 2003, the San Jose, CA-based company plans to list on the Nasdaq under the symbol ARDS. Cantor Fitzgerald is the lead bookrunner on the deal.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is up 9% year-to-date, while the S&P 500 is up 8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Spotify (SPOT) and Athene (ATH). The Renaissance International IPO Index is down 5% year-to-date, while the ACWX is down 2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Delivery Hero and Siemens Healthineers.
