US IPO Weekly Recap: Healthcare dominates a 7 IPO week

Seven IPOs and 10 SPACs went public this past week. The IPO pipeline remained active, with 11 IPOs and 22 SPACs submitting initial filings.

Phase 2 biotech Kronos Bio (KRON) priced above the range to raise $250 million at a $1.1 billion market cap. The biotech is developing therapies targeting dysregulated transcription factors for leukemia and solid tumor treatment. Its lead candidate is an oral selective spleen tyrosine kinase that is expected to begin a Phase 2/3 registration trial in 2021. Kronos finished up 43%.

Oncology biotech Shattuck Labs (STTK) upsized and priced above the range to raise $202 million at a $713 million market cap. The biotech is developing novel dual-sided fusion protein therapies for cancer using their drug development platform. The company has two lead candidates that are both in Phase 1 trials, with initial data expected in the 2H21. Shattuck finished up 14%. 

Live TV sports streaming platform fuboTV (FUBO) priced mid-range to raise $183 million at a $1.4 billion market cap. Fast-growing and unprofitable, the company provides subscribers a sports-first TV streaming platform with live sporting events, as well as news and other entertainment content. FuboTV finished up 1%.

Phase 2 biotech Spruce Biosciences (SPRB) priced mid-range to raise $90 million at a $366 million market cap. The biotech is developing a novel therapy for rare endocrine disorders, starting with classic congenital adrenal hyperplasia (CAH). Its lead candidate demonstrated promising results in a Phase 2a trial, and it is currently in a Phase 2b trial for adult patients. Spruce finished up 13%.

Chinese edutainment product provider iHuman (IH) priced mid-range to raise $84 million at a $648 million market cap. The company provides integrated education products targeted at both educational organizations and individual users, and it ranked #1 in terms of paying users among online childhood edutainment providers in China. iHuman finished up 33%.
 
Commercial-stage regenerative medical product maker Aziyo Biologics (AZYO) priced mid-range to raise $50 million at a $177 million market cap. Unprofitable with high single-digit growth, the company has developed a portfolio of advanced regenerative medical products with its proprietary tissue processing platforms that are designed to be similar to natural biological material. Aziyo Biologics finished down 20%.

OTC-listed Intrusion (INTZ) raised $25 million at a $135 million market cap. Intrusion provides a variety of entity identification, high speed data mining, cybercrime and advanced persistent threat detection products. While the company has demonstrated growth and profitability on an EBITDA basis, both revenue growth and EBITDA swung negative in the 1H20. Intrusion finished up 38%.
 
10 SPACs raised $4.8 billion, led by Palihapitiya and Osborne's sixth SPAC Social Capital Hedosophia Holdings VI (IPOF.U) raising $1 billion. The pair also completed offerings for two other joint ventures: Social Capital Hedosophia Holdings V (IPOE.U), which raised $700 million, and Social Capital Hedosophia Holdings IV (IPOD.U), which raised $400 million.

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Twelve IPOs and twenty-two SPACs submitted initial filings. Retail loan facilitation platform Lufax (LU) filed to raise $3 billion. Mobile-based auto insurer Root (ROOT) filed to raise $800 million. Pool supplies and services provider Leslie’s (LESL) filed to raise $600 million. Fabless chip producer Allegro MicroSystems (ALGM) filed to raise $350 million. Security products provider Telos (TLS) filed to raise $242 million. Fibrosis therapy biotech Galecto (GLTO), customer acquisition service provider MediaAlpha (MAX), clinical stage biotech Atea Pharmaceuticals (AVIR), and software application provider Mavenir (MVNR) all filed to raise $100 million. Solid tumor therapy biotech SQZ Biotechnologies (SQZ) filed to raise $75 million. Sleep medical device developer Vivos Therapeutics (VVOS) filed to raise $20 million, while pain management drug biotech Virpax Therapeutics (VRPX) filed to raise $18 million. 

Daniel Och and Glenn Fuhrman’s SPAC Ajax I (AJAX.U) filed to raise $750 million. Energy SPAC Spartan Acquisition II (SPARU.RC) filed to raise $400 million. James Carpenter and Robert Mancini’s second SPAC RMG Acquisition II (RMGBU), and technology SPAC Carney Tech Acq. II (CTAQU) both filed to raise $350 million. Healthcare SPAC Healthcare Services Acq. (HCARU), HPS Investment Partner’s SPAC Altimar Acquisition (ATACU), data-centric SPAC Aequi Acquisition (ARBGU), experiential entertainment SPAC Acies Acquisition (ACACU), post-bankruptcy focused SPAC Mudrick Capital Acq. II (MUDSU), healthtech SPAC Lux Health Tech Acq. (LUXA.U), and The Gores Group’s sixth SPAC Gores Holdings VI (GHVIU) all filed to raise $300 million. 

TMT industry-focused SPAC Roman DBDR Tech Acq. (DBDRU) filed to raise $275 million. Forest Road’s SPAC Forest Road Acquisition (FRX.U) filed to raise $250 million. Sports, media and entertainment SPAC Sports Ventures Acq. (AKICU), financial services SPAC Cascade Acquisition (CAS.U), Cantor Fitzgerald’s third SPAC CF Finance III (CFACU), leisure and hospitality SPAC LCP Acquisition (LCPU), and sustainability-focused SPAC Rice Acquisition (RICEU) all filed to raise $200 million. 

Travel and transportation SPAC Thayer Ventures Acq. (TVACU) filed to raise $175 million. Healthy living SPAC Better World Acquisition (BWACU) filed to raise $125 million. Healthcare and biotech SPAC Eucrates Biomedical Acq. (EUCRU) and life science SPAC Consonance-HFW Acq. (CHFW.U) both filed to raise $100 million. 



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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/8/20, the Renaissance IPO Index was up 77.2% year-to-date, while the S&P 500 was up 6.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was up 36.2% year-to-date, while the ACWX was down 2.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.