The IPO market was in full swing this past week as 16 IPOs and six SPACs went public. The IPO pipeline cooled down with just one IPO and nine SPACs submitting initial filings.
The largest deal of the week, Lyell Immunopharma (LYEL) priced at the midpoint to raise $425
million at a $4.7 billion market cap. The company is using proprietary genetic
and epigenetic reprogramming to develop T cell therapies for multiple solid
tumor indications. The company is well funded and has the potential for a broad
pipeline, though all of its programs are preclinical, and it does not
anticipate submitting an IND until 2022. Lyell finished…
Israeli customer engagement and business platform WalkMe (WKME) priced slightly above
the midpoint to raise $287 million at a $2.9 billion market cap. WalkMe’s no-code
platform overlays any application and provides businesses with a unified view
and insights across the organization’s software stack. The company has strong
net revenue retention, but saw slowing growth in the most recent period, and it
still unprofitable. WalkMe finished…
Gene editing biotech Verve
Therapeutics (VERV) upsized and priced
above the range to raise $267 million at a $954 million market cap. Verve's<
lead candidate, VERVE-101, is designed to be a single-course gene editing for
the treatment of hypercholesterolemia. The company has initiated IND-enabling
studies for VERVE-101 and intends to submit an IND in 2022. Verve finished…
Chinese AiHuiShou International (RERE) priced at the midpoint to raise $227 million at a
$3.6 billion market cap. The company operates Paijitang Marketplace, China's
leading B2B marketplace for trading electronic products and services,
and Paipai Marketplace, a retail marketplace for pre-owned products of
certified quality which was acquired from JD Group in 2019. The company claims
it was the largest pre-owned consumer electronics platform in China by GMV in
2020. AiHuiShou finished…
German psychedelics startup ATAI Life Sciences (ATAI) upsized
and priced at the high end to raise $225 million at a $2.5 billion market cap.
Riding the cultural wave that has taken an interest in psychedelics, ATAI Life
Sciences is currently developing 10 programs in mental health indications. One
of its companies has initiated a Phase 2a trial in the US, and ATAI expects to
initiate a Phase 2 trial for another program in 2021 and three additional Phase
2 trials for other programs in 2022. ATAI finished…
Stem cell biotech Century
Therapeutics (IPSC) priced at the high end to raise $211 million at a
$1.2 billion market cap. The company is developing an allogenic stem cell
platform that allows it to incorporate multiple transgenes and remove target
genes to optimize cell therapies for the treatment of multiple cancers. The
company expects to file an IND for its lead candidate, CNTY-101, in mid-2022,
targeting CD19 for lymphoma. Century Therapeutics finished…
Medicare solutions provider Convey Holding Parent (CNVY) priced at the low end to raise $187
million at a $1.1 billion market cap. Acquired by TPG in 2019, the company
partners with healthcare payors to improve government-sponsored health plans
like Medicare Advantage and Medicare Part D. Its customers include 8 of the top
10 Medicare Advantage payors, but its revenue is concentrated to a small group
of clients. Convey Holding finished…
Mortgage REIT Angel
Oak Mortgage (AOMR) downsized and priced below the range to raise $137
million at a $485 million market cap. The company’s mortgage portfolio is
primarily comprised of first lien loans made to higher-quality, non-qualified
mortgage borrowers, which are sourced from its proprietary mortgage lending
platform, Angel Oak Mortgage Lending. As of 3/31/2021, Angel Oak’s loan
portfolio had a FICO score of 715 and a weighted average LTV ratio of 76%.
Angel Oak finished…
Oncology biotech Cyteir
Therapeutics (CYT) priced at the high end to raise $133 million at a $655
million market cap. Cyteir Therapeutics' lead candidate, CYT-0851, is a novel,
oral small molecule inhibitor of homologous recombination, a DNA repair pathway
critical for the survival of some cancers. CYT-0851 is currently in a Phase 1/2
trial in adult patients with hematologic malignancies and solid tumors. Cyteir finished…
AIM-listed Israeli adtech platform Tremor International (TRMR) raised $129 million at a $1.5 billion
market cap. The company enables advertisers and publishers to reach relevant
audiences and maximize the impact of inventory. Tremor international provides
an omni-channel platform, but specializes in video format ads on devices and
Connected TVs. Tremor International finished…
China-partnered biotech Ambrx
Biopharma (AMAM) priced at the midpoint to raise $126 million at a $725
million market cap. The company's lead candidate, ARX788, is an antibody-drug
conjugate currently being studied in breast, gastric and other solid tumors. The
most advanced trial of ARX788 is being conducted by Ambrx Biopharma's partner,
NovoCodex Biopharmaceuticals, in China in patients with HER2-positive
metastatic breast cancer. Ambrx Biopharma finished…
Synthetic biology solutions provider Codex DNA (DNAY) priced at the high end to raise $107 million at
a $478 million market cap. Codex DNA states that its synthetic biology solution
addresses the bottlenecks across the multi-step process of building DNA and
mRNA. The company commercially launched its current synthetic biology solution
in September 2019 and has placed approximately 160 BioXp systems globally.
Codex DNA finished down…
Swiss-listed biotech Molecular Partners (MOLN) raised $64 million at a $704 million market cap. The
company uses its proprietary molecular platform to create product candidates
with multiple mechanisms of action, and currently has development partnerships
with Novartis, Amgen, and AbbVie. Its target indications span ophthalmology,
oncology, and infectious disease, and it expects to report interim data from a
Phase 2/3 trial of its COVID-19 candidate in August. Molecular Partners
finished…
Women’s health medical device developer Femasys (FEMY) priced at the midpoint to raise $34 million at a
$160 million market cap. Femasys is focused on transforming women's healthcare
by developing novel solutions and next-generation advancements to address
underserved areas. The company's initial focus is reproductive health, and its
two lead product candidates are FemBloc for permanent birth control and
FemaSeed as an artificial insemination infertility treatment. Femasys finished…
Biospecimen marketplace iSpecimen
(ISPC) priced at the low end to raise $18 million at a $52 million market
cap. The company’s platform connects researchers around the world to subjects,
specimens, and associated data with the aim of improving life science research.
As of 12/31/20, there were more than 3,800 external users on the iSpecimen
Marketplace platform, representing 1,600 unique internet domains. iSpecimen
finished…
Alzheimer’s biotech Alzamend
Neuro (ALZN) raised $13 million at a $543 million market cap, floating
just 0.6% of its shares after indicated buying. The company’s lead candidate,
AL001, was licensed from the University of Florida, and is being developed for
the treatment of Alzheimer’s and other neurodegenerative and psychiatric
disorders. The company plans to submit an IND by the end of the 2Q21. Alzamend
Neuro finished…
In a solid week for SPAC pricings, six blank check companies
went public, led by Zimmer Partners’ Zimmer
Energy Transition Acquisition (ZTAQU) and Rice Energy executives’ Rice Acquisition II (RONI.U), both of
which raised $300 million.
| 22 IPOs During the Week of June 14th, 2021 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 06/18 |
| Verve Therapeutics (VERV) | $267M | $954M | 12% | +68% | +100% |
| Preclinical biotech developing single-course gene editing therapies for cardiovascular disease. | |||||
| Alzamend Neuro (ALZN) | $13M | $543M | 0% | +170% | +81% |
| Preclinical biotech developing therapies for Alzheimer's disease. | |||||
| ATAI Life Sciences (ATAI) | $225M | $2,504M | 7% | +30% | +30% |
| Biotech platform focused on psychedelics and other therapies for mental health. | |||||
| AiHuiShou International (RERE) | $227M | $3,560M | 0% | +23% | +23% |
| Chinese pre-owned consumer electronics transactions and services platform. | |||||
| Codex DNA (DNAY) | $107M | $478M | 7% | +16% | +16% |
| Makes an automated synthetic biology workstation and related solutions. | |||||
| Century Therapeutics (IPSC) | $211M | $1,184M | 5% | +14% | +14% |
| Preclinical biotech developing allogenic stem cell treatments for multiple cancers. | |||||
| ZET Acquisition (ZTAQU) | $300M | $375M | 0% | +1% | +1% |
| Blank check company formed by Zimmer Partners targeting the energy transition and sustainability space. | |||||
| Corner Growth 2 (TRONU) | $175M | $219M | 0% | +1% | +1% |
| Second blank check company formed by Corner Ventures targeting tech. | |||||
| Jaws Juggernaut Acq. (JUGGU) | $240M | $300M | 0% | +1% | +1% |
| Blank check company formed by Barry Sternlicht and the founders of XCOM Labs. | |||||
| G Squared Ascend II (GSQB.U) | $125M | $156M | 0% | +0% | +0% |
| Second blank check company formed by G Squared targeting the tech sector. | |||||
| Rice Acquisition II (RONI.U) | $300M | $375M | 0% | n/a | +0% |
| Second blank check company led by former Rice Energy execs targeting energy transition and sustainability. | |||||
| DILA Capital Acquisition (DILAU) | $55M | $72M | 0% | +0% | +0% |
| Blank check company formed by DILA Capital targeting tech-enabled sectors in Latin America. | |||||
| Cyteir Therapeutics (CYT) | $133M | $655M | 6% | -3% | -3% |
| Early stage oncology biotech developing small molecule therapies that inhibit DNA damage repair. | |||||
| Angel Oak Mortgage (AOMR) | $137M | $485M | -7% | -2% | -4% |
| Mortgage REIT focused on non-qualified loans. | |||||
| Lyell Immunopharma (LYEL) | $425M | $4,666M | 0% | -1% | -5% |
| Preclinical biotech developing T cell therapies for solid tumors. | |||||
| Ambrx Biopharma (AMAM) | $126M | $725M | 0% | -5% | -5% |
| Phase 2/3 oncology biotech developing engineered antibody-drug conjugates. | |||||
| Tremor International (TRMR) | $129M | $1,491M | 0% | -6% | -6% |
| Provides a platform that automates digital ad transactions for advertisers and publishers. | |||||
| WalkMe (WKME) | $287M | $2,926M | 2% | -7% | -6% |
| AI-powered enterprise customer engagement and business insight platform. | |||||
| iSpecimen (ISPC) | $18M | $52M | -11% | -11% | -6% |
| Provides an online marketplace platform for biospecimen procurement. | |||||
| Femasys (FEMY) | $34M | $160M | 0% | -8% | -8% |
| Develops women's healthcare-focused medical products and devices. | |||||
| Molecular Partners (MOLN) | $64M | $704M | 0% | -8% | -9% |
| Swiss biotech developing engineered protein therapies for COVID-19 and cancers. | |||||
| Convey Holding Parent (CNVY) | $187M | $1,070M | -7% | -7% | -13% |
| Provides insurers with Medicare Advantage technology and admin services. | |||||
Only one company submitted an initial filing this week: oncology patient data and insights company LinkDoc Technology (LDOC), which filed to raise $100 million.
Nine SPACs submitted initial filings, led by Investcorp Group’s Investcorp Acquisition (IVCAU), which filed to raise $250 million.
| 10 Filings During the Week of June 14th, 2021 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Portage Fintech Acq. (PFTAU) | $200M | SPAC | Goldman |
| Blank check company targeting the fintech sector. | |||
| Avista Public Acq. II (AHPAU) | $200M | SPAC | Credit Suisse |
| Blank check company formed by Avista Capital Partners targeting the healthcare sector. | |||
| NorthView Acquisition (NVAU.RC) | $180M | SPAC | I-Bankers |
| Blank check company targeting small cap healthcare businesses in North America, Europe, and APAC. | |||
| Fat Projects Acquisition (FPACU.RC) | $100M | SPAC | EF Hutton |
| Blank check company targeting tech-enabled businesses in Southeast Asia. | |||
| PONO Capital (PONOU) | $100M | SPAC | EF Hutton |
| Blank check company targeting businesses driving growth through technology. | |||
| JATT Acquisition (JATT.U) | $120M | SPAC | Raymond James |
| Blank check company targeting life sciences technology. | |||
| Nova Vision Acquisition (NOVVU) | $50M | SPAC | EF Hutton |
| Blank check company targeting businesses in Asia. | |||
| Integral Acquisition 1 (INTEU) | $100M | SPAC | Wells Fargo |
| Blank check company targeting tech-oriented businesses in Australia and New Zealand. | |||
| Investcorp Acquisition (IVCAU) | $250M | SPAC | Citi |
| Blank check company formed by Investcorp Group targeting businesses in India and ASEAN. | |||
| LinkDoc Technology (LDOC) | $100M | Technology | Morgan Stanley |
| Chinese healthcare data company specializing in oncology patients. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/17/21, the Renaissance IPO Index was flat at 0.0% year-to-date, while the S&P 500 was up 12.4%. 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 down 3.4% 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 Nexi and EQT Partners.
