Updated Monday, 11/1.
The IPO market has seen double digit offerings for the past two weeks, and is scheduled to continue its streak, with 13 IPOs expected to raise $2.7 billion.
Drug discovery company Evotec (EVO) plans to raise $576 million at a $9.2 billion market cap. The company aims to accelerate and improve the efficiency of the drug discovery process for biotechs, utilizing fee-for-service, milestone and royalty, and equity interest agreements. Growing and profitable, Evotec’s free cash flow swung negative in the FY20.
Home furnishing retailer Arhaus (ARHS) plans to raise $355 million at a $2.2 billion market cap. Originating as a single show room and Cleveland, Ohio, the company now offers its premium home furnishing products online and in over 75 showrooms across 27 states. Arhaus experienced high double-digit revenue growth in the 1H21 as homeowners invest in their homes in the wake up of the pandemic.
Chinese drug in-licensor LianBio (LIAN) plans to raise $325 million at a $1.8 billion market cap. Focused on China and other Asian markets, this biopharmaceutical company develops and commercializes drugs for a variety of indications. LianBio’s pipeline currently consists of nine product candidates across five different therapeutics areas.
Russian real estate platform Cian (CIAN) plans to raise $269 million at a $1 billion valuation. The company claims to be one of the ten most popular real estate classifieds markets, addressing the underpenetrated Russian market. Fast growing in the 1H21, Cian believes it is leading the digitization of the $238 billion Russian real estate market.
Eco-friendly shoe maker Allbirds (BIRD) plans to raise $250 million at a $2 billion valuation. The company rose to fame when its flagship shoe, the Wool Runner, which uses New Zealand-sourced Merino wool, was named “The World’s Most Comfortable Shoe” by TIME Magazine in 2016. Though not yet profitable, the company expects the expansion of its retail footprint to drive brand awareness and eventual profitability.
Russian car-sharing platform Delimobil (DMOB) plans to raise $220 million at an $836 million market cap. The company offers convenient and affordable transportation alternatives in Russia, with a long-term rental fleet of almost 600 vehicles and 461k monthly active users. The company more than doubled revenue in the 1H21, which is partly due to its acquisitive activity.
Permian Basin-focused mineral and royalty company Desert Peak Minerals (DPM) plans to raise $215 million at a $215 million market cap. The company owns 104,000 acres of net royalty acres, 99% of which are located in West Texas. Completing 177 acquisitions since 2016, the company had shrinking revenue and turned unprofitable in the FY20.
Commercial mortgage REIT Claros Mortgage Trust (CMTG) plans to raise $134 million at a $2.7 billion valuation. The company is primarily focused on transitional commercial real estate assets, which require repositioning, renovation, rehabilitation, leasing, development, or other value-added elements. Claros Mortgage Trust has raised $2.6 billion and originated, co-originated, or acquired 86 investments since its 2015 inception.
Personal finance company NerdWallet (NRDS) plans to raise $131 million at a $1.3 billion valuation. The company operates a free personal finance platform that provides educational tools as well as various financial products. While the company is still unprofitable, its platform had attracted 20 million monthly unique users as of 9/30/21.
Immuno-oncology biotech IO Biotech (IOBT) plans to raise $101 million at a $405 million market cap. The company's lead candidate, IO102-IO103, was granted Breakthrough Therapy Designation for the treatment of unresectable/metastatic melanoma and plans to enroll for a Phase 3 trial in combination with pembrolizumab.
Health-conscious food brand The Real Good Food Company (RGF) plans to raise $80 million at a $375 million market cap. The company makes low-carb, high-protein, gluten and grain-free food meals and products using a range of ingredients including plant-based proteins and fibers. While the company nearly doubled revenue in the 1H21, it grew even more unprofitable in the last twelve months.
Prostate cancer diagnostic company MDxHealth (MDXH) plans to raise $50 million at a $2.1 billion market cap. The company uses clinical modeling and genomic data to give patients a more accurate and actionable result than traditional risk factors such as prostate specific antigen (PSA). MDxHealth is growing but highly unprofitable.
Molecular cancer diagnostics company Mainz Biomed (MYNZ) plans to raise $10 million at a $59 million valuation. The company will acquire and operate as PharmGenomics and aims to commercialize its product portfolio, which includes a molecular prostate and pancreatic cancer test.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Allbirds (BIRD) San Francisco, CA | $250M $2,036M | $12 - $14 19,230,768 | Morgan Stanley JP Morgan |
| Sustainable footwear brand sold direct to consumer. | |||
| Claros Mortgage Trust (CMTG) New York, NY | $134M $2,710M | $18.65 - $19.65 7,000,000 | Morgan Stanley JP Morgan |
| Commercial mortgage REIT focused on transitional commercial real estate assets. | |||
| Delimobil (DMOB) | $220M $836M | $10 - $12 20,000,000 | BofA Citi |
| Leading Russian car-sharing firm with a fleet of nearly 18,000 vehicles. | |||
| Arhaus (ARHS) Boston Heights, OH | $355M $2,171M | $14 - $17 22,903,226 | BofA Jefferies |
| Premium home furnishings retailer with 75 locations across the US. | |||
| Evotec (EVO) Hamburg, Germany | $576M $9,188M | $26.16 22,000,000 | BofA Morgan Stanley |
| Provides drug discovery solutions for the pharmaceutical industry. | |||
| Mainz Biomed (MYNZ) Mainz, Germany | $10M $59M | $4 - $6 2,000,000 | Boustead |
| Commercializing in vitro molecular tests for cancer screening. | |||
| MDxHealth (MDXH) Herstal, Belgium | $50M $2,099M | $13.46 3,750,000 | Piper Sandler Oppenheimer |
| Belgian provider of genomic testing products for prostate cancer. | |||
| NerdWallet (NRDS) San Francisco, CA | $131M $1,284M | $17 - $19 7,250,000 | Morgan Stanley KeyBanc |
| Provides a personal finance app that promotes financial products. | |||
| Cian (CIAN) Moscow, Russia | $269M $1,037M | $13.50 - $16 18,213,400 | Morgan Stanley Goldman |
| Provides a platform for online real estate listings and other services in Russia. | |||
| Desert Peak Minerals (DPM) Denver, CO | $215M $1,333M | $20 - $23 10,000,000 | Barclays Credit Suisse |
| Owns and manages mineral and royalty interests in the Permian Basin. | |||
| IO Biotech (IOBT) Copenhagen, Denmark | $101M $405M | $14 - $17 6,500,000 | Morgan Stanley Jefferies |
| Phase 3-ready biotech developing immunotherapies for melanoma and other cancers. | |||
| Real Good Foods (RGF) Cherry Hill, NJ | $80M $375M | $14 - $16 5,333,333 | Jefferies William Blair |
| Makes low-carb high-protein packaged foods. | |||
| FlexEnergy (FLXE) Portsmouth, NH | $35M $122M | $8 - $10 3,888,889 | Roth Cap. |
| Makes turbine systems and heat exchangers. | |||
| Kidpik (PIK) New York, NY | $15M $65M | $8 - $10 1,666,667 | EF Hutton |
| Sells kids' clothing subscription boxes. | |||
| Nuvectis Pharma (NVCT) Fort Lee, NJ | $30M $157M | $12 - $14 2,300,000 | ThinkEquity |
| Phase 1-ready biotech developing in-licensed therapies for cancer. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/28/2021, the Renaissance IPO Index was up 6.5% year-to-date, while the S&P 500 was up 22.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Moderna (MRNA) and Uber Technologies (UBER). The Renaissance International IPO Index was down 18.8% year-to-date, while the ACWX was up 9.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank Corp.
