There are a few deals on the calendar but the October IPO market is expected to remain largely frozen in the week ahead, save for one high-profile listing from Mobileye Global (MBLY).
Intel’s Mobileye plans to raise $779 million at a $15.4 billion market cap. The company is only floating 5% of its basic shares outstanding, well below the typical 15%, in light of current market conditions. Mobileye believes that it has pioneered advanced driver assistance systems (ADAS) technology and launched its family of EyeQ chips in 2007. The company has delivered solid revenue growth and currently ships its ADAS solutions to 13 of the world’s 15 largest automakers, though it operates in a highly-regulated, highly-competitive environment.
Two holdovers are also expected to debut in the week ahead. Isotope enrichment company ASP Isotopes (ASPI) plans to raise $12 million at a $205 million market cap, and solid tumor biotech Intensity Therapeutics (INTS) plans to raise $10 million at an $82 million market cap.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| ASP Isotopes (ASPI) Boca Raton, FL | $12M $205M | $5 - $7 2,000,000 | Revere Securities |
| Developing isotope enrichment facilities for medical and energy applications. | |||
| Mobileye (MBLY) Jerusalem, Israel | $779M $15,394M | $18 - $20 41,000,000 | Goldman Morgan Stanley |
| Intel's assisted-driving and self-driving systems unit. | |||
| Intensity Therapeutics (INTS) Westport, CT | $10M $82M | $4 - $5 2,222,223 | Roth Cap. Benchmark |
| Phase 2 biotech developing intratumoral injection therapies for cancer. | |||
Lock-ups will be expiring for five companies in the week ahead. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/20/2022, the Renaissance IPO Index was down 52.0% year-to-date, while the S&P 500 was down 22.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO Index was down 46.1% year-to-date, while the ACWX was down 25.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Nongfu Spring.
