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US IPO Week Ahead: May IPO market moves along with more small deals

May 12, 2023
Week Ahead

Two small deals are scheduled to price in the week ahead, one of which qualifies for inclusion in our IPO stats. Other names may join the calendar during the week.

Dermatology biotech Azitra (AZTR) plans to raise $12 million at a $70 million market cap. Azitra’s pipeline is currently led by ATR-12, a genetically modified strain of Staphylococcus epidermidis being developed for orphan disease Netherton syndrome. ATR-12 is expected to enter a Phase 1b trial in the 1H23. Azitra also has a joint development agreement with Bayer to investigate and develop two strains of bacterial microbes for consumer/cosmetic products.

While not included below, holdover Strong Global Entertainment (SGE) now plans to raise $5 million at a $37 million market cap. Being spun out of FG Group (NYSE American: FGH), the company manufactures large format projection screens and provides related products and services. Strong Entertainment is profitable and growing, though its top 10 customers accounted for over half of revenue in 2022.

U.S. IPO Calendar
Deal Size
Market Cap
Price Range
Shares Filed
Azitra (AZTR)
Branford, CT
$4.50 - $5.50
Phase 1-ready dermatology biotech developing engineered bacterial therapies.

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Street research is expected for five companies in the week ahead, and lock-up periods will be expiring for two companies. 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 5/11/2023, the Renaissance IPO Index was up 18.9% year-to-date, while the S&P 500 was up 8.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Airbnb (ABNB). The Renaissance International IPO Index was down 6.3% year-to-date, while the ACWX was up 8.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.