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US IPO Week Ahead: Cummins spin-off Atmus and a small biotech aim to debut before Memorial Day

May 19, 2023
Week Ahead

Two companies are currently scheduled to list in the week ahead, although small issuers may join the calendar during the week.

Cummins spin-off Atmus Filtration (ATMU) is the week’s headliner, planning to raise $275 million at a $1.6 billion market cap. Primarily operating under the Fleetguard brand, the company makes various filtration products for engines and other industrial uses, which are sold in 150 countries. Atmus is profitable, and its OEM customers support recurring revenue from higher-margin aftermarket products, but its three largest customers accounted for about half of 2022 revenue.

Holdover Azitra (AZTR) plans to raise $12 million at a $70 million market cap. The biotech’s pipeline is led by a genetically modified strain of bacteria targeting orphan disease Netherton syndrome. Azitra’s lead candidate is expected to enter a Phase 1b trial in the 1H23, and the company has a joint development agreement with Bayer to develop bacterial microbes for consumer and cosmetic products.

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.
Atmus Filtration (ATMU)
Nashville, TN
$18 - $21
JP Morgan
Industrial and engine filtration business spun out of Cummins.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/18/2023, the Renaissance IPO Index was up 21.3% year-to-date, while the S&P 500 was up 10.1%. 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 8.1% year-to-date, while the ACWX was up 8.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.