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US IPO Week Ahead: Micro-cap biotech may price in an otherwise silent week

June 2, 2023
Week Ahead

Just one company is currently scheduled to list in the week ahead, although other small issuers may join the calendar during the week.

Holdover Azitra (AZTR) may 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.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/1/2023, the Renaissance IPO Index was up 22.4% year-to-date, while the S&P 500 was up 10.8%. 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 8.5% year-to-date, while the ACWX was up 6.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Kuaishou.