COIN - U.S. IPO Weekly Recap: 2024 IPO Market Starts Off With $2B Additions To The Pipeline

2024-01-06 11:20:00 ET

Summary

• While the calendar was quiet this past week, six IPOs joined the pipeline, two of which we estimate could raise $1 billion or more.
• Three biotechs filed to raise $100 million.
• Smith Douglas Homes is scheduled to go public in the week ahead in what could be the year’s first US IPO.

Weekly Recap

While the calendar was quiet this past week, six IPOs joined the pipeline, two of which we estimate could raise $1 billion or more.

Sports equipment and apparel maker Amer Sports ( AS ) filed to raise an estimated $2 billion. The Finland-based company’s portfolio contains major brands like Arc’teryx, Salomon, Wilson, and Louisville Slugger, and its products are sold in over 100 different countries, including in over 300 owned retail stores. Amer Sports was previously listed on the Nasdaq Helsinki until 2019, when a consortium of investors took it private.

Healthcare services provider BrightSpring Health Services ( BTSG ) filed to raise an estimated $1 billion, after a previous attempt to go public in 2021. The company provides home and community-based healthcare services, and states it serves more than 400,000 patients daily through its 10,000 clinical providers and pharmacist. BrightSpring is backed by [[KKR]] and Walgreens (WBA).

Three biotechs filed to raise $100 million. Bladder cancer-focused biotech CG Onology ( CGON ) filed to raise $100 million. The company is developing an oncolytic immunotherapy for bladder cancer, and expects topline data from its ongoing Phase 3 trial by the end of 2024. Another oncology biotech, ArriVent Biopharma ( AVBP ) filed to raise $100 million. The company is developing a novel kinase inhibitor for cancer, and expects topline data from its ongoing Phase 3 trial by 2025. Preclinical biotech Metagenomi ( MGX ) filed to raise $100 million. The company is developing therapies using metagenomics-derive genome editing.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/4/2024, the Renaissance IPO Index was down 6.8% year-to-date, while the S&P 500 ( SP500 , SPX ) was down 1.7%. Renaissance Capital's IPO ETF ( IPO ) tracks the index, and top ETF holdings include Kenvue ( KVUE ) and Coinbase Global ( COIN ). The Renaissance International IPO Index was down 3.1% year-to-date, while the ACWX was down 1.6%. Renaissance Capital’s International IPO ETF ( IPOS ) tracks the index, and top ETF holdings include Wise and Kuaishou.

Original Post

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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