As the fall IPO market remains strong, four IPOs each raised at least $75 million this week, but one company postponed its deal.
Early childhood education (ECE) provider Kindercare (KLC) priced just below the midpoint of its range to raise $576 million at a market cap of $2.8 billion. After being acquired by Partners Group in 2015 and exiting its IPO attempt in 2022, Kindercare refocused its core business, closing unprofitable child care facilities and acquiring or opening new facilities in attractive locations. I did. The company is now back to pre-pandemic occupancy and has the capacity to serve more than 200,000 children at 1,500 KinderCare learning centers in 40 states. Although investors asked for a small discount from the original terms of the deal, Kindercare is looking to take advantage of a long-term trend in the U.S. where demand for early child care services will continue to rise. Kindercare is coming off a flat week.
Respiratory biotech Upstream Bio (UPB) has priced a blockbuster deal at the high end of its range to raise $255 million at a market cap of $948 million. After acquiring its flagship asset, verkitug, from Astellas Pharma in 2021, Upstream reported results from a Phase 1b trial in severe asthma patients in May 2024, showing that it is better than those approved by AstraZeneca and Amgen. also suggested that it may have both superior efficacy and a significantly more convenient dosing schedule. The drug, Tezspire (tezepelumab). Given that Tezspire has already generated over $1 billion in annual sales since its approval in 2021, Upstream is confident it will continue to report positive results in its ongoing Phase 2 clinical trial. Possibly, it should have a large market opportunity and that data will be reported in the report. 2 hours 25 minutes and 2 hours 26 minutes. Upstream rose 25%.
Neuroimaging technology company CeriBell (CBLL) has priced its mega IPO above the high end of its upwardly revised range, raising $180 million at a market cap of $644 million. The company manufactures and markets point-of-care electroencephalography (EEG) platforms designed to continuously monitor and quickly detect seizures in critically ill patients in emergency medical settings. The company’s EEG platform, the Ceribell system, aims to be significantly more convenient than traditional EEG systems, requiring just five minutes to set up the headband and electrodes. CeriBell is showing revenue traction, reporting a 47% increase in run rate to $68 million in 3Q24. Seribel rose 47%.
RNA-focused biotech CAMP4 Therapeutics (CAMP) has priced its blockbuster IPO below range to raise $75 million at a market cap of $221 million. CAMP4 is developing therapeutics that target regulatory RNAs, a relatively new field of science focused on RNAs that regulate gene expression and protein production. Although several clinical trial partnerships with Biogen and Alnylam appear to have been terminated, CAMP4 has signed a drug discovery agreement with Biomarin in September 2024 that includes an upfront payment of $1 million and milestone payments of up to $370 million. It was concluded. CAMP4 ended the week down 2%.
Lubricant retailer MOOV this week postponed its planned $400 million IPO, citing market conditions. Spun out of Brazilian conglomerate Cosan, Moove is a prominent manufacturer and distributor of lubricants and industrial fluids in South America, and recently expanded significantly into the United States with the acquisition of PetroChoice in 2022. The company reported revenue contraction in the first half of 2024, and insiders said they planned to sell 75% of the shares being offered in the deal, which drove investors away from the deal. There is a possibility.
9 IPO issuers for week of October 7, 2024
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As of 10/11 CeriBell (CBLL)$180M$644M13%+47%+47%Creates point-of-care high-speed EEG to detect and monitor seizures in acute care. Upstream Bio (UPB)$255M$948M6%+29%+ 29% Phase 2 respiratory biotech developing antibodies targeting TSLP receptors. KinderCare (KLC)$576M$2,766M-4%+9%+18%Largest private provider of early childhood education and childcare services in the United States. Rising Dragon Acquisition ( RDACU)$50M$65M0%+0%+0%A blank check company targeting small-cap companies. Cohen Circle Acquisition (CCIRU)$200M$276M0%+0%+0%A blank check company led by SPAC veteran Betsy Cohen that targets fintech.Launch Two Acquisition (LPBBU)$200M$250M0%+0%+0 %Blank check company targeting technology and software infrastructure businesses. CAMP4 Therapeutics (CAMP)$75M$221M-27%-3%-3%Clinical-stage biotechnologyDevelopment of RNA-based therapeutics targeting genetic diseases. SKK Holdings (SKK)$10M$63M-11%+51%-30%Provides civil engineering services for public works projects in Singapore. Click Holdings (CLIK)$6M$60M0%-34 %-60% Provides temporary staffing and other human resources services in Hong Kong. Sign up for a free trial of our premium platform, IPO Pro. Sign up here to receive the IPO calendar in your inbox. Last week, three small IPOs filed their first filings. Singapore-based shipbuilding company Vantage (VNTG.RC) has filed to raise $16 million, Chinese digital solutions provider Youxin Technology (YAAS) has filed to raise $10 million, and corporate communications and events company TEN Holdings (XHLD) has filed to raise $13 million. Submitting issuers during the week of October 7, 2024
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Underwriter TEN Holdings (XHLD)$13MCommunication ServicesBancroft CapitalProvides event planning and production for virtual, hybrid and physical events. Youxin Technology (YAAS)$10MTechnologyAegis Cap.China provider of digital transformation software and services for retailers Vantage (VNTG.RC)$16MIndustrialsNetwork 1Singapore-based ship brokerage company specializing in petroleum products. Sign up for a free trial of our premium platform, IPO Pro. Sign up here to receive the IPO calendar in your inbox. IPO market snapshot
The Renaissance IPO Index is a market-capitalization-weighted basket of newly public companies. As of October 11, 2024, the Renaissance IPO Index has gained 15.7% year-to-date, while the S&P 500 has gained 21.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index is down 9.4% since the beginning of the year, while ACWX is up 11.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks an index, and the ETF’s top holdings include Porsche AG and Amman Minerals International.
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