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U.S. IPO Weekly Recap: Another Billion-Dollar IPO Filing As Activity Prepares To Pick Up

Mar. 10, 2018 12:08 PM ETBTAI, OPBK, ZS

The lull is over. The annual February pause in IPO activity lasted longer than normal, but 2018's record-breaking start now looks ready to resume. This week IPOs began launching and another billion-dollar IPO joined the pipeline.

One IPO priced this week, the first in almost a month. AI-based biotech BioXcel Therapeutics priced at the low end and finished flat at the offer price. Three IPOs and one SPAC are scheduled for the week ahead, including tech unicorn Zscaler (ZS).

1 IPO During the Week of March 5th, 2018



Market Cap
at IPO

Price vs.

First Day

at 03/09

BioXcel Therapeutics (BTAI)






Developing new uses of drugs to treat neurological disorders and cancer.

Artificial Intelligence smarts investors as biotech finishes flat

BioXcel Therapeutics priced at the low end of its range to raise $60 million. The newly-formed biotech licenses AI from its parent to identify new uses for existing drugs. But that is an unproven technology, and its trials are all early stage. Based on recent IPOs, investors appear more interested in breakthroughs in areas like gene therapy and immunotherapy.

It's getting better all the time

The IPO window is open. Markets raced higher this past week. The Renaissance IPO Index surged 4.0% while the S&P 500 gained 3.5%. The VIX Volatility Index hit a one-month low. The 2018 US IPO class has an average return of 20%, led by three biotechs. The year's two tech IPOs (PAGS, CDLX) also have strong gains.

IPO Filings update: DirecTV Latin America files

Two companies submitted initial filings this past week. AT&T's (T) Latin American DirecTV business Vrio (VRIO) filed for a US IPO that we estimate could raise $1.5 billion. The company booked $5.6 billion in 2017 sales, up 11% from the prior

This article was written by

Renaissance Capital provides pre-IPO research to institutional investors and investment banks. The Firm manages two IPO-focused funds: The Renaissance IPO ETF (NYSE: IPO) and the Renaissance International IPO ETF (NYSE: IPOS). Individual investors can get a free overview of the IPO market on www.renaissancecapital.com, and try a free trial of our premium platform, IPO Pro (ipopro.renaissancecapital.com). Through Renaissance Capital’s pre-IPO research service, institutional investors get an independent opinion, in-depth fundamental analysis, and customizable financial models on all IPOs.

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