U.S. IPO Week Ahead: No IPOs Expected, But Over 10 Deals Could Launch

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Includes: ALLK, AQST, BNGO, CANG, CNST, CRNX, CWK, ESTA, LQDA, REPL, RUBY, TLRY
by: Renaissance Capital IPO Research

There are no deals set to price in the upcoming week. Following the most active quarter for IPOs in three years, the market has paused for the Fourth of July holiday, but should heat back up with a number of notable deals in the pipeline.

Over 10 IPOs Can Launch Next Week, Including Cushman & Wakefield and a Wave of Healthcare Deals

Twelve IPOs will become eligible to launch their deals in the upcoming week, led by global commercial real estate brokerage Cushman & Wakefield (CUSH) and Chinese online car marketplace Cango (NYSE:CANG). Several healthcare companies will also become eligible, including breast implant provider Establishment Labs (NASDAQ:ESTA), Canadian supplier of medical cannabis Tilray (NASDAQ:TLRY), and eight biotechs.

12 Recent Filings Could Launch in the Coming Weeks

Issuer
Business

Estimated
Deal Size

Sector

Lead
Underwriter

Tilray

$100M

Healthcare

Cowen

Canadian vertically integrated supplier of medical cannabis.

Cushman & Wakefield

$750M

Real Estate

Morgan Stanley

Global commercial real estate brokerage and services firm.

Establishment Labs

$58M

Healthcare

Jefferies

Fast-growing provider of silicone breast implants.

Rubius Therapeutics (NASDAQ:RUBY)

$200M

Healthcare

J.P. Morgan

Preclinical biotech developing novel therapies based on red blood cells.

Replimune Group (NASDAQ:REPL)

$100M

Healthcare

J.P. Morgan

Developing oncolytic immunotherapies to fight solid tumors.

Crinetics Pharmaceuticals (NASDAQ:CRNX)

$86M

Healthcare

J.P. Morgan

Clinical-stage biotech developing oral therapies for rare endocrine diseases.

Constellation Pharma (NASDAQ:CNST)

$186M

Healthcare

J.P. Morgan

Developing epigenetic cancer therapies that modulate abnormal genes.

Cango

$300M

Technology

Morgan Stanley

Online car marketplace for businesses and consumers in China.

Allakos (NASDAQ:ALLK)

$75M

Healthcare

Goldman Sachs

Developing antibodies for allergic, inflammatory and proliferative diseases.

Aquestive Therapeutics (NASDAQ:AQST)

$69M

Healthcare

BMO

Drug manufacturer developing oral film formulations of CNS disease therapies.

Liquidia Technologies (NASDAQ:LQDA)

$58M

Healthcare

Jefferies

Developing engineered formulations of therapies for PAH and pain.

Bionano Genomics (NASDAQ:BNGO)

$35M

Healthcare

Roth Capital

Developing the Saphyr system for next-generation genome mapping.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index has returned 8.0% year-to-date, while the S&P 500 is up 3.2%. Renaissance Capital's IPO ETF (NYSEARCA:IPO) tracks the index, and top ETF holdings include Spotify (NYSE:SPOT) and Snap (NYSE:SNAP). The Renaissance International IPO Index is down -5.5% year-to-date, while the ACWX is down -4.7%. Renaissance Capital's International IPO ETF (NYSEARCA:IPOS) tracks the index, and top ETF holdings include Orsted (DONG Energy) (OTCPK:DNNGY) and Samsung BioLogics.