The U.S. initial public offering market is gearing up for a dizzying week at least by deal number, with 15 companies expected to raise a total of $2.5 billion.
And on Thursday, shares of consumer genetics company 23andMe are expected to start trading on Nasdaq, after the company’s acquisition by Richard Branson’s special-purpose acquisition corporation, VG Acquisition Corp., was approved last week.
The biggest IPO is expected to be that of San Francisco-based Lyell Immunopharm Inc. /zigman2/quotes/227357994/composite LYEL +0.07% , a clinical-stage biotech that is developing T cell therapies for solid tumors.
The company is aiming to offer 25 million shares priced at $16 to $18 each to raise up to $450 million to fund its clinical trials and research and development efforts at a valuation of almost $5 billion. Lyell has applied to list on Nasdaq, under the ticker “LYEL.” Goldman Sachs, BofA Securities, JP Morgan and Morgan Stanley are underwriting the deal.
The second-biggest deal of the week is expected to come from Israeli customer engagement platform WalkMe Ltd. /zigman2/quotes/227354146/composite WKME +2.34% , which is aiming to raise up to $282 million at a $2.9 billion valuation. WalkMe has applied to list on Nasdaq, under the ticker “WKME.”
The company’s no-code platform overlays any application and provides businesses with a unified view and insights across the organization’s software stack., according to Renaissance Capital, a provider of institutional research and IPO exchange-traded funds.
“Unprofitable with strong net revenue retention, WalkMe had roughly 2,000 customers as of 3/31/21, including 155 of the Fortune 500,” said Renaissance in weekly commentary.
That is followed by Chinese second-hand consumer electronics company AiHuiShou International /zigman2/quotes/227438161/composite RERE +2.30% , which is planning to raise $227 million at a valuation of $36 billion. The company has applied to list on the New York Stock Exchange under the ticker “RERE.”
AiHuiShou International, which began life as a smartphone recycling business, operates the PJT Marketplace and the Paipai Marketplace with a mission of giving “a second life to all idle goods.” The company has 755 online stores in 172 cities, according to its IPO documents.
Verve Therapeutics Inc. /zigman2/quotes/227446048/composite VERV -1.87% , a biotech that focuses on genetic medicines for cardiovascular disease, is aiming to raise $201 million at a valuation of $812 million. The company has applied to list on Nasdaq under the ticker “VERV.”
Next on the list is German psychedelics startup ATAI Life Sciences /zigman2/quotes/227454864/composite ATAI +3.62% , which is aiming to develop new treatments for mental health disorders.
“We founded atai Life Sciences in 2018 as a response to the significant unmet need and lack of innovation in the mental health treatment landscape, as well as the emergence of therapies that previously may have been overlooked or underused, including psychedelic compounds and digital therapeutics,” the company says in its IPO documents .
Atai is aiming to raise $200 million at a $2.3 billion valuation to fund Phase 1 and Phase 2 clinical trials of its most advanced programs and support further R&DE. It has applied to list on Nasdaq under the ticker “ATAI.”
The remaining deals include 8 companies active in the biotech or medical devices space, including preclinical biotech Century Therapeutics Inc. /zigman2/quotes/210490648/composite IPSC -0.80% /zigman2/quotes/210490648/composite IPSC -0.80% , which said earlier Monday it expects to offer 10.6 million shares priced at $18 to $20 each.
The company has applied to list on Nasdaq, under the ticker symbol “IPSC.” JP Morgan, BofA Securities, SVB Leerink and Piper Sandler are underwriting the deal. Proceeds will be used to fund pre-clinical activity and research and development, as well as working capital and general corporate purposes.
Outside of healthcare, mortgage real-estate investment trust Angel Oak Mortgage Inc. /zigman2/quotes/227339868/composite AOMR +1.47% , which focuses on buying and investing in first lien loans made to higher-quality, non-qualified mortgage borrowers, which it sources from its mortgage lending platform. Angel Oak has applied to list on the New York Stock Exchange under the ticker “AOMR.”
Digital financial services provider AMTD Digital Inc. HKD 0.00% is aiming to raise $120 million at a $1.4 billion valuation to finance license applications, acquisitions, IT infrastructure and human resources. The company, which operates in Asia, has applied to list on the New York Stock Exchange under the ticker “HKD.”
The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.28% was up 1.2% Monday, but has fallen 0.2% in the year to date, while the S&P 500 has gained 13%.