Acrivon Therapeutics (ACRV proposed), a cancer biotech aiming to raise $100.3 million, leads a life sciences-focused IPO Calendar of seven deals during this election week. This is the first big IPO ($100 million-plus) to land on the IPO Calendar since Mobileye Global, Inc. (MBLY) scored its successful IPO in late October. Four of this week’s seven deals are from the health-care or life sciences-related sectors. A SPAC IPO landed on the IPO Calendar on Monday morning – becoming the seventh deal set for this week, which began on Nov. 7, 2022.
Bankers expect to raise $202 million if all seven deals get done this week.
IPO investors will watch politics closely this week. Election Day is Tuesday, Nov. 8. U.S. voters will cast their ballots in the midterm congressional races,
Acrivon Therapeutics filed terms – 5.9 million shares at $16.00 to $18.00 – last Thursday (Nov. 3, 2022) and launched its IPO the same day. The IPO is scheduled to price on Wednesday night, Nov. 9, to trade Thursday, Nov. 10, on the NASDAQ.
Morgan Stanley, Jefferies, Cowen and Piper Sandler are the joint book-runners.
Patients with platinum-resistant ovarian, endometrial and bladder cancer will be treated in Phase 2 clinical trials of Acrivon Therapeutics’ leading drug candidate, ACR-368, according to the prospectus. Acrivon Therapeutics licensed the drug in June 2021 from Eli Lilly.
This week’s IPO Calendar now shows seven deals – five IPOs, a SPAC IPO and a tiny NASDAQ uplisting.
In addition to Acrivon Therapeutics, four micro-cap IPOs are expected to price this week. Three of these four IPOs are in health care or related fields. The roster includes:
- Intensity Therapeutics (INTS proposed), a tiny cancer biotech deal;
- Bullfrog AI Holdings (BFAI proposed/ BFAIW proposed), the tiny unit IPO of an AI and machine learning platform for drug R&D, and
- ASP Isotopes (ASPI proposed), the micro-cap IPO of a pre-commercial company focused on developing natural isotopes used in nuclear medicine diagnostic procedures and to produce nuclear energy.
A SPAC IPO – Plutonian Acquisition Corp. (PLTNU proposed) – 5.0 million units at $10.00 each – joined this week’s IPO Calendar early on Monday. EF Hutton is the sole book-runner.
Waiting for Snail
The outlier IPO this week is Snail Inc. (SNAL proposed), the tiny IPO of a developer of interactive digital games. Snail’s flagship brand is Ark: Survival Evolved. It’s attracting some interest due to its revenues, its profits and its ties to China.
The tiny NASDAQ uplisting on tap this week – a carry-over from last week – is a public offering for KWESST Micro Systems (KWE proposed/ KWESM proposed), a company focused on cybersecurity and electronic warfare.
No IPOs Priced in Halloween Week
Halloween came and went last Monday (Oct. 31, 2022) – kicking off a week without any IPO treats. Not a single deal was priced. Of the three deals that had appeared on the IPO Calendar early in the week, two were pushed back to this week and one was delayed.
A half-dozen new filings trickled into the IPO Pipeline during the week of Oct. 31, 2022. Two SPAC IPOs, three small-cap IPOs and a small NASDAQ uplisting submitted initial filings to go public:
- AlphaVest Acquisition (ATMVU proposed), an Asia-focused SPAC aiming to raise $60 million, EarlyBirdCapital sole book-runner;
- Iron Horse Acquisition (IRON.U proposed), a media- and entertainment-focused U.S. SPAC aiming to raise $100 million, BTIG sole book-runner;
- AiXin Life International (AIXN proposed), the small public offering in connection with the NASDAQ up listing of this Chinese nutritional and wellness products company, which intends to raise $50 million; Network 1 Financial Securities sole book-runner;
- Brera Holdings (BREA proposed), the operator of Brera FC, an amateur football club in Milan, Italy, aiming to raise $8 million, Revere Securities sole book-runner;
- Golden Heaven Group (GDHG proposed), the operator of six amusement parks/water parks in southern China, aiming to raise $35 million; Revere Securities sole book-runner, and
- VCI Global (VCIG proposed), a Malaysian business and tech consulting services firm, aiming to raise $15 million, Boustead Securities sole book-runner.
As the week gets under way, more names are likely to flow into the IPO Pipeline.
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
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