The initial public offering (IPO) market started the new year off with three new biotechs and a home goods e-commerce platform, all raising nearly $500 million all together. The week ahead plans bring the same level of activity, with four companies planning to raise about $1.45 billion in total.
In the week's biggest offering, CinCor Pharma, Inc. (CINC ) raised nearly $194 million after pricing its upsized offering at the midpoint. The biotech's lead candidate has been designed to use a differentiated mechanism of action to provide an improved treatment for hypertension. The stock ended the week flat.
In the week's best performance, Hour Loop, Inc. (HOUR ) finished the week up 100% after raising $6 million in its debut. The online retailer operates primarily as a third-party seller on Amazon's (AMZN ) e-commerce platform, selling home goods like decor, kitchenware, electronics, apparel, and managing in total more than 100,000 SKUs.
Here's the rest of the week's debuts in order of offering amount:
Amylyx Pharmaceuticals, Inc. (AMLX ) raised $190 million after pricing its upsized offering at its midpoint. The biotech's lead candidate is the first to show both a functional and survival benefit in a large-scale trial of patients with amyotrophic lateral sclerosis, according to Amylyx. The stock ended the week down 5%.
Vigil Neuroscience, Inc. (VIGL ) raised $98 million after pricing its shares below its range. The biotech is developing treatments to address microglial dysfunction, with its lead candidate being developed for rare neurodegenerative disease ALSP. The stock finished down 10%.
Here's companies ready to list on public markets in the week ahead:
TPG Partners, LLC (TPG ) plans to raise more than $1.15 billion from 33.9 million shares priced between $28 to $31 each. The company is among the top five global private equity firms by capital raised from 2015 to 2020, ending its most recent quarter with $109 billion in assets under management. Its investing strategy is focused on five platforms: Capital, Growth, Impact, Real Estate, and Market Solutions.
Justworks, Inc. (JW ) plans to raise more than $257 million from 7 million shares priced between $29 to $32 each. The company provides an outsourced human resources platform to over 8,000 small- and mid-sized businesses.
FGI Industries, LTD. (FGI ) plans to raise $23 million from 2.5 million shares priced between $6 to $8 each. The company is a leading global supplier of kitchen and bath supplies, focusing on sanitaryware, bath furniture, shower systems, customer kitchen cabinetry, and other accessory items.
Hillstream BioPharma, Inc. (HILS ) plans to raise $20.7 million from 3 million shares priced between $5 to $6 each. The pre-clinical biotech is developing novel therapeutics targeting ferroptosis, an emerging new anti-cancer mechanism resulting in iron mediated cell death for treatment resistant cancers.