U.S. IPO Week Ahead: The 2020 U.S. IPO Market Debuts With A 5-IPO Week No ratings yet.

Five IPOs plan to raise $444 million in the week ahead.

Chinese apartment rental platform Phoenix Tree Holdings (DNK) plans to raise $164 million at a $3.1 billion market cap. Operating under the name Danke Apartment, the company operates 391,911 units in China. Close peer Q&K International (NASDAQ:QK) is down 29% from its November 2019 IPO.

Chinese immunotherapy biotech I-Mab Biopharma (IMAB) plans to raise $100 million at an $876 million market cap. I-Mab would be the first Chinese biotech to IPO in the US in over two years and the second largest Chinese biotech to IPO in the US ever.

Chinese podcast platform LIZHI (LIZI) plans to raise $49 million at a $549 million market cap. The fast-growing, unprofitable company is China’s second largest online audio platform and largest interactive audio entertainment platform by MAUs as of 9/30/19.

Mortgage lender Velocity Financial (VEL) plans to raise $109 million at a $285 million market cap, and Chinese cancer diagnostics provider AnPac Bio-Medical Science (ANPC) plans to raise $22 million at a $150 million market cap.

Lock-up periods will be expiring for nine companies. On Monday, January 13: DouYu International (NASDAQ:DOYU). On Tuesday, January 14: AssetMark Financial (NYSE:AMK), Fulcrum Therapeutics (NASDAQ:FULC), Mirum Pharmaceuticals (NASDAQ:MIRM), and Phreesia (NYSE:PHR). On Wednesday, January 15: Afya (NASDAQ:AFYA), Innate Pharma (NASDAQ:IPHA), Intercorp Financial (NYSE:IFS), and Medallia (NYSE:MDLA).

Street research is expected for Indonesia Energy (INDO) and Monopar Therapeutics (NASDAQ:MNPR) on Monday, January 13.

U.S. IPO Calendar

Issuer
Business

Deal Size
Market Cap

Price Range
Shares Filed

Top
Bookrunners

I-Mab Biopharma
Shanghai, China

$100M
$876M

$12 – $15
7,407,400

Jefferies
CICC

Late-stage cancer/autoimmune biotech developing in-licensed antibodies in China.

LIZHI
Guangzhou, China

$49M
$549M

$11 – $13
4,100,000

Citi
Haitong

Chinese interactive podcast platform for user-generated content.

Phoenix Tree Holdings
Beijing, China

$164M
$3,110M

$14.50 – $16.50
10,600,000

Citi
Credit Suisse

Renovates and sub-leases apartments in Chinese cities.

Velocity Financial
Westlake Village, CA

$109M
$285M

$14 – $16
7,250,000

Wells Fargo
Citi

Mortgage lender focused on residential rental and small commercial properties.

AnPac Bio-Medical Science
Lishui, China

$22M
$150M

$12 – $14
1,666,700

WestPark Capital
Univest Securities

Chinese provider of multi-cancer screening tests.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/9/20, the Renaissance IPO Index was up 4.5% year-to-date, while the S&P 500 had a gain of 1.4%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Uber (NYSE:UBER) and Spotify (NYSE:SPOT). The Renaissance International IPO Index was up 1.3% year-to-date, while the ACWX was up 0.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Adyen.

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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