The IPO market saw an uptick in activity this past week with six IPOs raising $919 million, led by IoT solutions developer Samsara(IOT). 14 SPACs also went public. The pipeline got a boost, with six IPOs and three SPACs submitting initial filings.
Samsara priced at the high end to raise $805 million at a $12.4 billion market cap. This "internet-of-things" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22. Samsara finished down 3%.
Italian solid tumor biotech Genenta Science upsized and priced at the midpoint to raise $36 million at a $208 million market cap. Genenta’s lead candidate, Temferon, is currently in a Phase 1/2a dose-escalation trial in newly diagnosed glioblastoma multiforme patients with unmethylated MGMT gene promoters. The company anticipates completing patient enrollment and treatment by the 2Q22. Genenta finished down 4%.
Wine brand Fresh Vine Wine priced at the high end to raise $22 million at a $122 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico. Fresh Vine Wine finished down 43%.
Micro-cap Immix Biopharma priced at the low end to raise $21 million at a $71 million market cap. Immix Biopharma is developing a novel class of tissue-specific therapies in oncology and inflammation. Its lead candidate, IMX-110, is currently in Phase 1b/2a trials for solid tumors in the US and Australia. Immix finished down 20%.
Australia-listed Bionomics raised $20 million at an $89 million market cap. Bionomics’ lead candidate, BNC210, is expected to begin its Phase 2 PREVAIL trial for social anxiety disorder by the end of 2021, with topline data anticipated by the end of 2022, and has already started its Phase 2b ATTUNE trial for PTSD, with topline data anticipated in the 1H23. Bionomics finished up 5%.
Micro-cap satellite developer Sidus Space priced at the midpoint to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21. Sidus Space finished up 133%.
14 SPACs went public led by electrification-focused Battery Future Acquisition(BFAC.U) and Investcorp’s Investcorp Europe Acquisition I(IVCBU), which both raised $300 million.
Three SPACs submitted initial filings led by Sagansky and Sloan’s Screaming Eagle Acquisition(SCRMU), which filed to raise $750 million.
