Following the long weekend, two Chinese IPOs and a preclinical biotech are currently scheduled to list in the US in the week ahead: China’s largest LGBTQ dating app BlueCity (BLCT), on-demand worker platform Quhuo (QH), and preclinical oncology biotech Nkarta (NKTX)

More deals could join the IPO calendar, based on a flurry of filing activity in June, including health insurance marketplace GoHealth (GHTH), cloud banking software provider nCino (NCNO), workers’ comp insurer Trean Insurance (TIG), and several biotechs (Inventiva (IVA), InMed Pharmaceuticals (INM)) and SPACs.

BlueCity Holdings plans to raise $85 million at a $614 million market cap. The company provides a full suite of LGBTQ-focused services including live streaming, memberships, and advertising, among others. Central to the company’s business is the Blued mobile app, had over 49 million registered users on Blued as of March 31, 2020, and its average MAUs grew from 4.1 million in the 1Q18 to 6.0 million in the 1Q20.

Quhuo plans to raise $27 million at a $450 million market cap. China’s largest workforce operational solution platform, Quhuo has a presence in 73 cities across 26 provinces, and its customers include large enterprises like Meituan, KFC, Mobike, and Didi.

Nkarta plans to raise $150 million at a $426 million market cap. The company’s co-lead candidate, NKX101, is designed to enhance the power of innate natural killer biology to detect and kill cancerous cells. The company submitted an IND for NKX101 for the treatment of relapsed or refractory acute myeloid leukemia and higher-risk myelodysplastic syndromes in May 2020, and it plans to initiate a broad clinical program for blood cancers and solid tumors this year.

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Several micro-caps recently set terms for their IPOs and may flip the switch at some point in July. These include preclinical biotech Kiromic BioPharma (KRBP), late-stage biotech Greenwich LifeSciences (GLSI), diversified REIT Presidio Property Trust (SQFT), real estate developer Harbor Custom Development (HCDI), and e-commerce platform 1847 Goedeker (GOED).

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
BlueCity Holdings
Beijing, China
$85M
$614M
$15-$17
5,300,000
AMTD Global
Loop Capital Markets
Leading online LGBTQ community and dating platform in China.
Nkarta
South San Francisco, CA
$150M
$426M
$14-$16
10,000,000
Cowen
Evercore ISI
Preclinical developer of off-the-shelf cancer therapies based on natural killer cells.
Quhuo
Beijing, China
$27M
$450M
$9-$11
2,700,000
Roth Cap.
Valuable Capital
Provides workforce operations solutions for consumer service platforms in China.

IPO Market Snapshot

The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/1/20, the Renaissance IPO Index was up 31.5% year-to-date, while the S&P 500 was down 3.6%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (NASDAQ:ZM) and Uber (NYSE:UBER). The Renaissance International IPO Index was up 16.8% year-to-date, while the ACWX was down 10.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and Xiaomi.

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



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