As economic conditions stabilize and confidence in the financial markets grows, the initial public offering (IPO) pipeline appears poised to open up, signaling a surge in companies eager to test the public markets.
Four companies set terms for their IPOs over the next ten days including two biotech, a REIT and and an insurance company.
The largest deal, American Healthcare REIT, Inc., is a leading internally-managed REIT that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on MOBs, senior housing, SNFs, hospitals and other healthcare-related facilities. American Healthcare REIT is scheduled to trade under the symbol $AHR on Wednesday (2/7) and is looking to raise $756m — if priced at the midpoint of the range.
Specialty insurance group The Fortegra Group, Inc. (TFR) is pricing 18mm shares at a range of $15-$18 and will debut on Thursday, 2/8.
A pair of biotech IPOs launched and will debut on Friday — Alto Neuroscience, Inc. (ANRO) and Fractyl Heatlth (GUTS).
This is already on top of the lone IPO that was on the schedule to end last week, Amer Sports (AS), which is scheduled to price 100mm shares at $16-$18 on Wednesday for a Thursday (2/1) debut.
Companies often view IPOs as a strategic move to raise funds for expansion, research and development, or debt repayment. The readiness of the IPO pipeline is indicative of a favorable environment where investors are more willing to allocate capital to promising ventures. This shift is particularly pronounced when businesses perceive a window of opportunity in the market, aligning their decision with a positive economic outlook.
As the IPO pipeline gains momentum, market observers anticipate a diverse array of companies spanning various industries to make their debut. Investors keenly watch this surge, as it not only provides opportunities for capital appreciation but also serves as a barometer of economic health and corporate confidence in the broader financial landscape.
Company: American Healthcare REIT, Inc.
Symbol: AHR (NYSE)
Description: They are a leading internally-managed REIT that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on MOBs, senior housing, SNFs, hospitals and other healthcare-related facilities.
Shares: 56 million
Price Range: $12.00-$15.00
Market Cap: $1.5b-$1.9b
Trade Date: Wednesday, 2/7
Underwriters: BofA Securities, Morgan Stanley, KeyBanc Capital, Citigroup
Link to Prospectus: Terms Added: 1-29-24
Company: The Fortegra Group, Inc.
Symbol: TFG (NYSE)
Description: They are a growing, highly profitable and multinational specialty insurance company focused on underwriting complex and niche risks in underserved markets.
Shares: 18 million
Price Range: $15.00-$18.00
Market Cap: $1.3b-$1.5b
Trade Date: Thursday, 2/8
Underwriters: Goldman Sachs, JP Morgan, Jefferies, Barclays
Co-Manager(s): JMP Securities, Keefe Bruyette & Woods, Piper Sandler, Raymond James, Independence Point Securities
Link to Prospectus: Terms Added: 1-29-24
Company: Alto Neuroscience, Inc.
Symbol: ANRO (NYSE)
Description: They are a clinical-stage biopharmaceutical company with a mission to redefine psychiatry by leveraging neurobiology to develop personalized and highly effective treatment options.
Shares: 6.7 million
Price Range: $14.00-$16.00
Market Cap: $339m-$388m
Trade Date: Friday, 2/2
Underwriters: Jefferies, TD Cowen, Stifel, William Blair
Co-Manager(s): Baird
Link to Prospectus: Terms Added: 1-29-24
Company: Fractyl Health, Inc.
Symbol: GUTS (Nasdaq)
Description: They are a metabolic therapeutics company focused on pioneering new approaches to the treatment of metabolic diseases, including type 2 diabetes and obesity.
Shares: 7.33 million
Price Range: $14.00-$16.00
Market Cap: $666m-$857m
Trade Date: Friday, 2/2
Underwriters: BofA Securities, Morgan Stanley, Evercore ISI
Link to Prospectus: Terms Added: 1-29-24
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