Initial public offering (IPO) market activity has remained choppy heading towards the end of the month, with only one listing pricing last week. The week ahead plans to be more busy, with two biotech and one medical device company planning to raise nearly $242 million in total.
In last week's sole listing, JE Cleantech Holdings Ltd. (NASDAQ: JCSE) raised $15 million after pricing shares at $4 each. The Singapore-based company manufactures a range of cleaning equipment and systems, as well as dishwashing and cleaning services. The company's stock soared after its debut, and finished the week up 375%.
Here's this week's scheduled debuts in order of offering amount:
HilleVax, Inc. (NASDAQ: HLVX) plans to raise $175 million from 10.3 million shares offered at $16 to $18 each. The biotech is developing a virus-like particle based vaccine candidate for the prevention of gastroenteritis caused by norovirus infection. HilleVax plans to initiate a Phase 2b trial in the second quarter of this year, with top-line data expected in the second half of 2023.
Belite Bio, Inc. (NASDAQ: BLTE) plans to raise $44.85 million from 6 million shares priced between $5.50 to $6.50 each. The biotech is developing novel therapies for untreatable eye diseases connected to retinal degeneration, as well as metabolic diseases. Belite's lead candidate is being developed for autosomal recessive Stargardt disease.
Tenon Medical, Inc. (NASDAQ: TNON) plans to raise $22 million from 4 million shares priced between $4.50 to $5.50 each. The company manufactures surgical implants and is preparing for a national commercial launch for its proprietary surgical implant system for sacroiliac joint fixation and fusion surgery, which has been cleared by the U.S. Food and Drug Administration (FDA).