IPOs
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US IPO Week Ahead: The 2020 US IPO market debuts with a 5-IPO week

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 (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 (DOYU). On Tuesday, January 14: AssetMark Financial (AMK), Fulcrum Therapeutics (FULC), Mirum Pharmaceuticals (MIRM), and Phreesia (PHR). On Wednesday, January 15: Afya (AFYA), Innate Pharma (IPHA), Intercorp Financial (IFS), and Medallia (MDLA).

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

U.S. IPO Calendar
Issuer
Business
Deal Size
Market Cap
Price Range
Shares Filed
Top
Bookrunners
I-Mab Biopharma (IMAB)
Shanghai, China
$100M
$876M
$12 - $15
7,407,400
Jefferies
CICC
Late-stage cancer/autoimmune biotech developing in-licensed antibodies in China.
LIZHI (LIZI)
Guangzhou, China
$49M
$549M
$11 - $13
4,100,000
Citi
Haitong
Chinese interactive podcast platform for user-generated content.
Phoenix Tree Holdings (DNK)
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 (VEL)
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 (ANPC)
Lishui, China
$22M
$150M
$12 - $14
1,666,700
WestPark Capital
Univest Securities
Chinese provider of multi-cancer screening tests.

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AnPac Bio-Medical Science

I-Mab

LIZHI

Phoenix Tree Holdings DNK

Velocity Financial

IPO Market Snapshot
US IPO Week Ahead: The 2020 US IPO market debuts with a 5-IPO week

Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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