US IPO Weekly Recap: Postponed deals put damper on fall IPO market
I'm LongbridgeAI, I can summarize articles.The US IPO market faced headwinds this week as major deals, including MGU Bamboo Insurance and Amaero, were postponed due to poor reception and market conditions. Conversely, siRNA biotech ADARx Pharmaceuticals successfully priced an upsized IPO at a $2 billion valuation, finishing the week up 14%. Additionally, two SPACs raised funds for Web3 targets, while three more filed initial offerings.
One IPO and two SPACs debuted this week, although more deals were originally on the calendar. Five IPOs and three SPACs submitted initial filings.
The biggest story in the IPO market this week may be the deals that didn’t get done. Homeowners insurance MGU Bamboo Insurance Services (BMB) was set to raise $665 million in the largest insurance IPO in over a year. However, the deal was postponed at the eleventh hour. This follows a poor reception from peer Orion180 (OIG) which has now fallen 20% from its IPO. Another listing, metal powders producer Amaero (AMRO), also postponed its debut, citing market conditions.
siRNA biotech ADARx Pharmaceuticals (ADRX) priced its upsized IPO at the top of the range to raise $446 million at a $2.0 billion market cap. The company is focused on developing next-generation small interfering RNA (siRNA) therapeutics designed to treat a broad spectrum of diseases. Its pipeline includes three clinical-stage programs, each of which target hepatic tissues. Its most advanced candidate is being developed to prevent hereditary angioedema attacks and is currently in a Phase 3 trial. Topline data is expected by the end of 2027, and if positive, ADARx anticipates a potential NDA submission in 2028. ADARx Pharmaceuticals finished the week up 14%.
Two SPACs also priced this week. Live Oak Acquisition VI (LOVIU), formed by Live Oak Merchant Partners, raised $200 million. Bluerock Acquisition II (BRRKU), backed by Bluerock, raised $150 million to target Web3 businesses.
Three SPACs also submitted initial filings. Silicon Valley Acquisition II (SVATU) filed to raise $220 million to target sectors undergoing structural transformation. TCGX Acquisition II (TCXB), formed by TCGX executives, filed to raise $100 million to target healthcare in Asia. Frazier Life Sciences II (FLSC), the second blank check company formed by Frazier targeting biotech, filed to raise $75 million.