The IPOX® Update 7/18/23

Turnstone Biologics Launches $75.4M IPO - Debut expected Friday

Turnstone Biologics, a Phase 1 clinical biotech based in La Jolla, California, has announced the launch of its initial public offering (IPO), aiming to raise $75.4 million. The company is developing cell therapies called tumor-infiltrating lymphocytes (TILs) to treat solid tumors, focusing primarily on its lead candidate, TIDAL-01. The shares are expected to be priced between $12.00 and $14.00, with the IPO pricing on July 20 and trading on NASDAQ starting from July 21. Takeda, a previous collaborator, has committed to buying up to $8 million worth of shares in the IPO as a cornerstone investor. Proceeds from the IPO are earmarked to fund the continued development of TIDAL-01 and advance the TIDAL-02 program and TIDAL-01 viral immunotherapy combination. (Source)

Novartis Upgrades Forecast, Plans Sandoz Spin-Off IPO

Pharma giant Novartis has upgraded its annual forecast and scheduled an IPO for its generic-drugs unit, Sandoz, to be listed on the SIX Swiss Exchange in Q4. Novartis has also announced a $15 billion share buyback program. The decisions come on the back of a 17% growth in Q2 adjusted operating profit, reaching $4.67 billion, and a 9% year-on-year increase in Q2 sales, totaling $13.62 billion. Shareholders are set to vote on Sandoz's spin-off on September 15. (Source)

Shanghai Biren Considering Hong Kong IPO

Chinese AI chip startup Shanghai Biren is reportedly considering a Hong Kong IPO in 2023. The company seeks to provide an alternative to the banned Nvidia chips in the domestic market. While the size and timeline of the IPO are yet to be determined, the company is also said to be in talks for a $279 million pre-IPO funding round. Biren, which focuses on GPU and cloud computing, has previously raised about 4.7 billion yuan from investors. (Source)

Australian Tech IPO Market Expected to Rebound

After a decade-worst year, the Australian tech IPO market is expected to rebound, with ample capital ready to deploy. Pre-IPO investor Bombora Investment Management sees the market recovery beginning in H2 2023. Among the hopefuls for the ASX listing are Brennan IT and healthcare startup CurveBeam AI. The market's recovery will require several successful listings to lure fund managers back, with the market waiting for a "good IPO" to restore confidence. (Source)

SK Pharmteco Targets $500M Pre-IPO Deal, Plans 2025 IPO

SK Pharmteco, a California-based cell gene therapy development company under South Korean SK Group, is aiming to raise $500 million from Seoul-based Brain Asset Management in a pre-IPO deal. The company plans to use the funding to enhance competitiveness in cell gene therapy. SK Inc., the holding company of SK Group, has selected Brain Asset Management as the preferred bidder. The IPO is planned for 2025. (Source)

Kempower's Stock Surges Following Raised Full-Year Outlook

Finland-based EV charger maker Kempower Oyj, part of the IPOX® 100 Europe Index, has seen its stock surge following an increased full-year outlook. Due to the successful capacity ramp-up and increased market demand, Kempower's net sales projection has been raised to €310 million, and its operating profit margin is now expected to exceed 10% of net sales, higher than prior estimates. The company, valued at €2.1 billion, has seen a six-fold increase since its 2021 IPO. (Source)