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The U.S. initial public offering market is facing another busy week with at least $1 billion worth of deals expected, led by healthcare services provider BrightSpring Health Services Inc.
That company is planning to raise up to $959.4 million by offering 53.3 million shares priced at $15 to $18 each. That would give the Louisville, Ky.-based company, backed by KKR & Co. Inc.
KKR,
a valuation of $3.1 billion.
BrightSpring is planning to list on Nasdaq under the ticker ‘BTSG.’
BTSG,
Immunotherapy company CG Oncology
CGON,
is also expected to hit the market this week with a deal that could raise up to $212 million at a valuation of about $970 million. CG Oncology is a late-stage clinical biopharmaceutical company that’s developing bladder cancer drugs including its lead product candidate, cretostimogene.
In a welcome sign for the still-thawing IPO market, another company planning a sizable deal, Finnish sports brands owner Amer Sports Inc.
AS,
set terms for its deal early Monday, freeing it up to launch its roadshow.
The company is planning to offer 100 million shares priced at $16 to $18 each to raise up to $1.8 billion. With 484.5 million shares expected to be outstanding once the deal closes, the company would have a valuation of $8.7 billion.
Amer Sports, which owns sports brands Arc’teryx, Salomon, Wilson, Peak Performance and Atomic, had revenue of $3.55 billion in 2022, up from $2.4 billion in 2020. Its net loss grew to $252.7 million from $237.2 million during the same time frame. The company was acquired by a Chinese consortium for about $5 billion in 2019.
Read now: Amer Sports files initial public offering with 21 underwriters and $3.5 billion in 2022 revenue
Also setting terms Monday was Arrivent BioPharma Inc.
AVBP,
a clinical-stage biopharmaceutical company that specializes in cancer treatments. That company is planning to offer 8.3 million shares priced at $17 to $19 each, to raise up to $157.7 million at a valuation of about $581 million.
More high-flying companies may be ready to dive into the market soon, as social-media platform Reddit is reportedly eyeing an IPO in March, according to Reuters. The San Francisco company is valued at about $10 billion, said the report, which cited people familiar with the deal.
Also read: Reddit, Shein and Stripe may lead a revived IPO market in 2024
Last week, London-listed Kaspi.kz, a Kazakh fintech, raised $1 billion in a U.S. IPO that was the first by any company from Kazakhstan. With a valuation of $17.4 billion, it was the third-largest company to IPO in over 2 years, according to Bill Smith, co-Founder and chief executive of Renaissance Capital, a provider of IPO ETFs and institutional research.
The Renaissance IPO ETF
IPO,
has gained 27.6% in the last 12 months, while the S&P 500
SPX,
has gained 21.8%.
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