Electra Therapeutics joins a $1.47B Friday; Hong Kong's two windows closed at noon
Electra Therapeutics rounds out Friday's three-deal U.S. pricing night, Hong Kong's last two public offer windows closed at noon, and no U.S. retail IPO allocation was verifiable today.
Thursday, September 17, 2026 belongs to pricing. Three U.S. companies are set to price tonight for Friday debuts on Nasdaq — Holtec Nuclear (HNUC), Orion180 Insurance Group (OIG) and Electra Therapeutics (ETRA) — raising roughly $1.47 billion between them at the midpoints of their ranges. Hong Kong's last two open public subscriptions closed at noon local time today. Across the public broker pages checked this morning, zero U.S. IPO allocations were verifiable as open to retail orders. 123
Today's spotlight: Electra Therapeutics Inc. (ETRA)
Status: Electra Therapeutics is offering 21,666,667 shares at $14.00 to $16.00 and applied to list on the Nasdaq Global Select Market under ETRA, with Jefferies, TD Cowen, Evercore ISI and Cantor Fitzgerald as lead bookrunners. At the $15.00 midpoint the estimated net proceeds are about $296.6 million. IPOScoop shows an expected trading date of Friday, September 18, 2026. Because no retail allocation window is verifiable, a retail investor's first realistic access to ETRA is buying the stock on Nasdaq after it opens. 456
Business in one sentence: Electra Therapeutics is a late clinical-stage biotech in South San Francisco developing antibodies that flag specific immune cells for removal instead of suppressing the whole immune system. 4
Why it matters: Its lead drug, ipsoprubart, is in a global registrational program for secondary hemophagocytic lymphohistiocytosis (sHLH) — a severe reaction in which overactive immune cells attack the body, usually triggered by cancer or infection, and one with poor survival odds. The FDA has granted the drug Breakthrough Therapy designation and the European Medicines Agency has granted it PRIME status, both for sHLH. Breakthrough Therapy designation is the FDA's early signal that a drug may offer a substantial improvement over existing options for a serious condition; it brings extra agency guidance and a faster review clock, while the approval decision still depends on the registrational trial reading out. 47
The number to watch: 12. The human evidence behind the registrational program is a Phase 1b group of 12 frontline patients with malignancy-associated HLH, in which eight-week overall survival and overall response rate both reached 100% — ten partial responses and two modified complete responses. The company also reported no product revenue, a $48.9 million net loss for the six months ended June 30, 2026, and an accumulated deficit of $221.9 million. The SURPASS Phase 2/3 trial is expected to finish enrolling in the second half of 2027. 4
The risk: time against cash. With no product revenue and roughly $49 million of losses every six months, the IPO money has to carry Electra to a registrational readout that sits beyond the second half of 2027. Two dates make the risk monitorable: SURPASS enrollment completion in the second half of 2027, and initial Phase 1 data for the second drug, ELA822, in the first half of 2027. A slower enrollment or a failed endpoint leaves little behind it. 4
Actionable now
Verified open U.S. IPO allocations: 0. Five public fields have to line up before an allocation counts as actionable: ticker, confirmed price range, a deal-specific minimum buy-in, an order deadline, and a named broker order path. Readers can repeat this check themselves:
| Surface checked today | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center | 14 tracking rows, including ETRA, OIG, HNUC, BMB, AMRO and HYACU, with price ranges | None — no public order deadline or deal-specific minimum shown 6 |
| Robinhood IPO Access | Program rules only | None — no live offering named 8 |
| Firstrade upcoming IPO list | Terms and expected listing dates through September 30 | None — no order cutoff published 9 |
| Nasdaq IPO calendar | No listing data returned | None 10 |
| NYSE IPO filings | No filed deals listed | None 11 |
Webull's program-level rule is at least $100 in settled funds to submit a conditional offer to buy, and it tells customers that allocations may be partial or zero. That figure is an account requirement across its IPOs, separate from any per-deal minimum. 12
Market pulse
- Hong Kong's September debut class is mostly under water. Of the six most recent listings on ET Net's results table, which debuted between August 25 and September 9, five trade below their listing price. Medcaptain Medical (02041) is down 48.0% from its HK$15.42 offer after a 436-times retail oversubscription. Mech-Mind Robotics (09615) is down 19.6% after 3,835 times, Longsys (09976) down 20.3%, Shein (00625) down 18.3%, and Ingenic (03223) down 3.5%. Excelland Robotics (03231) is the exception, up 161.7% since its September 9 debut. 3
- Two of the week's largest U.S. deals sell no new shares. Bamboo Insurance Services (BMB) is offering 35 million Class A shares at $18.00 to $20.00 on the NYSE, and its prospectus states that all of them come from selling stockholders, so the company receives no proceeds. American Savings Bank of Hawaii (ASBH) priced the same way on Wednesday: 8.1 million shares at $16.00, 100% secondary, raising $129 million for sellers. In both cases the cash moves from public buyers to existing owners. 1314
- Friday's three-deal slate is the largest since mid-August. The three deals pricing tonight would raise about $1.47 billion at their midpoints, with Holtec Nuclear alone at $825 million. Lyntris (LYNX) is the recent comparable: it priced at $17.50 on August 19 and last traded at $13.67, or 21.9% below its offer price. 115
HK desk
Both Hong Kong public subscription windows listed below closed at noon local time today, and no new public offer is open. Entry cash figures include the 1.0077% admission fee.
| Code and company | Offer price | Board lot and entry cash | Public close | Listing |
|---|---|---|---|---|
| 06700 Forms Syntron | HK$16.00 | 100 shares; HK$1,616.13 | Sept 17, noon HKT | Sept 22, 2026 16 |
| 09856 Ligent Technologies | HK$32.96 | 100 shares; HK$3,329.24 | Sept 17, noon HKT | Sept 22, 2026 3 |
| 06727 Transwarp Technology | HK$49.00 | 100 shares; HK$6,161.51 | Closed Sept 16 | Sept 21, 2026 17 |
Forms Syntron is offering 58.96 million H shares, of which 5.90 million make up the Hong Kong tranche, sponsored by CMB International Capital and Guosen Securities (HK). At HK$16.00 the company estimates about HK$869.4 million of net proceeds, with 35% earmarked for research and development. Allotment results are due on or before September 21 and dealings begin September 22. 16
Transwarp priced at HK$49.00, the bottom of the HK$49.00 to HK$61.00 range it launched at, for a September 21 listing. Phillip Securities also lists a PhillipMart session for 06727 on September 18 and for 06700 and 09856 on September 21. PhillipMart is a pre-listing trading venue, so shares bought there are secondary-market trades; the public offers closed on September 17. 1718
On the radar: September 17 to October 1
Pricing dates are now published for two of Friday's three deals. Every other row says undisclosed because no public source discloses it, rather than inferring a pricing date from a listing date.
| Deal | Pricing date | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Holtec Nuclear (HNUC) | Sept 17 | Sept 18 | 50.0M shares; $15.00–$18.00; Nasdaq | $825M at midpoint, the largest of the three 18 |
| Orion180 Insurance (OIG) | Sept 17 | Sept 18 | 20.0M shares; $15.00–$17.00; Nasdaq | $320M at midpoint 18 |
| Electra Therapeutics (ETRA) | Undisclosed | Sept 18 | 21.7M shares; $14.00–$16.00; Nasdaq | $325M at midpoint 5 |
| Bamboo Insurance (BMB) | Undisclosed | Sept 23 | 35.0M shares; $18.00–$20.00; NYSE | $665M, all secondary shares 214 |
| Amaero (AMRO) | Undisclosed | Sept 23 | 7.5M shares; $7.06 fixed; Nasdaq | $53M cross-listing of an Australian titanium powder maker 19 |
| BW Industrial (BWGC) | Undisclosed | Week of Sept 24 | 2.6M shares; $6.00–$7.00 | Slipped from an early-September date 20 |
| Web3Labs Global (MDAT) | Undisclosed | Week of Sept 24 | 6.3M shares; $4.00–$5.00; Nasdaq | Also slipped from early September 21 |
| Siyata (PTT) | Undisclosed | Sept 30 | 6.1M shares; $7.00; Nasdaq | $42.8M at midpoint 22 |
Two names moved on the calendars. Varsal Tech (VAT), which appeared at $5.00 to $6.00 on September 14, has dropped off the IPOScoop and Firstrade calendars checked today. Gravitics (GVTX) shows 8.1 million shares at $14.00 to $17.00 on the Renaissance calendar with no date attached. 129
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1IPOScoop IPO Calendar
iposcoop.com
- 2Renaissance Capital IPO Calendar
renaissancecapital.com
- 3ET Net IPO Page
etnet.com.hk
- 4
- 5IPOScoop Electra Therapeutics
iposcoop.com
- 6Webull IPO Center
webull.com
- 7Renaissance Capital ETRA Profile
renaissancecapital.com
- 8Robinhood IPO Access
robinhood.com
- 9Firstrade Upcoming IPO Calendar
firstrade.com
- 10Nasdaq IPO Listings
nasdaq.com
- 11NYSE IPO Filings
nyse.com
- 12Webull IPO Participation Rules
webull.com
- 13
- 14Renaissance Capital: American Savings Bank Pricing
renaissancecapital.com
- 15Stock Analysis: Recent IPOs
stockanalysis.com
- 16ET Net Forms Syntron Detail
etnet.com.hk
- 17Phillip Securities HK IPO Information
poems.com.hk
- 18IPOX Update, September 11, 2026
ipox.com
- 19Renaissance Capital: Amaero Sets Terms
renaissancecapital.com
- 20IPOScoop BW Industrial Holdings
iposcoop.com
- 21IPOScoop Web3Labs Global
iposcoop.com
- 22Stock Analysis IPO Calendar
stockanalysis.com
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