Both of this week's biotech IPOs priced at the midpoint — and Iambic is already up 18%
Both of this week's US biotech IPOs priced at the midpoint of their ranges — City Therapeutics at $18.00 after a 14% upsize, Iambic at $16.00 — and no public source publishes a retail minimum for any deal still in an open window.
Three operating companies priced their US IPOs this week, and two of them were biotech — both priced at the midpoint of their ranges. City Therapeutics sold 11,111,111 shares at $18.00 on Thursday evening, 14% more shares than it had been marketing, and its stock begins trading today. Iambic Therapeutics priced at $16.00 on Wednesday and closed its first day of trading at $18.91, 18% above its offer price. The week's third deal, the metal-powder maker Amaero, priced at $4.25 after shrinking its Nasdaq listing to about $20 million from more than $50 million. 123
An ordinary retail account had no verifiable US allocation to order this week. In Hong Kong, one public subscription is open and takes applications until noon on October 20. 45
Today's spotlight: City Therapeutics (CTY)
Status: Priced Thursday evening, trading today. City Therapeutics sold 11,111,111 shares at $18.00 — the midpoint of its $17.00 to $19.00 range, and a 14% increase on the 9,722,222 shares it had been offering — for gross proceeds of about $200 million. The stock is expected to begin trading today on the Nasdaq Global Market under CTY, and the offering is expected to close Monday. 167
The business in one sentence: City Therapeutics is a clinical-stage biotech in Cambridge, Massachusetts, that develops RNA interference medicines — short synthetic strands that switch off the protein a gene produces — and its lead program, CITY-FXI, is designed to prevent blood clots by silencing a clotting protein called Factor XI. 18
Why it matters: City Therapeutics is the week's biggest US deal, and it is the only new US listing this week that grew between the start of marketing and pricing. 136
The number to watch: $200 million — the gross proceeds the enlarged deal raises, against the roughly $175 million City set out a week ago. 16
The risk: The pipeline is early. Of City's three programs, only CITY-FXI is in patients; the other two, for Stargardt disease and for anemia of chronic disease, are still on their way to the clinic. The company was founded in July 2023 and has 81 employees. 18
What the money funds: City says about $30 million of the proceeds goes to CITY-FXI, covering its current Phase 1 trial and the start of a Phase 2 study, with about $20 million for CITY-RBP4. Counting the offering, the company expects its cash to last into late 2028. 9
Subscription status: Closed. The allocation window shut when the deal priced on Thursday. Brokers published no public page an ordinary account could order through, and City's registration statement says nothing about reserving shares for a retail program. 910
Trading is a separate matter from subscribing. Webull tells IPO buyers the stock becomes tradable only after a price-discovery period, usually between 10:30 a.m. and 1:30 p.m. Eastern. 11
Actionable now
Verified open US IPO allocations: 0. An allocation counts as actionable only when five fields line up: a ticker, a confirmed price, a deal-specific minimum buy-in, an order deadline, and a broker that will take the order. 4
Four deals sit in a pending-offering window this morning, and each clears four of the five. The missing field is the deal-specific minimum buy-in, which no source publishes. The only public minimum is Webull's platform rule of at least $100 in settled funds per order, and that applies to every offering Webull lists. 411
Webull routes IPO orders through its app's IPO Center rather than its public website, and it warns that an order is a conditional offer to buy, so a request can come back partly filled or unfilled. For a Webull customer, that app is the one place a US IPO order can be placed; the public calendars below publish prices and dates and nothing else. 11
| Offer | Ticker and price | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| Web3Labs Global | MDAT; $4.00–$5.00; 6.25M shares; about $28M | Unpublished | Webull shows an offering end of Oct 18; lists Oct 19 12 | Pending offering on Webull; the filing names no retail program |
| Starton Holdings | STA; $6.00; 5M shares; about $30M | Unpublished | Webull shows an offering end of Oct 22; lists Oct 23 13 | Pending offering on Webull |
| BW Industrial Holdings | BWGC; $6.00–$7.00; 2.625M shares; about $17M | Unpublished | Webull shows an offering end of Oct 25; lists Oct 26 14 | Pending offering on Webull |
| Bitari | BIAI; $7.00; 4.29M shares; about $30M | Unpublished | Webull shows an offering end of Nov 4; IPOScoop says the week of Oct 19 715 | Pending offering on Webull; US Tiger Securities is the underwriter |
| Surface checked today | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center and its per-deal pages | Five offerings with price ranges and offering-end dates; no deal-specific minimum | None 412131415 |
| Nasdaq IPO calendar data feed | City Therapeutics as the month's last expected pricing; no retail fields | None 16 |
| IPOScoop IPO Calendar | Pricing weeks for Bitari and Web3Labs; no retail fields | None 7 |
| Renaissance Capital IPO Calendar | Nothing set to price after this week; no retail fields | None 6 |
| City Therapeutics registration statement, SEC EDGAR | Terms, use of proceeds and bookrunners; no retail share reservation | None 9 |
Market pulse
- Biotech priced at the midpoint, and the first one jumped. Iambic Therapeutics raised $150 million at $16.00, with existing holder ARK Investment Management and new investor Duquesne Family Office indicating interest in $60 million of shares — 40% of the deal — and closed its first day at $18.91, 18% above the offer. City Therapeutics then priced at the midpoint and enlarged its own deal by 14%. Last week's two biotechs, TRex Bio and Retension Pharmaceuticals, have each edged back above their offer prices. 1217
- A sector lines up behind a price surge. Two private tungsten miners flagged IPO plans last week, following Guardian Metal Resources' US listing in March. The European benchmark price for ammonium paratungstate ran between $240 and $355 per metric ton unit from 2021 to 2024, ended 2024 at $343, ended 2025 at $1,005, and reached $2,925 at the end of September. 18
- The calendar ahead is thin and small. Renaissance Capital's calendar shows nothing set to price after this week. The next scheduled names are micro-caps, each asking about $30 million or less, while the pipeline's largest filings — DayOne Data Centers, which Renaissance estimates at $3.0 billion, and the Nigerian digital bank OPay, about $500 million — carry no dates. 619
HK desk
Hong Kong has one public subscription open today. Jiangsu Slender West Lake Culture and Tourism runs sightseeing boats on Yangzhou's Slender West Lake and the Grand Canal, and it is selling 44.76 million H shares at HK$3.92 to HK$5.07. 520
| Code and company | Offer price | Board lot and entry cash | Result announcement | Listing |
|---|---|---|---|---|
| 06157 Slender West Lake (SWL TOUR) | HK$3.92–HK$5.07 | 1,000 shares; HK$5,121.14 | On or before Oct 22 | Oct 23 5 |
Applications close at noon on October 20, so this is the offer to act on this weekend. Around 40.3 million of those H shares are earmarked for international investors and 4.5 million for Hong Kong applicants. At HK$4.50 a share the deal would raise about HK$157.4 million net, with 48.4% going to new immersive water projects inside Slender West Lake and 30.8% to upgrading existing attractions. China Everbright Capital is the sponsor, and the boat business itself is seasonal, so the revenue behind it swings with the year. 5
Hong Kong's recent debuts stay split. Transsion (02636) listed Thursday at HK$35.30 and closed Friday at HK$34.62, 1.9% below its listing price. Across the month, Camsense (06802) sits 59% above its listing price and Direct Drive (06731) 53% above it, while Ligent (09856) is 25% below and Transwarp (06727) 41% below. 21
On the radar: October 16 to 30
Renaissance Capital's calendar shows nothing set to price after this week, so the rows below come from IPOScoop's and Webull's public calendars, with a published date or week wherever one exists. 67
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Bitari (BIAI) | Week of Oct 19 per IPOScoop; Webull shows Nov 5 | Unsettled | 4.29M shares at $7.00, about $30M | Texas Bitcoin mining hosting; four employees; US Tiger Securities leads 71522 |
| Web3Labs Global (MDAT) | Week of Oct 19 | Oct 19 on Webull | 6.25M shares, $4.00–$5.00, about $28M | Hong Kong Web3 consulting firm; Eddid Securities USA leads 712 |
| Starton Holdings (STA) | Offering end shown as Oct 22 | Oct 23 on Webull | 5M shares at $6.00, about $30M | Cancer drug-delivery biotech 13 |
| BW Industrial Holdings (BWGC) | Week of Oct 26 | Oct 26 on Webull | 2.625M shares, $6.00–$7.00, about $17M | Eddid Securities USA leads 714 |
| Primagrove (YNTE) | Week of Oct 26 | Unpublished | 6.3M shares, $4.00–$6.00, about $30M | Eddid Securities leads 7 |
DayOne Data Centers (DODC), the largest new US filing of the quarter, still carries no published pricing date. 19
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1City Therapeutics pricing release, October 15, 2026
stocktitan.net
- 2Renaissance Capital: Iambic Therapeutics prices IPO at $16
renaissancecapital.com
- 3Renaissance Capital: Amaero prices downsized US IPO at $4.25
renaissancecapital.com
- 4Webull IPO Center
webull.com
- 5ET Net: Slender West Lake, 06157
etnet.com.hk
- 6Renaissance Capital IPO Calendar
renaissancecapital.com
- 7IPOScoop IPO Calendar
iposcoop.com
- 8Renaissance Capital: City Therapeutics IPO profile
renaissancecapital.com
- 9
- 10Webull: City Therapeutics (CTY)
webull.com
- 11Webull: Participating in an IPO
webull.com
- 12Webull: Web3Labs Global (MDAT)
webull.com
- 13Webull: Starton Holdings (STA)
webull.com
- 14Webull: BW Industrial Holdings (BWGC)
webull.com
- 15Webull: Bitari (BIAI)
webull.com
- 16Nasdaq IPO calendar data feed
api.nasdaq.com
- 17Renaissance Capital: Recently Priced IPOs
renaissancecapital.com
- 18Renaissance Capital: Tungsten miners weigh IPOs following a price surge
renaissancecapital.com
- 19Renaissance Capital: US IPO Weekly Recap, October 9, 2026
renaissancecapital.com
- 20HKEXnews new listing information, Main Board
www2.hkexnews.hk
- 21ET Net IPO page
etnet.com.hk
- 22Renaissance Capital: Bitari IPO profile
renaissancecapital.com
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