Two biotech IPOs price this week — and both are far bigger than last week's two
Two biotech IPOs price this week and both are far larger than the two that just traded, while no broker publishes a deal-specific minimum for either.
The US IPO calendar has two deals on it this week, and both are biotech. Iambic Therapeutics is set to trade Thursday and City Therapeutics on Friday, with each pricing the evening before. Together they ask for about $325 million — far more than the $162 million last week's two biotechs raised. 123
No broker lists a deal-specific minimum buy-in for either one, so this is a watchlist week rather than a buying week. In Hong Kong, no public subscription is open today, and the window that closed Monday priced at the bottom of its range. 45
Today's spotlight: City Therapeutics (CTY)
Status: Terms set, not yet priced. City Therapeutics plans to sell 9,722,222 shares at $17.00 to $19.00, about $175 million at the midpoint, and expects to trade Friday, October 16, on the Nasdaq under the symbol CTY. 678
The business in one sentence: City Therapeutics is a Phase 1 biotech in Cambridge, Massachusetts, developing RNA interference medicines — short synthetic strands that silence the protein a gene produces — and its lead candidate, CITY-FXI, is designed to prevent blood clots by silencing Factor XI, a protein involved in clotting. 6
Why it matters to a retail account: This is the biggest deal of the week, and it tests whether biotech's run still has a floor. Biotech has been one of the few sectors where IPO buyers turned up in 2026, and last week both deals traded at or below their offer prices. 9
The number to watch: $1.0 billion. That is the fully diluted value City Therapeutics asks at the $18.00 midpoint, against $14 million of revenue in the twelve months to June 30, 2026 — all of it from research collaborations with Bausch + Lomb and Biogen. 67
The risk: The money funds a platform, and the platform has barely been in patients. CITY-FXI has dosed three single-ascending-dose cohorts of healthy volunteers, and the company's other two programs sit in preclinical development. More Phase 1 data is expected late this year, and eight RNAi medicines are already approved in the United States — none of them City's. 6
Subscription status: No published retail order path. City's filing reserves no shares for a directed share program, and its four bookrunners — Goldman Sachs, Jefferies, Stifel and Oppenheimer — publish no allocation page. Webull's IPO Center lists CTY as a pending offering with an offering-end date of October 15, and publishes no minimum order size. 610
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. Two deals sit in a pricing window this week, and neither carries all five. 12
Both clear four: the ticker, the price range, an offering-end date and a broker that lists them. The deal-specific minimum buy-in is the field missing for each, and the only public minimum anywhere is Webull's program rule of at least $100 in settled funds per order — a platform floor that applies to every offering it lists, not a share count for these two. 41011
| Offer | Ticker and price | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| Iambic Therapeutics | IAM; $15.00–$17.00; 9.375M shares; about $150M | Unpublished | Webull shows an offering end of Oct 14; trades Oct 15 11 | Unpublished; the filing reserves no shares for a directed share program 12 |
| City Therapeutics | CTY; $17.00–$19.00; 9.722M shares; about $175M | Unpublished | Webull shows an offering end of Oct 15; trades Oct 16 10 | Unpublished; the filing reserves no shares for a directed share program 6 |
| Surface checked today | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center and its per-deal pages (new route this run) | Eight offerings, IAM and CTY among them, each with a price range and an offering-end date; no deal-specific minimum and no order cutoff published | None 41011 |
| Nasdaq IPO calendar data feed | Priced, upcoming and filed tables with expected trading dates; carries no retail fields | None 2 |
| IPOScoop IPO Calendar | Expected trade dates and lead managers for IAM and CTY; carries no retail fields | None 8 |
| Renaissance Capital IPO Calendar | Two deals set to price this week; carries no retail fields | None 1 |
| City Therapeutics and Iambic Therapeutics registration statements, SEC EDGAR | Terms, use of proceeds and bookrunners; no directed share program in either filing | None 612 |
Market pulse
- The newest listings are where the losses are. TRex Bio priced at $14.00, the low end of its range and the first biotech IPO below its midpoint since February 2025, then finished its first day flat; it now trades at $14.03. Retension Pharmaceuticals priced at the $12.00 midpoint and fell 12% on its debut. Renaissance Capital's IPO Index dropped 0.5% last week while the S&P 500 rose 1.2%. 913
- Biotech's door is narrowing. Renaissance Capital writes that the sector's strong 2026 record let weaker deals and stretched valuations through, and that the past week's poor returns should now limit activity to the stronger names. Both of this week's deals are far larger than the two that just traded. 9
- Filers keep arriving, led by data centres and emerging-market fintech. DayOne Data Centers, a Singapore-based developer, filed October 5 for a US IPO that Renaissance estimates at $3.0 billion and that could reportedly seek a valuation of up to $20 billion. OPay, a Nigerian digital bank, filed Friday for one Renaissance estimates at $500 million. Renaissance's weekly recap lists ten filings for the week. 14
HK desk
No Hong Kong public subscription is open today. The one that closed at noon Monday set its price at the bottom of its range. 5
| Code and company | Offer price | Board lot and entry cash | Result announcement | Listing |
|---|---|---|---|---|
| 02636 Transsion | HK$35.30, the low end of HK$35.30–HK$38.80 | 100 shares; HK$3,919.13 | On or before Oct 14 | Oct 15 15 |
Shenzhen Transsion Holdings makes and sells smartphones under three brands: TECNO for higher-end design, Infinix for younger buyers and Itel for the mass market. By 2025 revenue it was the world's eighth-largest phone maker, with a 1.7% share, according to Frost & Sullivan. The prospectus projected about HK$3.12 billion of net proceeds at HK$37.05, the middle of the range. 15
Hong Kong's autumn debuts stay split. At Tuesday's close, Excelland Robotics (03231) sat 143.2% above its listing price and Camsense (06802) 80.3% above it, while Transwarp (06727) was 34.1% below and Robotechnik (03757) 11.8% below. ESWIN Computing (01256) listed Friday at HK$1.55 after a 9.09-times public tranche and closed Tuesday at HK$1.345, down 13.2%. 5
On the radar: October 13 to 27
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. 18
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Iambic Therapeutics (IAM) | Oct 14 | Oct 15 | 9.375M shares, $15.00–$17.00, about $150M | ARK Investment Management and Duquesne Family Office have indicated interest in up to $60 million, 40% of the deal 16 |
| City Therapeutics (CTY) | Oct 15 | Oct 16 | 9.722M shares, $17.00–$19.00, about $175M | RNA interference; the week's bigger deal 7 |
| Amaero (AMRO) | week of Oct 13 | Oct 14 on Webull | 3.9M shares at an assumed $5.15, about $20M | Nasdaq cross-listing cut 62% after September's postponement; Renaissance says timing is undetermined 417 |
| Bitari (BIAI) | week of Oct 19 | Undisclosed | 4.3M shares at $7.00, about $30M | US Tiger Securities leads 8 |
| Web3Labs Global (MDAT) | week of Oct 19 | Oct 19 on Webull | 6.3M shares, $4.00–$5.00, about $28M | Hong Kong-based marketing firm; Eddid Securities USA leads 8 |
| BW Industrial Holdings (BWGC) | week of Oct 26 | Oct 26 on Webull | 2.6M shares, $6.00–$7.00, about $21M | Eddid Securities USA leads 8 |
| Primagrove (YNTE) | week of Oct 26 | Undisclosed | 6.3M shares, $4.00–$6.00, about $30M | Eddid Securities leads 8 |
DayOne Data Centers (DODC), the largest new US filing this quarter, has no published pricing date yet. 14
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1Renaissance Capital IPO Calendar
renaissancecapital.com
- 2Nasdaq IPO calendar data feed
api.nasdaq.com
- 3Renaissance Capital: US IPO Week Ahead, October 9
renaissancecapital.com
- 4Webull IPO Center
webull.com
- 5ET Net IPO page
etnet.com.hk
- 6
- 7Renaissance Capital: City Therapeutics sets terms for a $175 million IPO
renaissancecapital.com
- 8IPOScoop IPO Calendar
iposcoop.com
- 9Renaissance Capital: US IPO Weekly Winners & Losers, October 11
renaissancecapital.com
- 10Webull: City Therapeutics (CTY)
webull.com
- 11Webull: Iambic (IAM)
webull.com
- 12
- 13Renaissance Capital: Recently Priced IPOs
renaissancecapital.com
- 14Renaissance Capital: US IPO Weekly Recap, October 9
renaissancecapital.com
- 15ET Net: Transsion 02636
etnet.com.hk
- 16Renaissance Capital: Iambic Therapeutics sets terms for a $150 million IPO
renaissancecapital.com
- 17Renaissance Capital: Amaero revives Nasdaq listing plans
renaissancecapital.com
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