Two biotech IPOs price Friday — and Eli Lilly is backing one of them
Two biotech IPOs price Friday and reopen the US market after a two-week lull — and Eli Lilly has indicated it will take about a tenth of the larger, $125 million deal.
After two weeks with nothing to buy, the US IPO market gets two deals on Friday. TRex Bio and Retension Pharmaceuticals both expect to price on October 9 — the first operating companies to raise on a US exchange since September 30 — and both are small biotechs: about $125 million and about $40 million. 12
An ordinary retail account still has no published path to order either one, so for most readers this is a watchlist week rather than a buying week. Hong Kong has one public subscription open, and it closes Monday.
Today's spotlight: TRex Bio (TRXB)
Status: Terms set, not yet priced. TRex Bio plans to sell 8.33 million shares at $14 to $16, about $125 million, and expects to price Friday, October 9, on the Nasdaq. 34
The business in one sentence: TRex Bio is a Phase 1 biotech in South San Francisco developing drugs that boost regulatory T cells inside inflamed tissue — restoring immune balance rather than broadly suppressing the immune system — with its lead candidate, TRB-061, in an early trial for moderate-to-severe eczema. 5 It has no product revenue.
Why it matters to a retail account: This is the first operating company to test the US window since it narrowed. Accelevation priced below its range on September 29 and has kept sinking, and four offerings have been pulled since mid-September. A $125 million biotech with a large drugmaker attached is a cheap test of whether the fall calendar has a floor under it. 15
The number to watch: $13 million. That is what Eli Lilly intends to spend on shares in this offering, roughly a tenth of the deal. Lilly is also a discovery partner on a third TRex Bio program that is entering a Phase 2a lupus trial. It is an indication, not a commitment: the prospectus caps any Lilly purchase so its total holding stays under 20% of the shares outstanding after the offering, and says Lilly may buy less, or nothing. 35
The risk: The wait. The trial that could move the stock most — the Phase 1b readout for TRB-061 in eczema — is not expected until mid-2027. A buyer today funds at least eighteen months of clinical work with no data in between, into a market that has spent two weeks punishing deals it thought were priced too richly. 356
Subscription status: Not orderable by retail investors. TRex Bio reserved up to 3% of the shares at the IPO price through a directed share program, but the filing sends those shares to directors, officers, employees and "certain other individuals identified by management," sold at the company's direction by J.P. Morgan. No mainstream broker lists the deal as open. 37
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 has a retail order path that can be confirmed from public sources. 12
| Offer | Ticker and price | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| TRex Bio | TRXB; $14.00–$16.00; 8.33M shares; about $125M | Unpublished | Prices Fri, Oct 9 4 | Unpublished; a 3% directed share program for people the company names 3 |
| Retension Pharmaceuticals | RTSN; $11.00–$13.00; 3.3M shares; about $40M | Unpublished | Prices Fri, Oct 9 4 | Unpublished; Leerink Partners, Guggenheim and Oppenheimer lead 8 |
| Surface checked today | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center | Six tracked offerings (ALLNU, VAT, BIAI, MDAT, STA, BWGC) with price ranges, and no deal minimum or order cutoff; neither TRXB nor RTSN appears | None 7 |
| Nasdaq IPO calendar feed | Priced, upcoming and filed tables with expected pricing dates; carries no retail fields | None 2 |
| Fidelity public IPO page (new route this run) | Now redirects to a "moved or deleted" notice; no deal list | None |
| E*TRADE public IPO page (new route this run) | Returns a page-not-found error | None |
Market pulse
- The last sizable US IPO keeps sliding. Accelevation (ACCV), which priced at $18.00 on September 29 below its $20–$24 range, is listed at $15.19 — about 16% under its offer price. Renaissance Capital's week-end read: public investors are still buying, but they are scrutinizing every deal and demanding a valuation discount. The Renaissance IPO Index fell 0.2% last week against 0.3% for the S&P 500, so the broader market is calm; the newest listings are where the losses are. 69
- The pipeline behind the biotechs is refilling, mostly with AI infrastructure. DayOne Data Centers filed October 5 for a US IPO that Renaissance Capital estimates at $3.0 billion — the largest new US filing this quarter, and bigger than Nscale's. The Singapore-based developer booked $845 million of revenue in the twelve months to June 30, 2026, and holds 2.3 gigawatts of contracted bookings from seven hyperscaler customers. 10 Renaissance also reports that Anthropic's IPO filing could land as soon as October 23, with marketing as soon as the week of November 9; no terms exist for either yet. 11
- The only US deal to price this week was another blank check. SPAC Pine Tree Acquisition raised $100 million at $10.00 a unit on October 6. 12 On the other side of the ledger, Siyata withdrew its planned Nasdaq direct listing on October 7, and New Iceland Arctic Acquisition pulled a $143.75 million filing on October 5 before refiling a smaller $115 million version the same day. 213
HK desk
One public subscription is open in Hong Kong. 14
| Code and company | Offer price | Board lot and entry cash | Public close | Listing |
|---|---|---|---|---|
| 02636 Transsion | HK$35.30–HK$38.80 | 100 shares; HK$3,919.13 | Noon HKT, Oct 12 | Oct 15 15 |
Shenzhen Transsion Holdings designs, builds 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. It runs six factories, including in Bangladesh and Ethiopia, and sells through more than 2,900 distributors in over 100 countries. 15
The offer is 86.65 million H shares, 8.66 million of them for the Hong Kong tranche. At HK$37.05 the net proceeds would be about HK$3.12 billion: 40% for AI-related research and development, 30% for marketing and brand building, 20% for mobile internet services and IoT products, and 10% for working capital. The price is set October 13 and results are announced by October 14. CITIC Securities (Hong Kong) sponsors the deal, and the underwriter list runs from CLSA, J.P. Morgan and CICC to Futu Securities and Tiger Brokers. 15
September's Hong Kong listings remain split. At Thursday's close, Camsense (06802) sat 88.6% above its HK$58.85 offer but well under the HK$168.00 it opened at, while Excelland Robotics (03231) was up 143.6%, Direct Drive (06731) up 31.0% and Kinwong (03228) up 7.3%; RA Materials (09607) was down 10.0%, Robotechnik (03757) down 3.7%, Ligent (09856) down 9.3%, Longsys (09976) down 19.7% and Transwarp (06727) down 31.6%. 14 ESWIN Computing (01256) lists Friday after pricing at HK$1.55, with grey-market quotes around HK$1.54–HK$1.58 across three brokers. 14
On the radar: October 9 to 23
Renaissance Capital has nothing scheduled to price after Friday, so this is the calendar and filed pipeline, with a source-stated timing wherever one is published. 1
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| TRex Bio (TRXB) | Oct 9 | Oct 9 | 8.33M shares, $14.00–$16.00, about $125M | Lilly-backed Treg biotech; the week's bigger deal 4 |
| Retension Pharmaceuticals (RTSN) | Oct 9 | Oct 9 | 3.3M shares, $11.00–$13.00, about $40M | Single-asset hypertension drug; $108M implied value at the midpoint 8 |
| Bitari (BIAI) | week of Oct 14 | undisclosed | 4.3M shares at $7.00; about $30M | US Tiger Securities leads 4 |
| Web3Labs Global (MDAT) | week of Oct 19 | undisclosed | 6.3M shares at $4.00–$5.00; about $28M | Hong Kong-based Web3 company; Eddid Securities USA leads 4 |
| DayOne Data Centers (DODC) | undisclosed | undisclosed | filed for an estimated $3.0B | Largest new US filing this quarter; AI data-center developer 10 |
| Iambic Therapeutics (IAM) | undisclosed | undisclosed | filed; terms not set | Cancer biotech Renaissance flagged as a likely near-term launch 6 |
Just outside the window, IPOScoop lists BW Industrial Holdings (BWGC, $6.00–$7.00) and Primagrove (YNTE, $4.00–$6.00) for the week of October 26. 4
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
- 3
- 4IPOScoop IPO Calendar
iposcoop.com
- 5Renaissance Capital: TRex Bio sets terms for a $125 million IPO
renaissancecapital.com
- 6Renaissance Capital: US IPO Weekly Winners & Losers, October 4
renaissancecapital.com
- 7Webull IPO Center
webull.com
- 8Renaissance Capital: Retension Pharmaceuticals sets terms for a $40 million IPO
renaissancecapital.com
- 9Renaissance Capital: Recently Priced IPOs
renaissancecapital.com
- 10Renaissance Capital: DayOne Data Centers files for an estimated $3.0 billion US IPO
renaissancecapital.com
- 11Renaissance Capital: 9 numbers to look for in Anthropic's IPO filing
renaissancecapital.com
- 12Renaissance Capital: SPAC Pine Tree Acquisition prices a $100 million IPO
renaissancecapital.com
- 13Renaissance Capital: Siyata PTT withdraws plans for a Nasdaq direct listing
renaissancecapital.com
- 14ET Net IPO Page
etnet.com.hk
- 15ET Net: Transsion 02636
etnet.com.hk
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