The week's only US IPO starts trading Friday — and Hong Kong's 3,000-times-subscribed small-cap just pulled its listing
Exactly one US IPO is on this week's calendar — Lycia Therapeutics, a $250 million allergy biotech whose order window closes Thursday — while Hong Kong's most heavily bid small-cap cancelled its listing after the books had already closed.
One US IPO is on this week's calendar: Lycia Therapeutics, a South San Francisco biotech asking for $250 million to develop drugs that destroy the antibody behind food allergies. Its order window shuts Thursday, and the stock is due to start trading Friday. 12
Hong Kong went the other way. Jiangsu Slender West Lake Culture and Tourism cancelled its global offering on Tuesday evening, three days before its debut, and said applicants would get their money back without interest on October 23. 3
Today's spotlight: Lycia Therapeutics (LYCA)
Status: Taking orders until Thursday. Lycia is selling 14.7 million shares at $16.00 to $18.00 — about $250 million at the midpoint, and about $227.8 million of net proceeds after fees. 45 Webull shows the offer closing October 22 and trading starting October 23. 6
The business in one sentence: Lycia builds protein degraders — two-part molecules that grab a disease-causing protein on the outside of a cell and haul it into the lysosome, the cell's waste processor, where it gets broken down. 5
Its lead drug, LCA-0061, targets immunoglobulin E, or IgE, the antibody that sets off allergic reactions. Xolair and similar medicines block IgE; Lycia says its drug removes it, and that one drug molecule can clear several IgE molecules in turn. The underlying science comes from Carolyn Bertozzi at Stanford, who shared the 2022 Nobel Prize in chemistry. 5
Why it matters: Lycia is the only US IPO set to price this week, and its deal is a quarter larger than City Therapeutics' $200 million, last week's biggest. At the $17 midpoint, Renaissance Capital values Lycia at $950 million fully diluted. 14
The number to watch: 96%. In the first cohort of eight healthy atopic volunteers, two of whom received a placebo, a single 70 milligram injection under the skin cut total IgE by a mean maximum of 96% from baseline. Most of the treated volunteers were still more than 95% below baseline 28 days later. 45
The risk: The cash runs out before the drugs are proven. All three programs are in Phase 1, and Lycia expects the offering plus its existing cash to last into the second half of 2029 — enough to carry each program through a planned Phase 2 trial. The company says it will need to raise more money beyond that. It lost $36.5 million in 2025 and had an accumulated deficit of $136.8 million at June 30. 5
Subscription status: Open until Thursday. Every share is being sold through the underwriters; the filing contains no directed share program, under which some issuers set stock aside for individual buyers. 5 Webull is the one broker that publicly lists the deal. 6
If you want to order: Webull needs at least $100 in settled funds for an IPO order, and the order goes in through its app, not its website. An IPO order there is a conditional offer to buy, so you can be filled partly or not at all; trading begins after a price-discovery period, usually between 10:30 a.m. and 1:30 p.m. Eastern. 7
Actionable now
Verified open US IPO allocations: 0. An allocation counts as verified when five fields line up: a ticker, a price, a deal-specific minimum buy-in, an order deadline and a broker that will take the order. 8
Two deals have a live window this morning, and each clears four of the five. The missing field is the minimum buy-in: no issuer or broker publishes a deal-specific one, and Webull's platform rule of $100 per order applies to every offering it lists. 79
| Offer | Ticker and price | Minimum buy-in | Order deadline | Retail order path |
|---|---|---|---|---|
| Lycia Therapeutics | LYCA; $16.00–$18.00; 14.7M shares; about $250M | Unpublished; Webull floor is $100 in settled funds | Offer ends Oct 22; trades Oct 23 6 | Pending offering on Webull; no retail reservation in the filing 5 |
| Starton Holdings | STA; $6.00 fixed; 5M shares; about $30M | Unpublished; Webull floor is $100 in settled funds | Offer ends Oct 22 on Webull; absent from IPOScoop's calendar 29 | Pending offering on Webull 9 |
| Surface checked today | What it exposed | Verifiable order path |
|---|---|---|
| Webull IPO Center and per-deal pages | Six offerings; Lycia and Starton carry prices and end dates; no deal minimum | Webull app only 689 |
| Nasdaq IPO calendar data feed | Last pricing shown is City Therapeutics on Oct 16; no upcoming rows left in October | None 10 |
| IPOScoop IPO Calendar | Lycia expected to trade Friday Oct 23; Web3Labs and BW Industrial now marked postponed | None 2 |
| Renaissance Capital IPO Calendar | Lycia is the only name this week, with nothing scheduled after it | None 1 |
| Lycia registration statement | Terms, use of proceeds, bookrunners; no directed share program | None 5 |
Market pulse
- New listings led the market down last week. The Renaissance IPO Index fell 8.2% while the S&P 500 fell 1.9%. AI infrastructure names took the worst of it: Fervo Energy -29.6%, CoreWeave -25.2%, X-Energy -24.4% and Cerebras Systems -22.5%. 11
- Last week's biotech pops are coming back in. Iambic finished its pricing week 49% above its $16.00 offer and now trades at $16.01. City Therapeutics, 24% above its offer at the end of last week, sits at $20.83, up 15.7%. 111213 The exception is Retension Pharmaceuticals, which fell 12% on its debut and now trades 34.8% above its $12.00 offer. 13
- The queue is thinning. IPOScoop now marks Web3Labs Global and BW Industrial as postponed; the pan-Asian travel platform Klook withdrew its estimated $400 million US IPO on October 16; and the space-structures maker Gravitics cut its offering by 60% to about $50 million on Tuesday. 21415 The year's biggest potential deal still has a pulse: Anthropic, with $16.8 billion of third-quarter revenue and an 11% adjusted operating margin, could file as early as Friday. 11
HK desk
Slender West Lake pulled its listing after the books closed. The Yangzhou boat operator announced after the Hong Kong close on October 20 that it was delaying its global offering "after considering a number of factors, including current market conditions." The international underwriting agreement will not be signed, so the Hong Kong offer never became unconditional, and application money is refunded without interest on October 23, the day it was due to list. 3 ET Net's IPO page now shows 06157 with no listing price. 16
The timing was stark: margin subscription for the Hong Kong tranche topped 3,064 times, and Futu estimated a 1.70% chance of winning a single lot. 3 Nobody receives shares, and the company said it remains committed to completing the offering when conditions allow.
Two offers are open and both close at noon on Friday, October 23.
| Code and company | Offer price | Board lot and entry cash | Application close | Listing |
|---|---|---|---|---|
| 02384 DSBJ (Suzhou Dongshan Precision) | HK$93.80 fixed | 100 shares; HK$9,474.59 | Noon Oct 23 | Oct 28 17 |
| 03275 MICROINTELLIGEN (Changzhou Microintelligence) | HK$16.63–HK$21.46 | 100 shares; HK$2,167.64 | Noon Oct 23 | Oct 28 18 |
DSBJ is the world's third-largest circuit-board maker by 2025 revenue and seventh in optical transceivers. It bought Source Photonics in September 2025, and the boards and optical parts it sells into data centers sit behind a deal raising about HK$10.52 billion net. 17
Microintelligence is the largest Chinese supplier of embodied intelligent industrial robots, with about 20% of that market by 2025 revenue. Those robots made up 26.3% of its sales in 2023, 57.0% in 2025 and 61.4% in the five months to May 31. 18
Hong Kong's recent debuts stay split at the October 21 close. Direct Drive (06731) is 82.9% above its listing price and Camsense (06802) 36.8% above, while Transwarp (06727) is 37.6% below and Ligent (09856) 34.5% below. 16
On the radar: October 21 to November 4
Renaissance Capital lists nothing set to price after this week, so these rows come from IPOScoop and Webull, with a published date or week wherever one exists. 12
| Deal | Pricing | Expected listing | Terms | Why watch |
|---|---|---|---|---|
| Starton Holdings (STA) | Offer ends Oct 22 | Oct 23 on Webull | 5M shares at $6.00, about $30M | Terms fixed in July; the smaller of the two live deals 9 |
| Gravitics Holdings (GVTX) | Undisclosed | Undisclosed | 3.2M shares at $14.00–$17.00, about $50M | Space structures maker that cut its deal 60% on Tuesday 15 |
| 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 219 |
| Web3Labs Global (MDAT) | Postponed | — | 6.3M shares at $4.00–$5.00 | Was due to trade Monday 2 |
| BW Industrial Holdings (BWGC) | Postponed | — | 2.6M shares at $6.00–$7.00 | Was due to trade Oct 26 2 |
| Primagrove (YNTE) | Week of Nov 9 | Undisclosed | 6.3M shares at $4.00–$6.00 | Just outside this window 2 |
DayOne Data Centers (DODC), the largest US filing of the quarter at a Renaissance estimate of $3.0 billion, still carries no published pricing date. 1
Market information only, not investment advice. IPO terms, dates, retail allocation availability and opening prices can change.
References
- 1Renaissance Capital IPO Calendar
renaissancecapital.com
- 2IPOScoop IPO Calendar
iposcoop.com
- 3Sina Finance: Slender West Lake delays its global offering
finance.sina.com.cn
- 4Renaissance Capital: Lycia Therapeutics sets terms for $250 million IPO
renaissancecapital.com
- 5
- 6Webull: Lycia Therapeutics (LYCA)
webull.com
- 7Webull: Participating in an IPO
webull.com
- 8Webull IPO Center
webull.com
- 9Webull: Starton Holdings (STA)
webull.com
- 10Nasdaq IPO calendar data feed
api.nasdaq.com
- 11Renaissance Capital: US IPO Weekly Winners & Losers, October 18, 2026
renaissancecapital.com
- 12Renaissance Capital: Recently Priced IPOs
renaissancecapital.com
- 13StockAnalysis: Recent IPOs
stockanalysis.com
- 14Renaissance Capital: Klook Technology withdraws estimated $400 million US IPO
renaissancecapital.com
- 15Renaissance Capital: Gravitics Holdings slashes share offering by 60%
renaissancecapital.com
- 16ET Net IPO page
etnet.com.hk
- 17ET Net: DSBJ, 02384
etnet.com.hk
- 18ET Net: Microintelligence, 03275
etnet.com.hk
- 19Webull: Bitari (BIAI)
webull.com
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