Green shoots in the IPO market filled gaps in secondary share sales this month, with total deal volume dropping to $7.2bn in July vs $17.3bn in June. The broader market notched another gain in July while volatility remained below 2021 levels and inflation showed signs of easing.

 

Oddity Tech (ODD) was the top story in US ECM this month, as the beauty tech company raised $423.7m in an upsized IPO. The deal exhibited strong support, pricing above the revised-range and surging 36% day-one. In Biotech, we saw APGE, SGMT, and TSBX raise a total of $465m. APGE stood out, raising $345m at the high-end of the $15-$17 range and gaining 25% day-one.

 

Following one of the busiest months we’ve seen in over a year, follow-on activity subsided to just $6.2bn of volume across 31 deals. Discounts widened to 6.5% for issuers raising >$50m, and these deals averaged a 1-day gain of 4.3%. Argenx’s $1.3bn marketed FO was the largest deal this month, pricing at a 3% discount and rising 8% day-one.

 

In private markets, AI model startup Hugging Face was reported to be reviewing term sheets for a $200m Series D that could value the startup at $4bn (up from $2bn in 4/22). Kim Kardashian’s Skims raised $270m in fresh funding, valuing Kim Kardashian’s apparel company at $4bn as well (up from $3.2bn in 1/22). In the IPO pipeline, reports suggest Birkenstock may seek to go public this year or next in a US listing that can value the sandal maker around $6bn. ARM is now expected to come as early as September. Lastly, Liquid Death is also exploring a potential IPO, with reports suggesting the beverage brand may be targeting a 2024 public debut.