Good morning and welcome to this week’s IPO Stream.
This week’s traditional calendar is two biotech deals with firm dates, plus four small names still sitting on soft October windows. Nothing here is a blank check.
| Company | Ticker | Size | Price Range | Underwriter |
|---|---|---|---|---|
| Iambic Therapeutics | IAM | ~$150M | $15–$17 | J.P. Morgan, Jefferies, BofA Securities, Citigroup |
| City Therapeutics | CTY | ~$175M | $17–$19 | Goldman Sachs, Jefferies, Stifel, Oppenheimer |
| Bitari Inc. | BIAI | ~$30.0M | $7.00 | US Tiger Securities |
| Web3Labs Global | MDAT | ~$28.1M | $4–$5 | Eddid Securities USA |
| BW Industrial Holdings | BWGC | ~$17.1M | $6–$7 | Eddid Securities USA |
| Primagrove | YHTE | ~$30.5M | $4–$6 | Eddid Securities |
Iambic Therapeutics IAM | Biotech / Clinical |
Size / Price ~$150M · $15–$17 | Shares 9.4M shares | LTM Revenue ~$18.3M |
Thursday, October 15, on Nasdaq. The deal is 9.4 million shares at $15.00 to $17.00, about $150 million at the midpoint.
J.P. Morgan, Jefferies, BofA Securities, and Citigroup lead. Iambic is a San Diego clinical-stage company that uses its own AI models and automated chemistry to design small-molecule cancer drugs.
The lead asset is IAM1363, an oral HER2 inhibitor in a Phase 1/1b basket trial for HER2-altered solid tumors. A registrational study could start as early as 2027 if the data and regulators line up.
Two other programs are headed toward IND filings later this year. Last-twelve-month collaboration revenue was about $18.3 million, with a net loss of about $94.3 million.
It is interesting because the AI pitch is paired with a real clinical asset, not a pure platform story. It is still early-stage biotech, so the risk is clinical, not operational.
City Therapeutics CTY | Biotech / RNAi |
Size / Price ~$175M · $17–$19 | Shares 9.7M shares | LTM Revenue ~$14.3M |
Friday, October 16, on Nasdaq. The deal is 9.7 million shares at $17.00 to $19.00, about $175 million at the midpoint.
Goldman Sachs, Jefferies, Stifel, and Oppenheimer lead.
City is a Cambridge RNAi company founded in 2023. It designs siRNA triggers and delivery conjugates aimed at clotting, eye disease, and anemia of chronic disease.
The lead program, CITY-FXI, targets Factor XI and is in a Phase 1 healthy-volunteer study. Early single-dose cohorts showed FXI knockdown in the 60% to 85% range and were described as generally well tolerated.
Two more programs are moving toward the clinic. Last-twelve-month collaboration revenue was about $14.3 million, with a net loss of about $87.7 million.
The fit is the RNAi and genetics-driven drug design theme. It is a young company with one Phase 1 dataset, so the valuation will trade on the next clinical readout.
Bitari Inc. BIAI | Crypto / Bitcoin Hosting |
Size / Price ~$30.0M · $7.00 | Shares 4.3M shares | HQ Texas |
Texas bitcoin-mining host, about $30.0 million, 4.3 million shares at $7.00, week of October 19. US Tiger Securities runs this one.
Web3Labs Global MDAT | Web3 / Blockchain |
Size / Price ~$28.1M · $4–$5 | Shares 6.3M shares | HQ Hong Kong |
Hong Kong Web3 services firm, about $28.1 million, 6.3 million shares at $4.00 to $5.00, week of October 19. Eddid Securities USA is the deal maker.
BW Industrial Holdings BWGC | Industrial / EPC |
Size / Price ~$17.1M · $6–$7 | Shares 2.6M shares | HQ Houston |
Houston EPC shop, about $17.1 million, 2.6 million shares at $6.00 to $7.00, week of October 26. Eddid Securities USA is the sole runner.
Primagrove YHTE | Tech / Software |
Size / Price ~$30.5M · $4–$6 | Shares 6.3M shares | HQ Hong Kong |
Hong Kong software and smart-office company, about $30.5 million, 6.3 million shares at $4.00 to $6.00, week of October 26. Eddid Securities is the one and only.
“That’s this week’s list. The two biotechs are the ones with real dates. The small deals can still move. Have a great week.”
