🔔 WEEKLY · WEDNESDAY, NOV 11, 2026
Good morning. Three healthcare companies plan to price IPOs by Friday, aiming to raise about $589 million between them at the midpoints (IPO Scoop). They are stepping up in a shaky market: tech stocks were hit hard last week after US midterm results sparked fears of an AI crackdown, before a slight recovery on Friday (Renaissance Capital). And Anthropic set its own price range yesterday. We broke that down in Tuesday's special edition (IPO Stream), so today we stick to everyone else.
Logos: vVardis, Rezera and Windward Bio, from each company's website
🏥 The lead: three health IPOs test the window
vVardis (VVVV), NYSE. This Swiss start-up sells Curodont, a treatment for early cavities that a dentist applies in five minutes or less, with no drilling (IPO Scoop). It is offering 9.52 million shares at $21 to $24 (SEC filing), about $214 million at the midpoint. In the 12 months to June 30, 2026 it lost $52.2 million on revenue of $49.68 million (IPO Scoop). Fun wrinkle: the two trackers disagree on its value, about $1.3 billion (Renaissance Capital) versus $4.1 billion (IPO Scoop), so we will wait for the final share count before picking one.
Rezera (RZRA), Nasdaq. A Boston biotech developing ruvonoflast, a pill for peripheral artery disease, the narrowing of arteries in the legs. A Phase 3 trial is planned for the first half of 2027 (IPO Scoop). It is offering 16.67 million shares at $11 to $13, and a GSK affiliate has indicated interest in buying up to $25 million of them, which is not a binding commitment (SEC filing).
Windward Bio (WWB), Nasdaq. A Basel biotech whose lead drug, WIN378, targets the same asthma pathway as the approved drug Tezspire but is designed to be dosed twice a year instead of every four weeks (Renaissance Capital). It is offering 10.29 million shares at $16 to $18, and Sanofi has agreed to buy $50 million of stock in a side deal (SEC filing).
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📆 This week's calendar
Expected trade dates come from IPO Scoop (IPO Scoop), and Renaissance Capital lists the same three health deals (Renaissance Capital). Dates can slip.
Company | Exchange | Range and size | Expected |
|---|---|---|---|
Rezera (RZRA) (SEC filing) | Nasdaq | $11 to $13, about $200M | Thu, Nov 12 |
Tracx Logis (TRCX) (SEC filing) | Nasdaq Capital Market | $18 to $22, about $20M | This week |
vVardis (VVVV) (SEC filing) | NYSE | $21 to $24, about $214M | Fri, Nov 13 |
Windward Bio (WWB) (SEC filing) | Nasdaq | $16 to $18, about $175M | Fri, Nov 13 |
Anthropic (ANT) (SEC filing) | Nasdaq | $70 to $78, about $61B | Thu, Nov 19 |
Tracx Logis is a cross-border logistics company for e-commerce and business shipping (SEC filing). Sizes are at the midpoint (IPO Scoop).
🏆 Last week's scoreboard
Only one name debuted: Narragansett Bancorp (NARA), the parent of Massachusetts community lender BayCoast Bank, raised $91 million and finished the week up 8%. It sold shares on a best-efforts, subscription basis, so Renaissance leaves it out of its IPO stats (Renaissance Capital). Three companies and three SPACs (blank-check shells) filed for new IPOs, including Churchill Capital XIV at $300 million (Renaissance Capital).
🔭 In the Pipeline
These are new filings, not scheduled deals. Terms and timing can change, and some filings never price.
BEHNEH (BENE), Nasdaq Capital Market, fintech. A Singapore payments company licensed to offer cross-border money transfers. 5 million shares at $3 to $5, about $20 million at the midpoint (SEC filing).
Guitar Group (ticker not set yet), NYSE American, consumer. A Hong Kong business offering guitar repairs, guitar-making workshops and music events (SEC filing). No price range yet; Renaissance estimates about $31 million (Renaissance Capital).
UC Automotive Holdings (ticker not set yet), Nasdaq Capital Market, consumer. A Canadian used-vehicle dealer that also leases and rents vehicles (SEC filing), based in the Greater Vancouver area (Renaissance Capital). No price range yet; Renaissance estimates about $29 million (Renaissance Capital).
📮 Reader poll: Which health IPO would you research first? Hit reply with one name: vVardis, Rezera or Windward Bio.
🦜 Polly's Take
Opinion: Three health deals squeezing in the week before Anthropic looks like good timing, not luck. Once a deal that size starts its roadshow, it tends to soak up investor attention. Both biotechs also brought big drug makers along, GSK for Rezera and Sanofi for Windward, which can steady an order book in a nervous market. Where these three price against their ranges will be a useful read on appetite heading into ANT.
Commentary for education, not investment advice.
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For education only, not investment advice. Logos belong to their respective owners.