🔔 WEEKLY · WEDNESDAY, OCT 28, 2026
Good morning. Three IPOs are on this week's US calendar, about $620 million in all at the midpoints, led by Africa-focused fintech OPay (OPAY) on the NYSE (Renaissance Capital). Last week brought one deal, and it was a strong one: Lycia Therapeutics (LYCA) jumped 67% on its first day (Renaissance Capital).
In this issue: last week's debut and new filings, this week's calendar, a closer look at OPay, what is lined up for November, and four fresh filings in the pipeline.
🚀 Last week: Lycia's strong debut
Image: Lycia Therapeutics (logo from lyciatx.com)
The deal. Lycia Therapeutics priced an upsized IPO of 17.64 million shares at $18.00 on Oct 22, raising about $317.5 million, and began trading on the Nasdaq Global Select Market on Oct 23 (company release). That price was at the top of its range (Renaissance Capital).
First day. The stock finished its debut up 67% from the IPO price, valuing the company at about $1.1 billion at the IPO price (Renaissance Capital).
Extra shares sold. The banks bought all 2.646 million optional extra shares, lifting gross proceeds to about $365.1 million when the deal closed on Oct 26 (company release).
What it does. The South San Francisco biotech designs drugs that clear disease-causing proteins from outside cells. Its lead candidates target IgE for food allergy and the autoantibodies behind Graves' disease (company release).
New here? "Upsized" means the company sold more shares than first planned, usually a sign of strong demand. A first-day return is measured from the IPO price, which only buyers in the offering paid, not from the first trade.
📝 New filings last week
Company | Planned size | What it does |
|---|---|---|
Windward Bio (WWB) | $100M | Swiss biotech, antibodies for respiratory and skin diseases |
Rezera (RZRA) | $100M | Biotech, oral NLRP3 inhibitors for inflammation |
Sensing4D AI | $35M | China-based AI 3D vision software |
iStep Learning (ISTL) | $18M | Runs 24 nurseries in the UK |
Source: (Renaissance Capital). Initial filing sizes are often placeholders and can change.
📅 This week's IPO calendar
Company | Exchange | Price range | Size at midpoint |
|---|---|---|---|
OPay (OPAY) | NYSE | $19 to $21 per ADS | $320M |
Bambusa Therapeutics (BBTX) | Nasdaq | $15 to $17 | $150M |
Aspen Neuroscience (ASPE) | Nasdaq | $15 to $17 | $150M |
All three are expected to trade on Friday, Oct 30 (IPO Scoop). Deal sizes (Renaissance Capital). Dates and terms can still change before pricing.
SPAC corner. Blank-check company SPACCircle Acquisition (SCQCU) priced a $100 million IPO of 10 million units at $10 on Tuesday (IPO Scoop). A SPAC is a listed cash shell that plans to buy a private company later.
🌍 Deal of the week: OPay (OPAY)
Image: OPay (from opay.ltd)
OPay is a Singapore-based holding company that runs OPay, Nigeria's No. 1 digital banking platform by daily active users. It also operates in Indonesia, Egypt and Pakistan (IPO Scoop).
Scale. 50.1 million monthly and 26.8 million daily active users as of July 31, 2026. In the 12 months to June 30, it processed 90.1 billion transactions worth $558 billion, and first-half transaction value grew 143% year over year (SEC filing).
Profits. Revenue of about $805.8 million and net income of about $49.9 million over the 12 months to June 30, 2026 (IPO Scoop).
The offer. 16 million ADSs at $19 to $21, with banks able to buy 2.4 million more (SEC filing). At the midpoint that is $320 million and a market value of about $4.2 billion (Renaissance Capital). Citigroup, Deutsche Bank, Standard Bank and CICC lead (IPO Scoop).
Lined-up demand. A group of investors has indicated non-binding interest in buying up to $270 million of the ADSs, and Stanbic Africa Holdings has agreed to buy up to $200 million of shares in a separate private placement alongside the IPO (SEC filing). Non-binding means they can still change their minds.
Next steps. OPay plans a secondary listing on the Nigerian Exchange after the NYSE debut. Directors, officers and existing shareholders agree not to sell for 365 days, and the company for 180 days (SEC filing).
Key risk. The business depends heavily on Nigerian consumer spending (Renaissance Capital).
New here? What is an ADS? An American depositary share is a US-traded certificate that stands for shares of a foreign company. Here, one ADS equals ten OPay ordinary shares, so the $19 to $21 range is the price per ADS.
🧬 Two biotechs set for Friday
Bambusa Therapeutics (BBTX). A Boston biotech developing long-acting bispecific antibodies for inflammatory diseases. Its lead drug, BBT001, is in a Phase 1 trial for atopic dermatitis, with early proof-of-concept data in July 2026. Plans to raise $150 million at an $837 million market value; BofA and Evercore ISI lead (Renaissance Capital).
Aspen Neuroscience (ASPE). A San Diego biotech developing a one-time cell therapy for Parkinson's disease, made from the patient's own skin cells to replace lost dopamine-producing neurons. Plans to raise $150 million at a $494 million market value; Leerink Partners and Piper Sandler lead (Renaissance Capital).
🔭 Lined up for November
Bitari (BIAI), which hosts and maintains Bitcoin mining machines, plans 4.3 million shares at a fixed $7.00, about $30 million, on Nasdaq. Expected the week of Nov 2 (IPO Scoop).
Primagrove (YHTE), a Hong Kong software and workspace solutions firm, plans 6.3 million shares at $4 to $6, about $30.5 million, on the Nasdaq Capital Market. Expected the week of Nov 9 (IPO Scoop).
RegenLab USA (RGNA), a Jersey City maker of regenerative medicine devices, set terms on Tuesday: 2.5 million shares at $6 to $8, about $18 million, on Nasdaq. No date yet (SEC filing).
🧪 In the Pipeline
Recent filings and updates from the IPOSchedule filings list (IPOSchedule), each checked against its SEC filing. These are filings, not scheduled deals. Terms and timing can change, and some filings never price.
LIS Technologies (LIS), Nasdaq Capital Market, materials. An early-stage company developing laser-based uranium enrichment for nuclear fuel. Proposes 2.83 million shares at $5 to $7, about $14.2 million to $19.8 million. Public S-1 filed Oct 26 (SEC filing).
Unitrend Entertainment Group (INHI), Nasdaq Capital Market, consumer discretionary (media). A Beijing-based distributor of TV programs that also co-produces shows and sells advertising. Proposes 6.25 million shares at $4 to $5, about $25 million to $31.3 million. Updated filing Oct 23 (SEC filing).
Helio Corp (HLEO), uplisting, not an IPO, from the OTC market to the Nasdaq Capital Market, industrials. Its Heliospace unit builds spaceflight hardware such as radar antennas for NASA's Europa Clipper mission. Proposes 2 million shares at $4 to $5, about $8 million to $10 million. Filed Oct 21 (SEC filing).
VME Companies (VME), Nasdaq Capital Market, industrials. A Texas maker of separation technology and modular process equipment, with roots going back to 1985. Proposes 4 million shares at $4 to $5, about $16 million to $20 million. Updated filing Oct 13 (SEC filing).
📊 Market pulse
The Renaissance IPO Index fell 1.1% last week while the S&P 500 slipped 0.5%. Renaissance says the sell-off in AI infrastructure stocks has sidelined larger AI deals on file, including SB Energy, Nscale and DayOne Data Centers (Renaissance Capital). As of Oct 22, the index was up 6.0% this year versus 13.0% for the S&P 500 (Renaissance Capital).
Anthropic (ANT) follow-up: no price range or date yet. Missed Monday's special edition? Read our S-1 breakdown.
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🦜 Polly's Take
Friday is a two-part test. OPay asks whether US investors will pay for a profitable, fast-growing payments app with emerging-market currency and regulation risk attached. The two biotechs ask whether Lycia's strong debut was a one-off or a sign that demand for drug developers is holding up. Where each one prices against its range is the cleanest read on demand.
Commentary for education, not investment advice.
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