Updated Tuesday, 1/21.
The US IPO market is set to host a historic event in the week ahead.
Natural gas exporter Venture Global (VG) plans to raise $2.2 billion at a $115 billion market cap. The deal is slated to be the largest US energy IPO in over a decade, and the third-ever US IPO to list at a market cap of $100+ billion. Venture develops and operates natural gas liquefaction and export projects in Louisiana. Serving customers like Shell, BP, and Edison, the company currently operates one facility, but has plans for five projects.
Venture is joined by Hong Kong-listed cancer biotech Ascentage Pharma (AAPG), which plans to raise $149 million at a $1.8 billion market cap. Its lead drug olverembatinib, a next-generation tyrosine kinase inhibitor, is the only approved (2021) BCR-ABL1 inhibitor in China for patients with chronic or accelerate myeloid leukemia (CML) with T3151 mutations. It is currently being studied in a registrational Phase 3 trial in the US as a monotherapy, with an NDA submission expected in 2026.
Holdover Cortigent (CRGT) is also scheduled to price. The visual implant developer plans to raise $15 million at a $65 million market cap.
Beyond that, more large issuers could launch in the week ahead. Of the recent filers, pork producer Smithfield Foods (SFD) is eligible to kick off its roadshow in the coming week.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Ascentage Pharma (AAPG) Suzhou, China | $149M $1,789M | $20.34 7,325,000 | JP Morgan Citi |
| Commercial-stage Chinese biotech developing small molecule inhibitors for cancer. | |||
| Cortigent (CRGT) Valencia, CA | $15M $65M | $10 1,500,000 | ThinkEquity |
| Developing camera-based neural implants that restore partial vision to the blind. | |||
| Venture Global (VG) Arlington, VA | $2,150M $115,232M | $40 - $46 50,000,000 | Goldman JP Morgan |
| US export-focused LNG producer operating in Louisiana. | |||
Lock-up periods are expiring for six companies in the week ahead. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 1/16/2025, the Renaissance IPO Index was up 4.1% year-to-date, while the S&P 500 was up 1.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 2.8% year-to-date, while the ACWX was up 0.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
