Two IPOs are set to list in the week ahead, although some deals may move around the calendar at the last minute.
Aerospace and defense company AIRO (AIRO) is tentatively scheduled to raise $75 million at a $381 million market cap. AIRO’s business is organized into four operating segments: Drones, Avionics, Training, and Electric Air Mobility. The company saw strong growth and margin improvement in 2024, though it relies heavily on government customers for revenue.
Chinese insurance distributor Yuanbao (YB) plans to raise $28 million at a $683 million market cap. The company specializes in personal life and accident and health insurance. Yuanbao collaborates with 46 insurance carriers, offering a diverse portfolio of insurance products, including medical, critical illness, and life insurance.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Yuanbao (YB) Beijing, China | $28M $683M | $13 - $15 2,000,000 | Goldman (Asia) Citi |
| Online distributor of insurance policies in China. | |||
| AIRO (AIRO) Albuquerque, NM | $75M $381M | $14 - $16 5,000,000 | Cantor Fitz. BTIG |
| Developer of drones and eVTOL aircraft. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/24/2025, the Renaissance IPO Index was down 11.9% year-to-date, while the S&P 500 was down 6.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 5.1% year-to-date, while the ACWX was up 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
