Sixteen IPOs raised a combined $1.4 billion in April, slightly above the 10-year historical average by deal count (14 IPOs) but well below by proceeds ($3.4B) as micro-caps dominated activity. Only two US-based companies listed, with the remaining 14 (88%) based in China and Southeast Asia. Uncertainty around new US tariff policies roiled global markets and sent the VIX Volatility Index soaring to its highest level since 2020. Several notable recent filers delayed listing plans, and only two IPOs raised $100 million or more, REIT SmarStop Self Storage (SMA) and Chinese tea chain Chagee (CHA). Despite the market turmoil, the Renaissance IPO Index ended the month up 2%, outpacing the S&P 500, which slid -1%. April IPOs averaged a -6% loss, though the two sizable names delivered solid returns both on day one and in the aftermarket, finishing the month with double-digit gains. Filing activity was muted, especially following the tariff sell-off, and only a handful of new issuers joined the pipeline, led by two that filed to raise $100+ million (CRCL and AII). The blank check space continued its steady recovery, with 13 pricings and 19 new filings in April. De-SPAC activity held pace, boosted by some notable merger announcements and completions during the month. Recent volatility has shifted IPO timelines and weighed on expectations of a summer pickup, and delays will likely continue until there is more stability in the market. That said, conditions can change quickly, and a slight recovery near month end revives hope for more activity this year.
For access to the rest of the article, sign up for a free trial of IPO Pro, the platform that gives you all of the IPO information you need, all in one place.
