A handful of IPOs are scheduled to price in the week ahead, led by two sizable insurers.
Bermuda-based Aspen Insurance (AHL) plans to raise $330 million at a $2.8 billion market cap. Aspen Insurance Holdings is a specialty (re)insurer with a diverse product mix balanced across its primary specialty insurance and opportunistic reinsurance franchises. The company grew GWP in 2024, though its expense ratio increased in the same period.
Florida-focused insurer American Integrity (AII) plans to raise $110 million at a $313 million market cap. Through its insurance carrier subsidiary, American Integrity provides a variety of residential property insurance policies. The company has established itself as a key player in the Florida residential insurance market, though that means it’s exposed to the state’s inherently risky geography.
Holdover OMS Energy Technologies (OMSE) plans to raise $50 million at a $399 million market cap. The company manufactures surface wellhead systems and oil country tubular goods, primarily for onshore and offshore E&P activities. OMS has a 10-year agreement with Saudi Aramco, which accounts for a majority of the company’s revenue.
Holdover Apimeds Pharmaceuticals US (APUS) may raise $16 million at a $54 million market cap. The company is developing Apitox, an intradermally administered bee venom-based toxin, to treat inflammation and pain management symptoms associated with knee osteoarthritis.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| OMS Energy Technologies (OMSE) Singapore | $50M $399M | $8 - $10 5,555,556 | Roth Cap. |
| Singapore-based manufacturer of surface wellhead systems and oil country tubular goods. | |||
| American Integrity (AII) Tampa, FL | $110M $313M | $15 - $17 6,875,000 | KBW Piper Sandler |
| Florida-based provider of personal residential property insurance. | |||
| Aspen Insurance (AHL) Hamilton, Bermuda | $330M $2,779M | $29 - $31 11,000,000 | Goldman Citi |
| Bermuda-based global provider of specialty P&C insurance and reinsurance. | |||
| Apimeds Pharmaceuticals (APUS) Hopewell, NJ | $16M $54M | $4 - $5 3,500,000 | D. Boral Capital |
| Clinical stage biotech developing bee venom-based treatment for inflammation. | |||
Street research is expected for six companies in the week ahead, and one lock-up period will be expiring. 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 5/1/2025, the Renaissance IPO Index was down 10.6% year-to-date, while the S&P 500 was down 4.3%. 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 7.6% year-to-date, while the ACWX was up 8.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
