Two sizable IPOs are scheduled to price in the week ahead.
Stablecoin issuer Circle Internet Group (CRCL) plans to raise $600 million at a $6.2 billion market cap. Circle’s US dollar-denominated payment stablecoin USDC is the #2 ranking stablecoin, holding nearly one-third of the market. The company is poised to benefit from tailwinds in the crypto space, as well as pending legislation that will provide regulatory clarity. It will likely be hurt by declining interest rates in the US, and high distribution costs weigh on margins.
Chronic care management platform Omada Health (OMDA) plans to raise $150 million at a $1.2 billion market cap. Originally focused solely on diabetes prevention and weight health, Omada now offers various cardiometabolic programs, a physical therapy program, GLP-1 Care Tracks, and behavioral health support. The company has demonstrated growth and retention, though growing popularity of GLP-1 therapies could threaten its cardiometabolic offerings.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Circle (CRCL) New York, NY | $600M $6,202M | $24 - $26 24,000,000 | JP Morgan Citi |
| Cryptocurrency issuer behind the USDC stablecoin. | |||
| Omada Health (OMDA) San Francisco, CA | $150M $1,217M | $18 - $20 7,900,000 | Morgan Stanley Goldman |
| Provides digital health tools for patients with chronic conditions. | |||
Street research is expected for two companies in the week ahead, and five lock-up periods 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 5/29/2025, the Renaissance IPO Index was down 1.2% year-to-date, while the S&P 500 was up 1.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Astera Labs (ALAB). The Renaissance International IPO Index was up 15.9% year-to-date, while the ACWX was up 14.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and J&T Global Express.
