Three sizable IPOs are currently scheduled to list in the week ahead, and some small name may also join the calendar throughout the week.
Mobile banking platform Chime (CHYM) plans to raise $800 million at a $10.5 billion market cap. Chime says it has 8.6 million Active Members using its suite of products, with 67% of them relying on Chime to serve as their primary financial relationship as of March 31, 2025. The company believes this positions it as its members' central financial hub, making Chime the platform through which members consistently deposit their paychecks and conduct their everyday spend. In the first quarter of 2025, its Active Members used Chime for an average of 54 transactions per month, of which 75% were purchase transactions using Chime-branded debit and credit cards. The company previously raised funding at a $25 billion market value. Chime’s revenue growth accelerated to 32% in the 1Q25, although the majority of its revenue comes from economically sensitive consumer spending.
Space and defense company Voyager Technologies (VOYG) plans to raise $303 million at a $1.6 billion market cap. The company’s business spans three segments: Defense & National Security, which provides communications technologies, guidance, navigation and controls, signals intelligence, and defense systems; Space Solutions, which delivers space infrastructure, advanced space technology, science systems, and mission services; and Starlab Space Stations, which is a commercial space station planned to succeed the ISS. Key partners and customers include Palantir, NASA, Lockheed Martin, the US Air Force, and Sierra Space. The company has a $900 million ceiling IDIQ contract with the U.S. Airforce, although it is significantly unprofitable, and its loss margin worsened in the 1Q25.
SMB-focused insurer Ategrity Specialty Insurance (ASIC) plans to raise $100 million at a $719 million market cap. Ategrity is a specialty insurance company dedicated to providing excess and surplus products to SMBs across the US. As of March 31, 2025, the company had a network of 512 distribution partners, providing increased transaction opportunities and diversified sources of business. It offers insurance solutions for property (40% of gross written premiums in 2024) and casualty (60%), Ategrity wrote $437 million in gross written premiums in 2024 and had a combined ratio of 93.9%. It had total assets of $1.1 billion and equity of $398 million at year end. Its gross written premium increased 24% in 2024, although it depends on its largest shareholder for investment management.
Street research is expected for four companies in the week ahead, and three 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 6/5/2025, the Renaissance IPO Index was down 0.6% year-to-date, while the S&P 500 was up 1.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Corebridge Financial (CRBG). The Renaissance International IPO Index was up 18.2% year-to-date, while the ACWX was up 16.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Amman Mineral.
