Four sizable IPOs are currently scheduled to list in the week ahead. Some small names may also join the calendar throughout the week.
Consumer intelligence provider NIQ Global Intelligence (NIQ) plans to raise $1.1 billion at a $6.5 billion market cap. The company is a leading global consumer intelligence company, and its global reach spans over 90 countries covering approximately 85% of the world's population, more than half the world's GDP, and more than $7.2 trillion in global consumer spend as of December 31, 2024. It has grown its revenue in recent years, aided by strong retention rates, although it remains loss-making, with a negative free cash flow.
Specialty insurance marketplace Accelerant (ARX) plans to raise $550 million at a $4.2 billion market cap. Accelerant operates a data-driven risk exchange that connects selected specialty insurance underwriters (sellers) with risk capital partners (buyers). On the "supply side" of its Risk Exchange, the company delivers a full service offering to members, while on the "demand side," the company offers risk capital partners a portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. As of March 31, 2025, Accelerant had 232 members and 96 risk capital partners on its platform and has grown Exchange Written Premium at a 217% CAGR since inception.
Leading educational publisher McGraw Hill (MH) plans to raise $500 million at a $4.0 billion market cap. McGraw Hill is a leading global provider of information solutions for education across K-12 to higher education, and through professional learning. On an annual basis, the company serves approximately 60 million learners and educators. McGraw Hill is a top two provider in the K-12 market in the US, serving approximately 99% of public K-12 districts. It is also a top two provider of digital and print learning solutions in the US higher education market, serving approximately 82% of US higher education institutions, although it is highly leveraged at 3.8x net debt/EBITDA.
Spine surgery-focused medtech Carlsmed (CARL) plans to raise $101 million at a $430 million market cap. Its aprevo Technology Platform consists of AI-enabled software solutions, interbody implants custom designed for each patient's unique pathology and vertebral bone topography, and single-use surgical instruments. The company currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and it is further developing the Platform for use in cervical spine fusion surgeries, which it expects to commercialize in 2026. As of March 31, 2025, 177 surgeon users had completed one or more procedures using the aprevo Technology Platform (+72% y/y).
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Carlsmed (CARL) Carlsbad, CA | $101M $430M | $14 - $16 6,700,000 | BofA Goldman |
| Provides custom equipment and AI-enabled software for spine fusion surgery. | |||
| NIQ Global Intelligence (NIQ) Chicago, IL | $1,100M $6,539M | $20 - $24 50,000,000 | JP Morgan BofA |
| Leading provider of market research on consumer goods and services. | |||
| Accelerant (ARX) Grand Cayman, Cayman Islands | $550M $4,225M | $18 - $20 28,947,368 | Morgan Stanley Goldman |
| Provides an insurance marketplace linking underwriters with capital partners. | |||
| McGraw Hill (MH) Columbus, OH | $500M $3,971M | $19 - $22 24,390,000 | Goldman BMO |
| Educational publisher and provider of digital learning tools. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/17/2025, the Renaissance IPO Index was up 3.3% year-to-date, while the S&P 500 was up 7.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm (ARM) and Reddit (RDDT). The Renaissance International IPO Index was up 24.7% year-to-date, while the ACWX was up 18.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
