Two IPOs are currently scheduled for the week ahead as the annual August slowdown starts to set in. Smaller names could still join the calendar late.
Crypto exchange Bullish (BLSH) plans to raise $599 million at a $4.3 billion market cap. The company provides trading and liquidity infrastructure under its “Bullish Exchange” brand, as well as information services under its “CoinDesk” brand, which spans indices, market data, and research reports. Bullish has grown trading volume substantially, and it should benefit from a clearer regulatory environment going forward, though the crypto market is still volatile.
Financial exchange operator Miami International Holdings (MIAX) plans to raise $300 million at a $1.9 billion market cap. Miami International manages options, equities, and futures exchanges, primarily under the “MIAX” banner. For the six months ended 6/30/25, average daily volume in US options on the MIAX Exchanges was 8.7 million contracts. The company has captured a growing share of the US options industry and has numerous potential new products to drive growth, but it’s heavily exposed to fluctuating trading volume.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Bullish (BLSH) Grand Cayman, Cayman Islands | $599M $4,315M | $28 - $31 20,300,000 | JP Morgan Jefferies |
| Operates a digital exchange for cryptocurrency. | |||
| Miami International (MIAX) Princeton, NJ | $300M $1,899M | $19 - $21 15,000,000 | JP Morgan Morgan Stanley |
| Operates four US options exchanges as well as equities and futures exchanges. | |||
Street research is expected for six companies in the week ahead, and eight 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 8/7/2025, the Renaissance IPO Index was up 12.2% year-to-date, while the S&P 500 was up 8.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Reddit (RDDT) and Astera Labs (ALAB). The Renaissance International IPO Index was up 28.9% year-to-date, while the ACWX was up 20.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and J&T Global Express.
