Six large names are currently scheduled for the week ahead, after a flurry of post-Labor Day launches. Some small deals may also join the calendar throughout the week.
E-commerce payments platform Klarna (KLAR) plans to raise $1.2 billion at a $13.7 billion market cap. The company is perhaps best known for its buy-now-pay-later plans, including its four-part interest-free payment plan. It also offers its own "Klarna Card" in partnership with Visa, and its own app offering cashback on e-commerce purchases made through it. Klarna posted strong revenue growth in 2024, and achieved a positive EBITDA margin, but its credit losses have increased substantially, and it faces significant competition.
Systems service provider Legence (LGN) plans to raise $702 million at a $2.8 billion market cap. The company provides engineering, installation, and maintenance services for mission-critical systems in buildings, specializing in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical, and plumbing systems for new facilities, and upgrading HVAC, lighting, and building controls in existing facilities. Legence has demonstrated growth through M&A, and could benefit from rising data center spend, but is highly levered, and its fixed-price contracts expose it to cost overruns.
Blockchain-based lending platform Figure (FIGR) plans to raise $500 million at a $4.5 billion market cap. The company offers a vertically integrated suite of blockchain-based solutions that powers its marketplaces across lending, trading, and investing, originating loans directly to borrowers while also enabling mortgage originators, servicers, banks, brokers, and credit unions to originate and distribute loans through its partner-branded technology platform. Figure has substantially grown loans originating from its platform, and revenue, and could benefit from interest rates cuts. However, it has a short track record of profitability in a somewhat commoditized and cyclical market.
Public transit services platform Via Transportation (VIA) plans to raise $450 million at a $3.8 billion market cap. The company develops technology for public transit agencies and operators to plan, manage, and optimize services such as microtransit, school transport, and paratransit. Its platform combines scheduling, dispatch, compliance, passenger booking, and data analytics, with optional services like fleet procurement and call center support. Via has posted strong revenue growth, and improving margins, but has a sizable accumulated deficit, and remains unprofitable.
Winklevoss-backed crypto exchange Gemini (GEMI) plans to raise $300 million at a $2.3 billion market cap. The company is a regulated cryptocurrency exchange serving retail and institutional clients in over 60 countries, offering spot and derivatives trading, staking, OTC trading, custody, a stablecoin, and other crypto-related products. Gemini’s trading volumes have jumped substantially, and the regulatory environment surrounding crypto is becoming clearer, but the company remains highly dependent on volatile crypto prices and volumes, and still has a small market share with a history of losses.
Coffee chain Black Rock Coffee (BRCB) plans to raise $250 million at an $813 million market cap. The company operates drive-thru and sit-in coffee bars, offering various types of caffeinated beverages. It has 158 locations spanning seven states as of June 30, 2025. Black Rock has posted strong unit growth and same store sales growth in recent periods, but faces rising costs due to inflation and tariffs, and remains geographically concentrated in a handful of states.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Klarna (KLAR) London, United Kingdom | $1,235M $13,717M | $35 - $37 34,311,274 | Goldman JP Morgan |
| Provides a platform for e-commerce payment plans. | |||
| Figure (FIGR) New York, NY | $500M $4,548M | $18 - $20 26,315,788 | Goldman Jefferies |
| Operates a blockchain-based consumer lending platform. | |||
| Black Rock Coffee (BRCB) Scottsdale, AZ | $250M $813M | $16 - $18 14,705,882 | JP Morgan Jefferies |
| Drive-thru coffee chain with over 150 locations in the Western US. | |||
| Gemini (GEMI) New York, NY | $300M $2,255M | $17 - $19 16,666,667 | Goldman Citi |
| Operates a cryptocurrency exchange. | |||
| Legence (LGN) San Jose, CA | $702M $2,764M | $25 - $29 26,000,000 | Goldman Jefferies |
| Provides services for mission-critical systems in technically demanding buildings. | |||
| Via Transportation (VIA) New York, NY | $450M $3,801M | $40 - $44 10,714,285 | Goldman Morgan Stanley |
| Provides local governments with a platform for rideshare and transit services. | |||
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Street research is expected for six 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 9/4/2025, the Renaissance IPO Index was up 14.4% year-to date, while the S&P 500 was up 11.5%. 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 33.0% year-to-date, while the ACWX was up 21.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
