Four sizable IPOs are currently scheduled to price in the week ahead, led by well-known ticket marketplace StubHub (STUB).
StubHub plans to raise $800 million at a $9.5 billion market cap. The company operates a global secondary ticketing marketplace for live events, using the brand StubHub in North America and viagogo internationally. StubHub has strong brand awareness, and expansion into original ticket sales is a large opportunity. However, it has faced legal and regulatory challenges, particularly related to pricing.
Cybersecurity firm Netskope (NTSK) plans to raise $765 million at a $7.5 billion market cap. Netskope One is a unified, cloud-native platform supported by the company's NewEdge global private cloud network, comprised of 120+ full-compute edge data centers across 75+ regions. The company has delivered strong growth and has a sticky customer base, but it remains highly unprofitable with a large accumulated deficit.
Oilfield services provider WaterBridge (WBI) plans to raise $500 million at a $2.1 billion market cap. The company operates the largest produced water infrastructure network in the US, serving customers such as Permian Resources and Chevron. Most of its revenue comes from long-term contracts, providing good visibility, though its business is capital-intensive and indirectly exposed to commodity price fluctuations.
Pattern Group (PTRN) plans to raise $300 million at a $2.6 billion market cap. Pattern calls itself "the pioneer of ecommerce acceleration" with its own proprietary technology platform powered by AI and machine learning. The company is pitching a combination of accelerating growth and profitability, with expanding margins and cash flow. Its sales model does subject it to consumer and inflation risks, though, and it faces significant competition for both tech and products.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| StubHub (STUB) New York, NY | $800M $9,471M | $22 - $25 34,042,553 | JP Morgan Goldman |
| Provides an online marketplace for event tickets. | |||
| WaterBridge (WBI) Houston, TX | $500M $2,109M | $17 - $20 27,000,000 | JP Morgan Barclays |
| Provides comprehensive water services and infrastructure for E&Ps. | |||
| Netskope (NTSK) Santa Clara, CA | $765M $7,503M | $15 - $17 47,800,000 | Morgan Stanley JP Morgan |
| Provides cloud security and networking solutions for enterprises. | |||
| Pattern Group (PTRN) Lehi, UT | $300M $2,569M | $13 - $15 21,428,572 | Goldman JP Morgan |
| Online reseller that partners with consumer brands to accelerate their growth. | |||
Street research is expected for two companies in the week ahead, and two 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 9/11/2025, the Renaissance IPO Index was up 22.1% year-to-date, while the S&P 500 was up 13.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and Reddit (RDDT). The Renaissance International IPO Index was up 38.3% year-to-date, while the ACWX was up 25.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
