While the US government shutdown complicates the start of the 4Q IPO market, two sizable offerings are lined up to price next week, as both made sure their registrations were declared effective by the SEC prior to the October 1st deadline.
Acquired by BDT Capital Partners in 2015, Alliance Laundry Holdings (ALH) plans to raise $700 million at a $4.2 billion market cap, hoping to buck the prior quarter’s trend of poor-performing LBOs. The company makes commercial laundry systems used in healthcare facilities, hotels, laundromats, fire stations, and other institutional settings, holding an estimated 40% share of the North American commercial laundry market. Alliance has demonstrated steady growth and strong cash flow with minimal capex needs, but will remain leveraged post-IPO.
University operator Phoenix Education Partners (PXED) plans to raise $136 million at a $1.3 billion market cap. It expects to pay a quarterly dividend (2.6% annual yield at the midpoint). Through the University of Phoenix, the company provides post-secondary education, primarily to working adults seeking to advance their careers, offering 72 degree-granting and 33 non-degree certificate programs across a wide range of disciplines. Phoenix Education has grown enrollments but depends heavily on Title IV federal funding.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Alliance Laundry (ALH) Ripon, WI | $700M $4,183M | $19 - $22 34,146,340 | BofA JP Morgan |
| World's leading producer of commercial washing machines and dryers. | |||
| Phoenix Education (PXED) Phoenix, AZ | $136M $1,319M | $31 - $33 4,250,000 | Morgan Stanley Goldman |
| Provides post-secondary education services under the name University of Phoenix. | |||
Street research is expected for seven companies in the week ahead, and six 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 10/2/2025, the Renaissance IPO Index was up 16.4% year-to-date, while the S&P was up 15.3%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and Arm Holdings (ARM). The Renaissance International IPO Index was up 46.9% year-to-date, while the ACWX was up 27.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
