Two sizable IPOs are scheduled for the week ahead, both of which launched after the government shutdown began.
The first notable name to set terms under the updated SEC guidance, Navan (NAVN) plans to raise $923 million at a $6.9 billion market cap. The company provides a platform for business travel and expense management, with over 10,000 active customers as of January 31, 2025. Navan has delivered solid growth and turned profitable on an EBITDA basis in the 1H FY26. Leveraging AI support agents has also allowed it to expand its margins, though it still has a very large accumulated deficit.
CNS disorder biotech MapLight Therapeutics (MPLT) plans to raise $251 million at an $820 million market cap. MapLight's lead candidate is a fixed-dose combination of an M1/M4 muscarinic agonist co-formulated with a peripherally acting anticholinergic. The company is currently conducting Phase 2 trials in schizophrenia, with topline results expected in the 2H26, and Alzheimer’s disease psychosis, with topline results expected in the 2H27.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| MapLight Therapeutics (MPLT) Redwood City, CA | $251M $820M | $17 14,750,000 | Morgan Stanley Jefferies |
| Phase 2 biotech developing therapies for neuropsychiatric and CNS disorders. | |||
| Navan (NAVN) Palo Alto, CA | $923M $6,891M | $24 - $26 36,924,406 | Goldman Citi |
| Provides software for corporate travel and expense management. | |||
Street research is expected for six 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 10/23/2025, the Renaissance IPO Index was up 12.4% year-to-date, while the S&P 500 was up 15.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 38.0% year-to-date, while the ACWX was up 28.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
