Five sizable IPOs are scheduled for the week ahead, which all launched after the government shutdown began, and are all pricing through the 20-day rule pursuant to Section 8(a) of the Securities Act of 1933.
Leading the pack, Beta Technologies (BETA) plans to raise $750 million at a $7.2 billion market cap. The company designs, manufactures, and sells high-performance electric aircraft, advanced electric propulsion systems, charging systems, and components, flying nearly 83,000 nautical miles. Beta has yet to generate revenue and is currently unprofitable, though it has a backlog of 891 aircrafts worth $3.5 billion.
Mexican airline Grupo Aeromexico (AERO) plans to raise $223 million at a $2.8 billion market cap. The company is the only full service carrier in Mexico, offering both international and domestic destinations. Grupo Aeromexico’s revenue was heavily affected due to COVID-19 travel disruptions, but it has been profitable since 2023 with a 26% domestic market share.
Molecular diagnostics company BillionToOne (BLLN) plans to raise $200 million at a $2.7 billion market cap. BillionToOne is focused on the field of molecular diagnostics, using its single molecule next-generation sequencing (smNGS) platform to develop prenatal and oncology diagnostic products. The company turned profitable in the 1H FY25 though it just recently reached breakeven on an EBITDA basis.
Insurtech carve-out Exzeo (XZO) plans to raise $168 million at a $2.0 billion market cap. Exzeo provides insurance technology solutions for property and casualty carriers and their agents through its proprietary Exzeo Platform, which currently includes nine software and data analytics applications. The company turned profitable on an EBITDA basis in 1H FY25, however its parent HCI accounts for a substantial amount of revenue.
Chronic inflammatory disease biotech Evommune (EVMN) plans to raise $150 million at a $544 million market cap. Evommune’s pipeline includes EVO756, an oral MRGPRX2 antagonist in a Phase 2b trial for CSU and AD with results expected in 2H26, and EV0301, a long-acting IL-18 binding fusion protein being developed for AD and UC, with a Phase 2 UC trial planned for 2026. The company has two Phase 2 candidates, but operates in a competitive market and is currently unprofitable.
Yacht retailer Off The Hook YS (OTH) plans to raise $25 million at a $127 market cap. Off The Hook is a yacht and boat dealer and wholesaler, and it claims to be the largest marine wholesaler in the industry. The company removed its delaying amendment on 10/10, rendering the statement effective after 20 days and positioning it for a potential launch next week.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| BETA Technologies (BETA) South Burlington, VT | $750M $7,182M | $27 - $33 25,000,000 | Morgan Stanley Goldman |
| Makes small electric aircraft and propulsion systems. | |||
| Exzeo (XZO) Tampa, FL | $168M $1,989M | $20 - $22 8,000,000 | Truist Securities Citizens JMP |
| Property and casualty underwriting and analytics platform being carved out of HCI Group. | |||
| BillionToOne (BLLN) Menlo Park, CA | $200M $2,693M | $49 - $55 3,846,000 | JP Morgan Piper Sandler |
| Develops prenatal and oncology diagnostics with single-molecule sensitivity. | |||
| Evommune (EVMN) Palo Alto, CA | $150M $544M | $15 - $17 9,375,000 | Morgan Stanley Leerink Partners |
| Phase 2 biotech developing therapies for chronic inflammatory diseases. | |||
| Grupo Aeromexico (AERO) Mexico City, Mexico | $223M $2,772M | $18 - $20 11,727,325 | Barclays Morgan Stanley |
| Restructured Mexican airline. | |||
| Off The Hook (OTH) Wilmington, NC | $25M $125M | $4 - $6 5,000,000 | ThinkEquity |
| Yacht and boat retailer and wholesaler. | |||
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 10/30/2025, the Renaissance IPO Index was up 10.0% year-to-date, while the S&P 500 was up 17.2%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Reddit (RDDT). The Renaissance International IPO Index was up 43.6% year-to-date, while the ACWX was up 29.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
