Updated Monday, 1/5.
One sizable deal is scheduled for the week ahead, with one smaller deal tentatively scheduled.
Solid tumor biotech Aktis Oncology (AKTS) plans to raise $200 million at an $860 million market cap. The company is a Phase 1 biotech developing alpha-emitting radiopharmaceuticals against prevalent solid tumors. Its pipeline features Ac-AKY-1189 for Nectin-4-expressing cancers and Ac-AKY-2519 targeting B7-H3-expressing tumors. Preclinical studies suggest superior efficacy vs. Padcev, but Aktis faces risk given its early-stage pipeline and lack of human data until at least 1Q27.
Japanese gaming hall operator Libera Gaming Operations (LBRJ) is tentatively scheduled to raise $6 million at a $61 million market cap in the week ahead. The company operates pachinko halls in Japan, with a portfolio of 11 halls as of 3/15/24. The halls are venues for recreational arcade games "pachinko" and "pachislot," played with balls and tokens, respectively. The pachinko and pachislot industry is highly regulated and not considered gambling since customers do not directly win cash.
Some more sizable names in the pipeline could launch in the week ahead. Construction equipment rental platform EquipmentShare.com (EQPT), fleet management software provider Motive Technologies (MTVE), fuel distributor ARKO Petroleum (APC), and Medtronic’s diabetes carve-out MiniMed (MMED) all could potentially launch after having submitted their initial filings in December. Several other notable names that filed prior to December could also launch IPOs soon, including life insurance platform Ethos Technologies (LIFE), baby food producer Once Upon a Farm (OFRM), crypto investment platform Grayscale (GRAY), pan-Asian travel platform Klook (KLK), and cryptocurrency infrastructure provider BitGo (BTGO).U.S. IPO Calendar Issuer
BusinessDeal Size
Market CapPrice Range
Shares FiledTop
BookrunnersAktis Oncology (AKTS)
Boston, MA$200M
$860M$16 - $18
11,775,000JP Morgan
BofAPhase 1 biotech developing targeted radiopharmaceuticals to treat solid tumors. Libera Gaming Operations (LBRJ)
Tokyo, Japan$6M
$61M$4 - $6
1,250,000D. Boral Capital
Sutter SecuritiesOperates pachinko gaming halls in Japan.
Street research is expected for four 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 12/31/2025, the Renaissance IPO Index was up 5.4% year-to-date, while the S&P 500 was up 17.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF Holdings include Reddit (RDDT) and Kenvue (KVUE). The Renaissance International IPO Index was up 39.1% year-to-date, while the ACWX was up 33.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.
