With no deals on the calendar, the IPO market is about to enter its typical February lull, when companies pause listing plans to focus on producing audited year-end financials. This year, that lull is coinciding with a period of heightened volatility, and IPO returns will need to improve before the deal window can fully reopen.
While activity is expected to remain light through month-end, a handful of recent filers could move forward, including two biotechs which will become eligible to launch their roadshows next week. Salspera (TKVA), on file to raise an estimated $50 million, is developing immuno-oncology treatments using “live biopharmaceuticals.” Flagship-backed Generate Biomedicines (GENB), expected to raise at least $100 million, has built an AI-enabled platform to develop its lead candidate targeting severe asthma.
Street research is expected for two companies in the week ahead, and three 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 2/12/2026, the Renaissance IPO Index was down 6.4% year-to-date, while the S&P 500 was down 0.1%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Kenvue (KVUE). The Renaissance International IPO Index was up 17.8% year-to-date, while the ACWX was up 9.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
