Updated Monday, 2/23.
The typical February lull has taken hold of the IPO market while issuers work on year-end audited financials, but one sizable biotech is scheduled to go public before month end. Small deals may also join the calendar throughout the week.
Asthma-focused Generate Biomedicines (GENB) plans to raise $400 million at a $2.2 billion market cap. The company utilizes an AI-enabled platform to create proprietary, therapeutically relevant data and differentiated molecular solutions, and it has successfully progressed three computationally engineered proteins into human clinical testing. The most advanced, GB-0895, is an investigational long-acting anti-thymic stromal lymphopoietin monoclonal antibody, which is enrolling patients in pivotal Phase 3 clinical trials for severe asthma.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Generate Biomedicines (GENB) Somerville, MA | $400M $2,247M | $15 - $17 25,000,000 | Goldman Morgan Stanley |
| Phase 3 biotech using an AI drug discovery platform to develop severe asthma therapies. | |||
While recent IPO jitters may scare some potential issuers, a number of sizable names in the active pipeline are eligible to launch in the week ahead, including fleet management software provider Motive (MTVE), which could raise an estimated $600 million. Other notable names that could set terms include Medtronic’s diabetes carve-out MiniMed Group (MMED) and crypto investment platform Grayscale (GRAY).
Street research is expected for four companies in the week ahead, and four 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 2/19/2026, the Renaissance IPO Index was down 2.0% year-to-date, while the S&P 500 is up 0.4%. 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 17.6% year-to-date, while the ACWX was up 9.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
