One large IPO and one direct listing are currently scheduled in the week ahead, although some smaller issuers may join the calendar throughout the week.
Japanese fintech PayPay (PAYP) plans to raise $1.0 billion at a $12.5 billion market cap. The company operates as a digital finance platform connecting users and merchants, allowing users to make payments, access credit, manage bank accounts, and invest through an integrated mobile platform. While PayPay is keeping its float relatively low at 8.2% of shares outstanding, the $1 billion deal size would still represent the largest US IPO from a Japanese issuer on record. The company boasts strong revenue growth, and an improving EBITDA margin, although it operates in a highly competitive market with low switching costs.
Video streaming platform FreeCast (CAST) plans to register 19.8 million shares via a direct listing on the Nasdaq. The company is an entertainment-based content company that provides SmartGuide digital interactive technology for consumers to organize online media.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| FreeCast (CAST) Orlando, FL | $158M $356M | $8 19,782,084 | |
| Integrated platform for video streaming services. | |||
| PayPay (PAYP) Tokyo, Japan | $1,017M $12,502M | $17 - $20 54,987,216 | Goldman JP Morgan |
| Japan-based mobile payment app and digital wallet. | |||
Street research is expected for five companies in the week ahead, and ten 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 3/5/2026, the Renaissance IPO Index was down 5.2% year-to-date, while the S&P 500 was flat. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and CoreWeave (CRWV). The Renaissance International IPO Index was up 10.8% year-to-date, while the ACWX was up 4.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and JX Advanced Metals.
