One IPO and one direct listing are currently scheduled in the week ahead, although some smaller issuers may join the calendar throughout the week.
Canadian royalty acquirer The Metals Royalty Co. (TMCR) plans to complete its direct listing on the Nasdaq. The company is engaged in the acquisition and management of critical metals and mineral royalties, streams, and other similar interests. The company's core and only asset is the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, which is a polymetallic nodule project being developed by The Metals Company in the Clarion-Clipperton Zone of the north-east Pacific Ocean that is not currently permitted for commercial production. To date, the company has not received any royalty revenue from the NORI Royalty. Based on the value of its December 2025 private issuance, the company would command a market cap of $292 million.
Clinical-stage immuno-oncology biotech Salspera (TKVA) is tentatively scheduled to raise $85 million at a $938 million market cap in the week ahead . Salspera aims to develop a new class of immunotherapeutics for the treatment of solid tumors, which it refers to as "live biopharmaceuticals," or genetically modified biological agents that have the capability of expressing select anti-tumoral agents within the tumor’s microenvironment. Lead program Saltikva is an attenuated strain of Salmonella Typhimurium that is non-toxic and orally administered. The company is initially targeting pancreatic cancer, having conducted a Phase 2 trial for patients with Stage IV metastatic pancreatic cancer.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| The Metals Royalty Co. (TMCR) Calgary, Canada | $275M $292M | $5 55,061,113 | |
| Canadian critical metals and mineral royalty acquirer with one asset in the Pacific Ocean. | |||
| Salspera (TKVA) Cambridge, MA | $85M $938M | $14 - $16 5,666,666 | Kingswood |
| Clinical-stage cancer biotech developing live biopharmaceuticals to stimulate an immune response. | |||
Street research is expected for one company 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 3/19/2026, the Renaissance IPO Index was down 4.6% year-to-date, while the S&P 500 was down 3.2%. 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 9.3% year-to-date, while the ACWX was up 1.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and JX Advanced Metals.
