Three IPOs priced this past week, joined by two SPACs, and one major issuer joined the pipeline.
Janus Living (JAN) upsized and priced at the high end to raise $840 million at a $5.1 billion market cap. Cornerstone investors had indicated on $300 million of the offering (36% of the deal). Carved out of Healthpeak Properties, this senior housing REIT owns 34 senior living communities across 10 states, primarily in Florida and Texas. The company is poised to benefit from tailwinds like the aging population in its core markets, though these markets also expose it to climate issues. Janus finished up 18%.
AIM-listed Guardian Metal Resources (GMTL) raised $60 million at a $545 million market cap. Guardian is an exploration-stage mining company focused on tungsten and other minerals in Nevada. Its main projects are the Pilot Mountain and Tempiute tungsten properties, both located in historic mining districts with prior third-party production. The company is still early stage and likely won't begin production for several years. Guardian finished flat.
Military-focused drone software developer Swarmer (SWMR) priced at the midpoint to raise $15 million at a $117 million market cap. Swarmer’s core product, the Trident OS, serves as a software layer integrated into drones to support varying levels of autonomy based on mission requirements. The company is small and highly unprofitable but operating in a hot space. Swarmer popped more than 500% on its first day of trading and was up more than 1,000% on day two; it finished the week up 634%.
| 5 IPOs During the Week of March 16th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/20 |
| Swarmer (SWMR) | $15M | $117M | 0% | +520% | +634% |
| Develops autonomous drone operating software for military applications. | |||||
| Janus Living (JAN) | $840M | $5,146M | 5% | +18% | +18% |
| Senior housing REIT being carved out of Healthpeak Properties. | |||||
| Guardian Metal Resources (GMTL) | $60M | $545M | 0% | +0% | +0% |
| Tungsten-focused exploration-stage mining company with projects in Nevada. | |||||
| BHAV Acquisition (BHAVU) | $100M | $140M | 0% | +0% | +0% |
| Blank check company targeting robotics, electric vehicles, drones, unmanned aerial systems, and fintech. | |||||
| Blue Water Acq. IV (BWIV.U) | $125M | $171M | 0% | -1% | -1% |
| Fourth blank check company led by the founder of Blue Water Venture Partners targeting healthcare and tech. | |||||
In the pipeline, nuclear tech company X-Energy (XE) filed for a $100 million IPO.
| 6 Filings During the Week of March 16th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Pacipic Nexus IntelliTech (PNIG) | $23M | Industrials | Cathay Securities |
| Hong Kong-based supplier of industrial equipment for high-precision manufacturing. | |||
| X-Energy (XE) | $100M | Industrials | JP Morgan |
| Developer of advanced nuclear reactors and fuel for electricity generation. | |||
| Poche Technology (POCH) | $17M | Communication Services | AC Sunshine Sec. |
| Hong Kong-based provider of digital marketing solutions for advertisers. | |||
| AmperCap Acquisition (APMCU) | $125M | SPAC | EarlyBird |
| Blank check company led by the founders of private equity sponsor AmperCap. | |||
| FF Global Holdings (FFGG) | $20M | Materials | Blue Diamond |
| Timber trader focused on sourcing hardwood from the DRC for China-based customers. | |||
| Mclaren International (MCL) | $20M | Industrials | Joseph Stone |
| Hong Kong-based provider of HR, immigration, and ESG consulting services. | |||
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.
