Four IPOs priced this past week, featuring nuclear tech, critical materials, real estate, and convenience stores.
SMR developer X-Energy (XE) upsized and priced well above the range to raise $1.0 billion at a $9.5 billion market cap, the first advanced player in this space to complete a traditional IPO. X-Energy designs advanced nuclear reactor technology, particularly small modular reactors (SMRs), and manufactures nuclear fuel. X-Energy has agreements with a number of blue-chip companies, including Dow, Amazon, and Centrica. However, it has yet to begin construction of its first commercial SMRs, which are not expected to be completed until the early 2030s. X-Energy finished up 27%.
Critical materials and microwave systems supplier The Elmet Group (ELMT) upsized and priced at the high end to raise $120 million at a $420 million market cap. Elmet manufactures precision components and engineered systems using refractory metals such as tungsten, molybdenum, and niobium, along with high-power microwave technologies, designed for applications in aerospace, defense, and other demanding environments. While smaller than its peers, the company has non-China supply agreements that limit tariff impacts and provide stability. The Elmet Group finished up 21%.
Convenience store operator Yesway (YSWY) priced at the low end to raise $280 million at a $1.3 billion market cap. Yesway believes it is one of the fastest-growing convenience store operators in the US, with 90 successful openings from 2020 to 2025, and 419 company-operated stores as of 12/31/25. The company boasts leading fuel margins, with an increasing mix of diesel sold, but sustained high fuel prices could reduce demand and depress retail foot traffic. Yesway finished up 9%.
Healthcare REIT National Healthcare Properties (NHP) priced below the range to raise $462 million at a $817 million market cap. NHP’s portfolio of properties spans 29 states, in two primary segments: Senior Housing Operating Properties and Outpatient Medical Facilities. The REIT’s high pro forma cash balance should support significant inorganic growth, though it has a limited track record of integrating acquisitions. NHP finished up 7%.
| 4 IPOs During the Week of April 20th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/24 |
| X-Energy (XE) | $1,018M | $9,466M | 31% | +27% | +27% |
| Develops small modular reactors and produces nuclear fuel. | |||||
| The Elmet Group (ELMT) | $120M | $420M | 8% | +28% | +21% |
| Makes critical materials and high-power microwave products for aerospace and defense. | |||||
| Yesway (YSWY) | $280M | $1,258M | -7% | +6% | +9% |
| Convenience store chain with over 400 locations throughout seven states. | |||||
| National Healthcare Prop. (NHP) | $462M | $817M | -17% | +0% | +7% |
| Healthcare REIT focused on outpatient medical and senior housing properties. | |||||
One sizable issuer joined the pipeline: investment banking advisory firm Lincoln International (LCLN).
| 7 Filings During the Week of April 20th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| InterPrivate Investment V (IPVU) | $175M | SPAC | Cantor Fitz. |
| Fifth blank check company backed by InterPrivate targeting blockchain and digital assets. | |||
| Lincoln International (LCLN) | $100M | Financials | Goldman |
| Investment banking advisory firm focused on private capital markets. | |||
| Burtech Acquisition II (BRKHU) | $100M | SPAC | D. Boral Capital |
| Blank check company targeting retail, lifestyle, hospitality, tech, and real estate. | |||
| SunScout Holding (SNSC) | $22M | Industrials | Dominari Sec. |
| New Zealand-based developer of autonomous solar-powered mowers and other solar products. | |||
| East West Ave Acquisition (EWAVU) | $100M | SPAC | Prime Num. Cap. |
| Blank check company targeting fintech, digital assets, and energy solutions. | |||
| Hall Chadwick Acq. II (HCAXU) | $265M | SPAC | Cohen & Company |
| Blank check company targeting critical materials, infrastructure, and defense. | |||
| Tarsier Pharma (TARX) | $35M | Health Care | Konik Capital |
| Israel-based Phase 3 biotech developing steroid-free therapies for ocular diseases. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/23/2026, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 4.2%. 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 24.1% year-to-date, while the ACWX was up 8.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
