Updated Monday, 4/27.
A handful of IPOs are currently scheduled for the week ahead, joined by Bill Ackman’s Pershing Square deals. Some smaller issuers may also join the calendar throughout the week.
Neuropsychiatric therapeutics biotech Seaport Therapeutics (SPTX) plans to raise $201 million at a $976 million market cap. Its lead programs include GlyphAllo in Phase 2b for major depressive disorder and GlyphAgo in Phase 1 for generalized anxiety disorder, with additional preclinical candidates targeting depressive and related CNS disorders.
Pulmonary fibrosis biotech Avalyn Pharma (AVLN) is set to raise $201 million at a $683 million market cap. Avalyn Pharma is a clinical-stage biotechnology company developing inhaled antifibrotic therapies for rare respiratory diseases, with a focus on pulmonary fibrosis. Its most advanced candidates are AP01, which is currently being evaluated in a global Phase 2b trial for progressive pulmonary fibrosis, and AP02, which is currently being evaluated in a global Phase 2 trial for idiopathic pulmonary fibrosis. Topline data for both trials are expected in mid- to late-2027.
Coagulation disorder biotech Hemab Therapeutics (COAG) plans to raise $200 million at a $715 million market cap. Hemab is developing antibody-based therapies for inherited bleeding and coagulation disorders. Its lead candidate, sutacimig (HMB-001), finished Phase 2 and is ready for Phase 3 for Glanzmann thrombasthenia and Phase 2 for Factor VII deficiency.
Exploration-stage mining company Silver Bow Mining (SBMT) is tentatively scheduled to raise $50 million at a $358 million market cap. The company owns approximately 3,347 acres in patented mineral claims in Silver Bow County, Montana, and is focused on silver, zinc, gold, lead, and copper. Silver Bow has yet to generate revenue.
While not included below, Bill Ackman’s Pershing Square (PS) and Pershing Square USA (PSUS) are also set to debut. Alternative asset manager Pershing Square and its closed-end vehicle Pershing Square USA will list concurrently; investors will receive one share of Pershing Square for every five shares of Pershing Square USA purchased. Pershing Square USA states that it intends to hold positions in 12 to 15 cash generating large cap North American companies.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Avalyn Pharma (AVLN) Boston, MA | $201M $683M | $16 - $18 11,800,000 | Morgan Stanley Jefferies |
| Phase 2 biotech developing inhaled medicines for rare respiratory diseases. | |||
| Hemab Therapeutics (COAG) Cambridge, MA | $200M $715M | $16 - $18 11,764,706 | Goldman Jefferies |
| Phase 3-ready biotech developing blood coagulation disorder treatments. | |||
| Seaport Therapeutics (SPTX) Boston, MA | $201M $976M | $16 - $18 11,800,000 | Goldman JP Morgan |
| Phase 2 biotech developing therapies for neuropsychiatric indications. | |||
| Silver Bow Mining (SBMT) Butte, MT | $50M $358M | $10 - $13 4,347,828 | Cantor Fitz. Research Capital USA |
| Exploration-stage mining company with projects in Montana. | |||
Street research is expected for one company in the week ahead, and two 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 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.
