Two sizable IPOs and one direct listing are currently scheduled in the week ahead, although some smaller deals may also join the calendar throughout the week.
Sandwich chain Jersey Mike’s Subs (JMKE) is set to raise $1.0 billion at a $7.3 billion market cap. Backed by Blackstone, Jersey Mike's is a fast-casual sub sandwich chain known for fresh-sliced meats and cheeses, bread baked in-store daily, and produce prepped on-site rather than pre-packaged. The company has grown to roughly 3,300 locations across the US, the vast majority run by independent franchise owners, alongside a small number of company-owned stores. Revenue comes primarily from royalties and advertising fees tied to systemwide sales, with company-owned store sales making up a smaller share. Jersey Mike's has also begun expanding internationally, including recent development agreements in the UK and Ireland. The company boasts an asset-light franchise model, which has helped it attain high margins, but is coming public levered at 5.1x pro forma debt/LTM EBITDA.
Womenswear brand Reformation (REF) is set to raise $225 million at a $1.0 billion market cap. Reformation, which began with dresses in 2009, calls itself the largest sustainable womenswear brand in the world. The company has since expanded into bottoms, tops, sweaters, and accessories. The company states it uses data-driven product merchandising and agile manufacturing, and produces new styles in small quantities, and tests them twice a week on its website, and once a week in its stores. Reformation has a production site and distribution centers in Los Angeles, which it says gives it superior lead times to industry norms. The company boasts solid topline growth, with a 19% CAGR from 2023 to 2025, but operates in a highly-competitive and fad-driven space.
Bitcoin miner Ionic Digital (IOND) plans to complete a direct listing on the Nasdaq. At the price of its June 2026 Private Placement, the company would command a $2.4 billion market cap. Ionic Digital is a digital infrastructure company focused on the development and monetization of powered data center assets. The company owns and operates a flagship 234 MW facility in Ward County, Texas, which it leases to Nscale, a global hyperscaler, under a 126-month triple-net agreement. Ionic Digital also maintains residual bitcoin mining operations at smaller sites in Reagan and Glasscock Counties, Texas, and holds a bitcoin treasury that it intends to deploy in support of its broader growth strategy. The company emerged from the bankruptcy of Celsius Mining in January 2024.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Ionic Digital (IOND) Washington, DC | $572M $2,381M | $53 10,800,164 | |
| Bitcoin miner and cloud infrastructure provider formed from the assets of Celsius Mining. | |||
| Jersey Mike's (JMKE) Tinton Falls, NJ | $1,000M $7,317M | $21 - $25 43,478,260 | Morgan Stanley Jefferies |
| Franchised sandwich chain with over 3,000 locations in the US. | |||
| Reformation (REF) Vernon, CA | $225M $1,040M | $15 - $17 14,062,500 | JP Morgan Morgan Stanley |
| DTC-focused womenswear brand with 70 stores. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/23/2026, the Renaissance IPO Index was up 16.7% year-to-date, while the S&P 500 was up 8.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and CoreWeave (CRWV). The Renaissance International IPO Index was up 38.7% year-to-date, while the ACWX was up 12.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
