US IPO Weekly Recap: Jersey Mike’s and Reformation underwhelm

Six IPOs and two SPACs priced this week. One IPO and one SPAC submitted filings.

Sandwich chain Jersey Mike’s Subs (JMKE) priced at the midpoint 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 finished the week flat.

Womenswear brand Reformation (REF) priced at the bottom of the range to raise $211 million at a $973 million 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. It finished the week up 8%.

Obstructive Sleep Apnea pharma Apnimed (APMD) priced its upsized IPO at the top of the range to raise $192 million at a $745 million market cap. Apnimed's sole clinical candidate, AD109 (Oxnimbi), is a fixed-dose, anti-apneic neuromuscular modulator that combines a novel anti-muscarinic and a selective norepinephrine reuptake inhibitor for the treatment of obstructive sleep apnea. It is designed to improve upper airway muscle activity and prevent airway collapse during sleep. Oxnimbi was most recently studied in 1,300 patients across multiple Phase 3 trials, and the company has since submitted an NDA in April 2026. Apnimed finished the week up 56%.

Exploration-stage mining company IMC Rare Earths (IMC) priced at the midpoint to raise $20 million at a $620 million market cap. IMC Rare Earths Ltd is a pre-revenue mineral exploration and development company focused on rare earth elements in Brazil. Its primary asset is the Itarantim Project, an ionic adsorption clay deposit spanning the states of Bahia and Minas Gerais with an identified mineral resource of approximately 1.1 billion metric tons. The company's focus is on magnet rare earth elements: principally neodymium, praseodymium, dysprosium, and terbium, which are key inputs for permanent magnets. IMC Rare Earths finished the week up 7%.

Bitcoin miner Ionic Digital (IOND) completed its direct listing on the Nasdaq. 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. Ionic Digital finished the week up 32% from its $53 reference price.

Golf shot tracking platform Game Your Game (GYGY) also completed a direct listing on the Nasdaq. Game Your Game develops and markets a golf shot-tracking and performance analytics platform combining proprietary hardware and subscription-based software. Its core product, the KZN AI system, is a wearable hardware device that uses embedded neural network technology to automatically detect and record golf shots and associate them with GPS course location data. Game Your Game finished the week up 14% from its $8 implied reference price.

Two SPACs also debuted this week. Churchill Capital XIII (XIIIU), founded by dealmaker and former Citi exec Michael Klein, raised $360 million. Catalyst Acquisition (CATLU) raised $200 million to target media.

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One IPO submitted initial filings this week. Singapore-based logistics firm Tracx Logis (TRCX) filed to raise $22 million.

One SPAC also submitted initial filings. Meteora Capital-backed Karman Line Acquisition (XTERU) filed to raise $200 million to target aerospace and defense.


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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/30/2026, the Renaissance IPO Index was up 14.8% year-to-date, while the S&P 500 was up 9.4%. 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 29.7% year-to-date, while the ACWX was up 12.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.