The IPO market’s summer break is set to continue in the coming week, with one company set to list. Smaller issuers may join the calendar late.
Japanese fintech Advasa Holdings (ADBT) is set to complete its direct listing on the Nasdaq. The company develops and licenses earned wage access (EWA) systems, integrating with employer payroll and timekeeping systems to calculate available earned wages and facilitate disbursement. The company also provides OEM services and monetizes a portfolio of domestic and international patents related to EWA technology. It currently serves 12 clients (10 EWA, 1 OEM, and 1 system maintenance) primarily in Japan, and is preparing to expand into additional markets in Asia and the Middle East.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Advasa Holdings (ADBT) Tokyo, Japan | $941M $4,871M | $10 94,075,607 | |
| Provides earned wage access software to employers in Japan. | |||
Street research will be available for six companies in the week ahead, and one lock-up period 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 8/20/2026, the Renaissance IPO Index was up 18.6% year-to-date, while the S&P 500 was up 12.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Astera Labs (ALAB). The Renaissance International IPO Index was up 39.8% year-to-date, while the ACWX was up 16.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
