Updated Monday, 9/21.
Three IPOs are scheduled for the week ahead, though smaller deals may join the calendar late.
Homeowners insurance MGU Bamboo Insurance Services (BMB) plans to raise $665 million at a $3.3 billion market cap. Bamboo manages functions across the insurance value chain while partnering with a diversified group of Capacity Providers that bear the underwriting risk. The company grew commission and fee income by 54% in the 1H26 and expanded EBITDA margins in the same period. Its concentration in California exposes it to wildfire-related catastrophe risks.
siRNA biotech ADARx Pharmaceuticals (ADRX) plans to raise $350 million at a $1.8 billion market cap. The company is focused on developing next-generation small interfering RNA (siRNA) therapeutics designed to treat a broad spectrum of diseases. Its pipeline includes three clinical-stage programs, each of which target hepatic tissues. Its most advanced candidate is being developed to prevent hereditary angioedema attacks and is currently in a Phase 3 trial. Topline data is expected by the end of 2027, and if positive, ADARx anticipates a potential NDA submission in 2028.
Amaero (AMRO) plans to raise $53 million at a $221 million market cap. The company produces refractory and titanium alloy spherical metal powders for additive manufacturing, along with large near-net-shape components. Its powders are engineered for 3D printing of components used in hypersonic weapons systems, satellite propulsion, strategic missiles, aerospace, and medical applications. The company is small and fast-growing but highly unprofitable.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Amaero (AMRO) McDonald, TN | $53M $221M | $7.06 7,456,500 | Stifel Baird |
| Producer of titanium and refractory metal powders for defense and aerospace 3D printing. | |||
| Bamboo Insurance (BMB) Midvale, UT | $665M $3,264M | $18 - $20 35,000,000 | JP Morgan Morgan Stanley |
| Managing general underwriter for homeowners insurance in California and Texas. | |||
| ADARx Pharmaceuticals (ADRX) San Diego, CA | $350M $1,780M | $15 - $17 21,875,000 | JP Morgan Morgan Stanley |
| Phase 3 biotech developing siRNA therapies for various diseases. | |||
Street research will be available for one company in the week ahead, and one lock-up period will be expiring (one of many for SPCX). For access to Street research and a full calendar of 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 9/17/2026, the Renaissance IPO Index was up 14.7% 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 Astera Labs (ALAB) and CoreWeave (CRWV). The Renaissance International IPO Index was up 31.6% year-to-date, while the ACWX was up 15.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
