Three IPOs, one direct listing, and two SPACs priced during a challenging week for growth stocks. However, the week’s most notable news came from Anthropic (ANT), which filed its long awaited S-1 on Monday for an IPO that could be the largest ever.
Nigeria-focused fintech OPay (OPAY) priced at the low end of the range to raise $304 million at a $4.0 billion market cap. Cornerstone investors committed to nearly 90% of the offering, with Standard Bank kicking in up to an additional $200 million in a private placement. OPay boasts that it is the #1 finance app in Africa and the Middle East based on MAUs, offering digital wallets, debit cards, savings products, and peer-to-peer and merchant payments. It is the latest in a string of Africa-linked IPOs; however, in a highly unusual case, OPay unexpectedly did not begin trading on Friday.
Immunology and inflammation biotech Bambusa Therapeutics (BBTX) priced its upsized IPO at the midpoint to raise $169 million at an $856 million market cap. A developer of long-acting bispecific antibodies, Bambusa’s lead candidate, BBT001, targets IL-4Rα and IL-31. It is in Phase 1 trials for atopic dermatitis, where it reported initial proof-of-concept data in July 2026, and has an ongoing Phase 2a trial in China for chronic spontaneous urticaria. Bambusa Therapeutics finished the week down 6.3%.
Parkinson’s disease biotech Aspen Neuroscience (ASPE) priced at the low end of the range to raise $141 million at a $462 million market cap. Aspen is developing autologous induced pluripotent stem cell (iPSC)-derived therapies for neurodegenerative diseases. Its lead candidate, sasineprocel, is a single-dose cell therapy made from cells taken from a patient’s own skin biopsy, designed to replace the dopaminergic neurons lost in Parkinson’s disease. Aspen Neuroscience finished the week down 0.7%.
Atlanta area bank Georgia Banking Company (GBC) completed its direct listing on the Nasdaq. Backed by Patriot Financial Partners, Fortress Investment Group, and AllianceBernstein, the company provides a variety of commercial and community banking services in the Atlanta area through 10 full-service banking offices and three loan production offices. It finished the week at $38.38, or 27.9% above its last private round of $30.
| 6 IPOs During the Week of October 26th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/30 |
| Georgia Banking Company (GBC) | $0M | $335M | 0% | +28% | +28% |
| Commercial and retail bank with 10 branches in the Atlanta metro area. | |||||
| BHAV Acquisition II (BHAIU) | $100M | $139M | 0% | +0% | +0% |
| Blank check company targeting robotics, EVs, fintech, advanced computing and energy tech. | |||||
| SPACCircle Acquisition (SCQCU) | $100M | $153M | 0% | +0% | +0% |
| Blank check company targeting digital asset, technology, and healthcare businesses. | |||||
| Aspen Neuroscience (ASPE) | $141M | $462M | -6% | -1% | -1% |
| Phase 1/2a biotech developing stem cell therapies for Parkinson’s disease. | |||||
| Bambusa Therapeutics (BBTX) | $169M | $856M | 0% | -6% | -6% |
| Phase 2 biotech developing bispecific antibodies for inflammatory diseases. | |||||
| OPay (OPAY) | $304M | $4,004M | -5% | -100% | -100% |
| Digital bank and fintech platform in Nigeria and other emerging markets. | |||||
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Four IPOs submitted initial filings this week, headlined by AI model developer Anthropic. We estimate that it could raise $75 billion or more in a mid-November listing, potentially eclipsing SpaceX as the largest IPO ever. After filing an initial prospectus, the company must wait 15 days before publicly marketing the deal, meaning investors will have to wait at least one more week before seeing the roadshow. In the meantime, Anthropic could submit an amended filing detailing its highly anticipated third quarter results.
| 7 Filings During the Week of October 26th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| UCSB Acquisition (UCSBU) | $60M | SPAC | US Tiger Securities |
| Blank check company led by Chinese executives. | |||
| KAT Construction Services (KATX) | $20M | Industrials | Z2 Capital |
| Produces and installs stone architectural features in the Dallas-Fort Worth metro. | |||
| Redwoods Acquisition II (RDWDU.RC) | $75M | SPAC | Revere Sec. |
| Blank check company targeting the energy storage, telecom, and consumer sectors. | |||
| Focus Media Network (FMSN) | $25M | Communication Services | Kingswood |
| Operates digital advertising screens in commercial buildings in Singapore. | |||
| Heroic Empire Acquisition (HEACU.RC) | $100M | SPAC | A.G.P. |
| Blank check company targeting AI, biotech, energy, and advanced manufacturing. | |||
| Anthropic (ANT) | $75,000M | Technology | Goldman |
| Developer of a foundational LLM known for its AI assistant Claude. | |||
| LIS Technologies (LIS) | $17M | Materials | Titan Partners |
| Develops laser-based uranium enrichment technologies for nuclear energy. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/29/2026, the Renaissance IPO Index was up 11.1% year-to-date, while the S&P 500 was up 13.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and SpaceX (SPCX). The Renaissance International IPO Index was up 12.6% year-to-date, while the ACWX was up 12.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia (Toshiba Memory).
