Two sizable issuers are slated to list in the week ahead, though all eyes are on the year’s next potential mega IPO.
Anthropic (ANT) could launch its highly anticipated IPO as early as Tuesday, which would position the AI giant for a potential pricing during the week of November 16. The backdrop for its listing currently looks weaker than the company likely expected; tech stocks were hit hard this past week after US midterm results sparked fears of an AI crackdown, though the sector staged a slight recovery on Friday.
On the calendar, cavity treatment provider vVardis (VVVV) plans to raise $214 million at a $1.3 billion market cap. Based in Switzerland, vVardis develops and sells Curodont, a peptide-based treatment for early-stage cavities that is applied in a dental office in five minutes or less, with no drilling or needles. Its US product, Curodont Repair Fluoride Plus, is marketed as an over-the-counter drug under an FDA monograph and generates the vast majority of revenue. Its products have been sold to over 20,000 of the approximately 110,000 general dental practices in the US.
Inflammatory disease biotech Rezera (RZRA) plans to raise $200 million at a $254 million market cap. Rezera is developing oral inhibitors of NLRP3 for cardiovascular and neuroinflammatory diseases. Its lead candidate, ruvonoflast, has completed two Phase 2 trials in cardiometabolic disease, and the company plans to initiate a Phase 3 trial in the 1H27, with a readout expected in 2028. The company is also developing trabzanoflast, a brain-penetrant NLRP3 inhibitor. Rezera retains worldwide rights to all of its candidates.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Rezera (RZRA) Boston, MA | $200M $254M | $11 - $13 16,666,667 | Jefferies TD Securities |
| Phase 3-ready biotech developing oral NLRP3 inhibitors for inflammatory diseases. | |||
| vVardis (VVVV) Zug, Switzerland | $214M $1,345M | $21 - $24 9,523,810 | Goldman JP Morgan |
| Sells proprietary non-invasive treatments for cavities. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/5/2026, the Renaissance IPO Index was down 4.0% year-to-date, while the S&P 500 was up 8.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include SpaceX (SPCX) and SK hynix (SKHY). The Renaissance International IPO Index was up 9.8% year-to-date, while the ACWX was up 11.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
