US IPO Weekly Winners & Losers

Two sizable IPOs this week. Another major deal on the calendar. The IPO window might just reopen this summer… for the right names.

Insurers American Integrity Insurance (NYSE: AII) and Aspen Insurance (NYSE: AHL) raised a combined $508 million. Apollo-backed Aspen upsized its share offering. Both priced at the midpoint and traded up, a notable feat in this environment.

eToro (Nasdaq: ETOR) dominated the week’s headlines, launching a $480 million offering that prices in the coming week. There it would be the year’s largest VC-backed IPO to date. eToro was one of several notable companies to pause IPO plans after the tariff sell-off. Now it’s the first of the group to test the waters.

Insurance and online trading may seem worlds apart, but they have one important similarity: they’re insulated from tariffs.

That specific trait will play a part in upcoming IPO activity, at least in the near term. Risk appetite appears to be stabilizing, but the VIX is still hovering at the mid-20s resistance level.

There are plenty of companies in the public pipeline to get us through the end of May, including adtech MNTN (NYSE: MNTN), med-tech Hinge Health (NYSE: HNGE), and insurer Ategrity Specialty Insurance (NYSE: ASIC). Beyond that, we’ll need more new filings in order to see a true summer IPO pickup.

Despite the lack of deals, the IPO market is still gaining steam. The IPO Index posted its fifth positive week in a row, rising +2.0%. The S&P 500 returned -0.5%. Chinese robotaxi play Pony AI led the winners for the third straight week, up a whopping +72.4% after announcing another strategic partnership. Chipmaker Arm slid -6.1% on weak guidance amid tariff uncertainty.