US IPO Weekly Winners & Losers

The stock market’s post-tariff rally lost some steam this week, but it lasted long enough to put the 2025 IPO market back on its feet.

The proof: Two VC-backed IPOs priced at the top of the range this week and notched double-digit returns, paving the way for more growth IPOs. MNTN (NYSE: MNTN), an ad platform for connected TVs, became the year’s first VC-backed tech IPO and it closed the week +73% above offer. Much of those gains came after the open. Digital health service Hinge Health (NYSE: HNGE) finished Friday 26% above offer.

Ad-tech and health-tech are mostly immune from tariffs, but more importantly, management had the conviction to take the companies public, and a willingness to accept public market valuations. Despite the recent rally, the buy-side won't pay top-dollar until we get more clarity on trade and rate policy.

We now anticipate modest deal flow in June, with about one to two offerings per week, followed by a gradual uptick in July as market conditions stabilize. Activity should pause during the traditional August lull before gaining real momentum in the fall, contingent on favorable market conditions and investor sentiment.

The US deal calendar is currently empty due to the Memorial Day holiday, but that should change on Tuesday. Omada Health (Nasdaq: OMDA) looks primed to go after Hinge's trading. Circle (NYSE: CRCL) also appears ready, and Chime (Nasdaq: CHYM) could kick off its IPO roadshow as soon as mid-week.

Several notable new filers this week, led by oncology platform Caris Life Sciences (Nasdaq: CAI), insurer Slide Insurance (Nasdaq: SLDE), and debt collector Jefferson Capital (Nasdaq: JCAP). While Klarna (NYSE: KLAR) reportedly pushed back its IPO to the fall, it refreshed its IPO filing with Q1 financials, a sign that it’s still courting potential investors in the meantime.

The IPO market shed -2.6% this week, vs. a -2.6% decline for the S&P 500. The IPO Index's weekly winner Amer Sports climbed +19.0% to an all-time high, as the sports equipment and apparel maker rode a strong Q1 earnings release. Restaurant chain Cava lost -13.8%, likely due more to its lofty valuation than fundamentals (last week's earnings blew out estimates).