US IPO Weekly Winners & Losers

The IPO party is getting started... even if the guests are still trickling in.

Three major deals priced above the range, all of which popped at least +30%. High profile fintech unicorn Chime (Nasdaq: CHYM) led the lineup, raising $864 million and climbing +37% on day one. Investors are jumping back into growth stocks. Add solid fundamentals and a decent price, and you have an easy pitch.

Space and defense play Voyager Technologies (NYSE: VOYG) may not have grabbed as many headlines, but it rocketed +82% on day one due to a combination of industry tailwinds and excitement over its new space station project. Insurer Ategrity (NYSE: ASIC) jumped +45%. Investors have shown a lot of love for fast growers in the specialty P&C space, and lead bank J.P. Morgan should have had no problem selling the deal after its success with Circle.

Throwing a bit of cold water on things, all three finished Friday below the first-day close, so hot hands are flipping deals. Not a major concern yet since they’re all well above offer, but it could dampen future pops.

No major new filings this week, which is expected given the upcoming market holidays. But in order to maintain this momentum in July, it is crucial that we see new S-1 filings hit over the next two weeks.

Back to the calendar, two notable names are set to list in the short holiday week. Precision medicine platform Caris Life Sciences (Nasdaq: CAI) is pitching AI in healthcare (like close peer Tempus). Coastal insurer Slide (Nasdaq: SLDE) is likely taking advantage of the recent string of successful insurance deals.

The IPO Index slid -1.4% this week, compared to -0.4% for the S&P 500. Enterprise security firm SailPoint jumped +18.6% on a classic beat and raise. Chinese autonomous driving play Pony AI gave up more of its recent gains, falling -15.4%.