US IPO Weekly Winners & Losers

The IPO Drought is over, and the IPO Wave is here.

Six companies kicked off their roadshows, setting the stage for the IPO market’s biggest week since 2021, by number of deals raising $100+ million. Friday will also notch a four-year record with four deals that day.

2025 themes like fintech and crypto continue to show up, alongside some emerging trends.

• Up first is Klarna (NYSE: KLAR), set to raise $1.2 billion in the year’s fourth-largest offering. The buy-now-pay-later “decacorn” has talked about an IPO for over five years.

• Figure Technology (Nasdaq: FIGR) was launched by SoFi’s founder Mike Cagney, and even if you discount the blockchain angle, there’s still a lot to like in the fintech platform's financials.

• Black Rock Coffee (Nasdaq: BRCB) will be the first US restaurant to go public since Cava in 2023. It looks like a smaller Dutch Bros (2021 IPO), a compliment if I’ve ever heard one.

• Rideshare platform Via Transportation (NYSE: VIA) is a unique company, pivoting from an Uber-like app to its current focus on government transit. Always worth paying attention when you see Allen & Co. on the cover.

• Blackstone’s Legence (Nasdaq: LGN) will take the pulse of PE deals; most of the year’s LBO listings are underwater, but every deal is different.

• Similarly, Winklevoss-backed Gemini (Nasdaq: GEMI) will test the appetite for crypto.

We didn’t get a flood of new filings this week, so a number of IPO hopefuls are waiting to see how this first crop of deals is received. Still, news hit that StubHub and Netskope plan to join the calendar on Monday.

The IPO market finished the week on a high note to return +0.6%, compared to a +0.3% gain for the S&P 500. The IPO Index’s winner was aerospace parts maker Loar Holdings, up +8.2%. Last week’s winner CoreWeave traded off -13.5% as shareholders took gains, including insiders.

A notable IPO loser not yet found in the IPO Index: Figma fell -22% on an earnings release and partial lock-up expiration. It’s now at a +66% premium to the offer price. For the hottest new issues, buy-and-hold IPO investors often wait until the hype has died down a bit to build their positions.