The longest-ever US government shutdown has ended – so when will the IPO pickup resume?
The short answer: 2026 for most companies. A backlogged SEC, the approaching holiday slowdown, and pressure on AI and other tech stocks are all weighing on hopes for a near-term rebound.
That said, there are several deals in the pipeline that could come to market before the end of the year.
A couple IPOs are set to go next week and close out November, Missouri bank Central Bancompany (Nasdaq: CBC) and Christian tech platform Gloo Holdings (Nasdaq: GLOO). After that, the December roster likely includes medical supplies giant Medline, pan-Asian travel platform Klook, and crypto investment platform Grayscale, which flipped its S-1 this week.
The IPO market continued to slide this week, off -4.8% compared to a flat S&P 500. AI stocks took the brunt of the hit, though this level of volatility puts pressure on all recent listings regardless of sector or quality.
The upshot here is that IPO buyers are now back in the driver’s seat when it comes to pricing.
Grocery delivery platform Instacart led the IPO Index's winners, up +11.7% on strong earnings and an analyst upgrade. CoreWeave landed at the bottom, down -25.6% on more AI capex fears.
Take care,
Bill Smith
CEO and Founder
Renaissance Capital
|
Biggest price changes through
Nov 14th
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Instacart (Maplebear) | CART | 11.7% |
| Kaspi.kz | KSPI | 3.5% |
| Birkenstock Holding | BIRK | 3.5% |
| Amer Sports | AS | 2.8% |
| Viking Holdings | VIK | 1.6% |
| Bottom 5 | ||
| CoreWeave | CRWV | -25.6% |
| Circle Internet Group | CRCL | -20.6% |
| Bullish | BLSH | -14.6% |
| Figma | FIG | -12.9% |
| Astera Labs | ALAB | -12.8% |
| Sectors | ||
| Consumer Discretionary | 0.9% | |
| Energy | -0.1% | |
| Consumer Staples | -1.5% | |
| Real Estate | -3.5% | |
| Health Care | -5.6% | |
| Industrials | -6.1% | |
| Financials | -6.1% | |
| Technology | -7.1% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned -4.8% last week vs. 0.1% for the S&P 500.
