Next Week: The Consumer IPO Comeback.
Two PE-backed consumer discretionary IPOs will test investor demand for a sector that's spent most of 2026 on the sidelines.
Blackstone-backed Jersey Mike's Subs (NYSE: JMKE) is raising $1 billion in the largest consumer IPO in more than two years. The $8.9 billion valuation is ambitious given the struggles of restaurant stocks, but the chain’s popularity is undeniable as it embarks on a global expansion. Other restaurants in the IPO pipeline, including Inspire Brands (Jimmy John’s, Dunkin’, Arby’s) and Panera, will be watching closely.
Permira-backed women’s clothing brand Reformation (NYSE: REF) marks the IPO market’s first DTC company in years. It pairs above-average growth with below-average EBITDA margins. Our X account noted its roadshow which was... “edgy.”
AI infrastructure listings are down but not out. Recently valued at $2.4 billion, Ionic Digital (Nasdaq: IOND) should be the largest direct listing since 2021. It's one of several bitcoin miners to pivot to data center leasing.
Just one IPO this past week: Scribe Therapeutics (Nasdaq: SCTX) priced at the $15 high end and popped +44.3%. The early-stage biotech is developing gene-silencing therapies for cardiovascular disease. It priced at a discount of more than 50% to its last private round, while IPO investments from Eli Lilly and Sanofi hinted at a potential M&A angle.
The year’s biotech IPOs now average a +64.0% return from offer, so expect the six other biotechs in the IPO pipeline to move forward.
The IPO Index showed new stocks continuing to slip this week, off -2.5% compared with the S&P 500’s -0.6% loss. Growth stocks have lost steam amid AI concerns and the war with Iran. Health-tech firm Tempus AI sank -18.6% after agreeing to buy diagnostics developer Personalis, while equipment rental platform EquipmentShare.com rebounded +16.6% after raising 2026 guidance.
Based on a typical summer IPO calendar, we still have two or three more weeks of meaningful activity before the annual August pause.
Take care,
Bill Smith
CEO and Founder
Renaissance Capital
|
Biggest price changes through
Jul 24th
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| EquipmentShare.com | EQPT | 16.6% |
| Cerebras Systems | CBRS | 15.2% |
| StandardAero | SARO | 7.4% |
| Pony AI | PONY | 7.1% |
| Bullish | BLSH | 6.9% |
| Bottom 5 | ||
| Tempus AI | TEM | -18.6% |
| Netskope | NTSK | -15.2% |
| Figma | FIG | -11.8% |
| Forgent Power Solutions | FPS | -9.8% |
| Kodiak Gas Services | KGS | -9.4% |
| Sectors | ||
| Industrials | 2.1% | |
| Consumer Staples | 1.9% | |
| Real Estate | -1.0% | |
| Financials | -2.3% | |
| Energy | -2.5% | |
| Utilities | -2.6% | |
| Technology | -3.4% | |
| Health Care | -3.6% | |
| Consumer Discretionary | -3.8% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned -2.5% last week vs. -0.6% for the S&P 500.
