US IPO Weekly Winners & Losers

After a month-long dry spell, big IPOs are coming back.

Reddit (NYSE: RDDT) announced terms for its highly-anticipated $715 million deal, at a roughly 50% discount to its 2021 private round. Peruvian healthcare provider Auna (NYSE: AUNA) also launched, planning to raise $420 million in its second US IPO attempt. They join chipmaker Astera Labs (Nasdaq: ALAB) on the calendar for next week, trading Wednesday (ALAB), Thursday (RDDT), and Friday (AUNA).

With no major offerings since early February, having three on the calendar is a sight for sore eyes. And positive trading here would encourage other IPO candidates to finally pull the trigger. Reddit and Astera are the first major tech listings of the year, so both investors and tech unicorns will watch their debuts closely.

More movement in the backlog points to a pickup as we head into the end of Q1. Skilled nursing provider PACS Group (NYSE: PACS) filed for an IPO that we estimate could raise up to $500 million. In private company news, IT firm Ingram Micro, healthcare startup Tempus Labs, and Vista Equity-backed software provider Solera are reportedly talking with banks for 2024 listings.

Markets wavered this week after the latest inflation report, including a pullback from some recent winners. The IPO Index slid -1.3%, compared to the S&P 500’s -0.1%. Chinese freight platform Full Truck Alliance climbed +14.4% while cybersecurity firm SentinelOne fell -19.5%, both on earnings news.