US IPO Weekly Winners & Losers

Does it feel like the IPO market has been “reopening” for about a year and a half?

That’s because it has.

It’s a common misconception to think of the IPO window as open or closed, but really it's not so binary. IPO proceeds jumped +152% in 2023. And 2024 IPOs have raised +237% more capital than this point last year. Momentum has been building.

The IPO pipeline supports a pickup in the spring and summer. Three $100+ million deals filed this week, including cruise operator Viking (NYSE: VIK) and data management platform Rubrik (NYSE: RBRK).

Both are found on our newly-released list of the 52 most-likely IPOs expected in spring and summer 2024.

The IPO calendar is also picking up. Two larger deals are slated for next week, product testing firm UL Solutions (NYSE: ULS) and nursing chain PACS Group (NYSE: PACS).

Biotechs are under pressure. The space had a number of homeruns last year, but so far the 2024 biotech scorecard is weak, outside of one deal (CG Oncology). This past week’s sole sizable IPO Contineum Therapeutics (Nasdaq: CTNM) was the latest, off -4% in its debut.

A solid jobs report and stubbornly high inflation mean the Fed may be slower to cut rates. That caused the IPO market to slide -3.3% this week, vs. the S&P 500’s -1.0% loss. Emerging markets fintech dLocal was the top performer, up +10.5%, while health-tech firm agilon health lost its prior week’s gains, off -22.1%.