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US IPO Weekly Winners & Losers

July 7, 2024

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July is here, and while there’s no IPO tidal wave on the horizon, activity should move at a good clip in the coming weeks.

There were no major deals around the holiday, and the calendar looks quiet for now. But there are several large names in the pipeline that are gearing up to go public.

Leading the charge, two healthcare deals are eligible to launch in the week ahead: Health services provider Concentra (NYSE: CON) is being spun out of publicly-traded Select Medical, and LBO’d hospital operator Ardent Health (NYSE: ARDT) is targeting an IPO after a canceled attempt in 2018. We expect each deal could raise around $500 million.

We’re also watching for July listings from recent filers like cold-storage REIT Lineage (Nasdaq: LINE) and software names Solera (NYSE: SLRA) and OneStream (Nasdaq: OS). There’s still time for new filings from issuers planning to IPO before the market’s annual August lull, but the window is narrowing. After that, it should reopen in September ahead of the US elections in the fall.

The IPO Index returned +1.6% this week, compared to +2.0% for the S&P 500. Social media platform Reddit led a tech-heavy top 5 with a +14.2% gain, while language learning app Duolingo traded off -7.5%.

Take care,
Bill Smith
CEO and Founder
Renaissance Capital

P.S. This week, we released our report on how the Big Four accounting firms ranked on IPOs in Q2. Watch out next week for our report on the quarter’s most active IPO law firms.
Weekly IPO Winners & Losers
Biggest price changes through Jul 5th in the Renaissance IPO Index
Top 5
Reddit RDDT 14.2%
Arm Holdings ARM 10.7%
Rivian Automotive RIVN 10.2%
Instacart (Maplebear) CART 7.3%
Rubrik RBRK 6.8%
Bottom 5
Duolingo DUOL -7.5%
ZEEKR Intelligent Technology Holding ZK -4.7%
Amer Sports AS -4.6%
Fluence Energy FLNC -4.3%
On Holding ONON -4.1%
Technology 2.8%
Consumer Staples 0.7%
Consumer Discretionary 0.6%
Financials -0.2%
Industrials -1.3%
Health Care -1.3%
Renaissance IPO Index Performance

Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index

The Renaissance IPO Index returned 1.6% last week vs. 2.0% for the S&P 500.