US IPO Weekly Winners & Losers

Wall Street is getting back from its August break, but don't expect the IPO floodgates to open in September.

Our newly-released Fall Preview report struck a more cautious tone this year: "Steady Flow of Deals to Close Out the Year." (Full version only on IPO Pro).

Predicting the rest of 2024 is a tall order. Many of the companies themselves may not know their IPO plans, and sit on the fence between Q4 or Q1. The S&P 500 is near an all-time high, but you wouldn't know it looking at the IPO market.

As we note in the report, if deal volume disappoints, deal quality should not. Experienced investors know that these markets tend to offer attractive buying opportunities. We're also now more confident that the IPO rebound will continue into 2025.

Despite only moderate filing activity in August, our report highlights 15 good IPO candidates that have filed publicly. Biotech and energy are both clear themes. The tech sector may or may not show up, but we do expect a $1+ billion IPO from LBO'd software seller Solera (NYSE: SLRA). In addition to the recent filers, our report shows another 15 companies from our watchlist that look ready for Q4 offerings, including StubHub, Cerebras Systems, ShipBob, and Specialty Building Products.

Coming up, there are no major IPOs on the calendar during the short holiday week, though a few small companies based in Asia may price. Three small IPOs began trading this past week, along with two SPACs.

The IPO market paused its recent rally, shedding -0.8% this week, vs. +0.2% for the S&P 500. Plane parts supplier Loar Holdings was the week's winner, flying up another +5.7% and taking the title of best-performing 2024 IPO. Sandal brand Birkenstock plunged -21.5%, missing its quarterly revenue and earnings estimates, while maintaining its outlook for the year.