As always, the US IPO market had a slow holiday season, and we expect it will remain in low gear for the next few weeks.
That said, the largest IPO publicly on file, liquefied natural gas producer Venture Global (NYSE: VG) will be eligible to kick off its roadshow on Monday. News reports indicate a $3 billion deal size, notable since only one 2024 IPO raised more (Lineage).
Two more energy IPOs look ready to launch as well: Flowco Holdings (NYSE: FLOC) and Infinity Natural Resources (NYSE: INR).
This week we updated our 2024 IPO Annual Review for year-end. Be sure to read it if you haven't already. We also published a short report on why 2025 is the year the IPO market fully normalizes, highlighting 31 companies that are poised to go public. The full reports are available on IPO Pro.
The IPO market had a solid start to the year, with the Renaissance IPO Index up +1.6% this week, vs. a -0.5% loss for the S&P 500. The tech sector outperformed, led by chip developer Arm Holdings, up +9.2%. Aircraft maintenance firm StandardAero was the bottom performer, off -6.0%.
Happy new year,
Bill Smith
CEO and Founder
Renaissance Capital
|
Biggest price changes through
Jan 3rd
in the
Renaissance IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Arm Holdings | ARM | 9.2% |
| Tempus AI | TEM | 8.9% |
| Mobileye Global | MBLY | 8.3% |
| Instacart (Maplebear) | CART | 6.5% |
| Nextpower (Nextracker) | NXT | 6.4% |
| Bottom 5 | ||
| StandardAero | SARO | -6.0% |
| Birkenstock Holding | BIRK | -4.8% |
| Viking Holdings | VIK | -3.6% |
| ZEEKR Intelligent Technology Holding | ZK | -2.6% |
| OneStream | OS | -2.5% |
| Sectors | ||
| Health Care | 3.8% | |
| Technology | 2.8% | |
| Financials | 2.5% | |
| Industrials | 0.0% | |
| Real Estate | 0.0% | |
| Consumer Discretionary | -1.3% | |
| Consumer Staples | -1.5% | |
Renaissance IPO ETF (NYSE symbol: IPO) tracks the Renaissance IPO Index
The Renaissance IPO Index returned 1.6% last week vs. -0.5% for the S&P 500.
