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IPO News – Upcoming US IPO Week: IPO market pauses for the short Memorial Day week

The IPO market in May is likely to end quietly, as no IPOs are currently planned for the short Memorial Day week.

Although the calendar is still pretty empty at the moment, we could see some issuers going public in the coming week in early June. Two major companies that recently filed for IPOs may set their terms on Tuesday: aluminum company Novelist (NVL), whose IPO is estimated at $1.3 billion, and the Mexican airline Aeromexico Group (AERO), which aims to raise $300 million.

Another major emitter, Australian natural gas exploration Tamboran Resources (TBN) submitted the application in early May, but could be submitted after the holidays.

Two older members of the pipeline may also be targeting post-Memorial Day launches following recent updates to their prospectuses. Billion dollar platform for hospitals Waystar (WAY) and car sharing platform to teach (TURO) are solid candidates for IPOs valued at an estimated $500 million and $300 million, respectively.

Street research reports are expected for two companies next week, and lock-up periods are expiring for two companies. To access street research reports and lock-up expiration dates, sign up for a free trial of IPO Pro.

IPO market overview
The Renaissance IPO Indexes are market capitalization-weighted baskets of newly public companies. As of 5/23/2024, the Renaissance IPO Index was up 4.1% year-to-date, while the S&P 500 was up 11.1%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was up 5.2% year-to-date, while the ACWX was up 7.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Barito Renewables Energy and Wise.

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