With the Thanksgiving holiday behind us, the IPO market is officially entering the final stretch of 2023. Many candidates have indicated plans to wait until 2024, but rumbles in the pipeline mean that we could still see some activity before year-end.
Several issuers are primed for post-Thanksgiving launches. Recent filers like product testing company UL Solutions (ULS), Chinese EV brand ZEEKR (ZK), and specialty insurer Fortegra (TFG) could lead the way, with biotech Carmot Therapeutics (CRMO) following later in December.
Other large filers that have provided updates recently include hospital billing platform Waystar (WAY, car sharing platform Turo (TURO), homebuilder Smith Douglas (SDHC), and helicopter transport company Phi Group (ROTR).
Street research is expected for two companies in the week ahead. For access to Street research dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/22/2023, the Renaissance IPO Index was up 33.1% year-to-date, while the S&P 500 was up 20.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Palantir Technologies (PLTR) and Kenvue (KVUE). The Renaissance International IPO Index was down 16.9% year-to-date, while the ACWX was up 9.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kuaishou and Porsche.
