The May IPO market is expected to end on a quiet note, with no IPOs currently scheduled for the short Memorial Day week.
While the calendar is fairly empty for now, we could see some issuers launch in the week ahead for early June IPOs. Two recent large filers are eligible to set terms on Tuesday: aluminum company Novelis (NVL), which is on file for an estimated $1.3 billion IPO, and Mexican airline Grupo Aeromexico (AERO), which plans to raise $300 million.
Another sizable issuer, Australian natural gas E&P Tamboran Resources (TBN) filed in early May but could pull the trigger after the holiday.
Two older members of the pipeline may also be targeting post-Memorial Day launches, following recent updates to their prospectuses. Hospital billing platform Waystar (WAY) and car sharing platform Turo (TURO) are solid candidates, on file for estimated $500 million and $300 million IPOs, respectively.
Street research is expected for two companies in the week ahead, and lock-up periods will be expiring for two companies. For access to Street research and lock-up expiration 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 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.
