Eight IPOs are currently scheduled to list in the week ahead, although some small issuers may also join the calendar throughout the week.
Identity governance software provider SailPoint (SAIL) plans to raise $1.0 billion at an $11.5 billion market cap. The company provides identity security solutions for enterprises and governments. The company offers a range of products, including Identity Security Cloud, its SaaS-based cloud solution built on its unified platform Atlas, and IdentityIQ, its customer-hosted identity security solution. SailPoint was re-acquired by Thoma Bravo in 2022 for $6.9 billion. The company is an industry leader in identity management, a top cybersecurity priority, and has posted strong 25% revenue growth. However, it has posted negative cash flows, which is expects to continue, and is coming public at a full valuation.
Space and defense contractor Karman Holdings (KRMN) plans to raise $400 million at a $2.5 billion market cap. Currently doing business as Karman Space and Defense, the company specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile & defense and space programs. The company has posted strong growth in recent years, driven by geopolitical tensions and the growing space market. It is heavily dependent on government spending, with 80% of its 2023 revenue coming from the Department of Defense.
Michigan-based bank Northpointe Bancshares (NPB) plans to raise $150 million at a $577 million market cap. The bank now a nationwide mortgage purchase program, residential mortgage loans, digital deposit banking to retail customers, and custodial deposit services to loan servicing clients. Its delivery systems are primarily digital, and with loan production offices across 23 cities in 15 states, the bank has established a nationwide presence with clients in all 50 states and the District of Columbia. As of September 30, 2024, Northpointe had $5.4 billion in assets, $4.8 billion in gross loans, $3.5 billion of deposits, and $455 million of stockholders' equity.
Metabolic disease biotech Aardvark Therapeutics (AARD) plans to raise $100 million at a $364 million market cap. Aardvark's wholly-owned lead candidate, ARD-101 (denatonium acetate monohydrate), is an oral gut-restricted small-molecule agonist of certain Bitter Taste Receptors (TAS2Rs) expressed in the gut lumen. The company has initiated a potentially pivotal Phase 3 trial of ARD-101 for hyperphagia associated with Prader-Willi Syndrome, with topline data expected in early 2026.
UK-based B2B platform RedCloud Holdings (RCT) is tentative scheduled to raise $55 million at a $360 million market cap. The company operates the RedCloud platform, which facilitates the trading of fast-moving consumer goods across business supply chains. RedCloud currently operates throughout many emerging markets, with 93% of its 2023 revenue coming from Nigeria.
Dubai-based robotics developer Micropolis Holding (MCRP) is tentatively scheduled to raise $23 million at a $158 million market cap. Micropolis is a robotics manufacturer that specializes in developing autonomous mobile robots, as well as operating software, which includes autonomous driving software, and electronic control units and power storage units. Micropolis has currently earned minimal revenue.
Sensor system maker Odysight.ai (ODYS) is tentatively scheduled to raise $21 million at a $149 million market cap in a Nasdaq uplisting. The company’s Odysight TruVision solution streams visual information from small cameras to an in-platform, high-performance AI/ML computer, allowing for visibility into hard-to-access areas. Odysight solutions are already deployed in the aviation and medical sectors.
Golf country club operator Auereus Greenway Holdings (AGH) plans to raise $19 million at a $119 million market cap. Aureus Greenway owns and operates two public golf country clubs in Florida, both of which the company acquired in 2014. Each club consists of over 289 acres of multi-service recreational property featuring over 13,000 yards of combined fairways, clubhouses serving food and beverage options, aquatic golf ranges, and pro shops.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Aureus Greenway (AGH) Kissimmee, FL | $19M $119M | $4 - $6 3,750,000 | Dominari Sec. Revere Sec. |
| Owns and operates two public golf country clubs in Florida. | |||
| Aardvark Therapeutics (AARD) San Diego, CA | $100M $364M | $16 - $18 5,888,000 | Morgan Stanley BofA |
| Phase 3 biotech developing novel small molecule therapies for metabolic diseases. | |||
| SailPoint (SAIL) Austin, TX | $1,000M $11,474M | $19 - $21 50,000,000 | Morgan Stanley Goldman |
| Provides identity governance software to enterprises. | |||
| Karman Space & Defense (KRMN) Huntington Beach, CA | $400M $2,511M | $18 - $20 21,052,632 | Citi Evercore ISI |
| Makes mission-critical systems for defense and space programs. | |||
| Northpointe Bancshares (NPB) Grand Rapids, MI | $150M $577M | $16 - $18 8,823,532 | KBW |
| Michigan-based bank that offers loan and deposit services across the US. | |||
| Micropolis Holding (MCRP) Dubai, United Arab Emirates | $23M $158M | $4 - $5 5,000,000 | Network 1 |
| Dubai-based developer of autonomous mobile robots and related software. | |||
| Odysight.ai (ODYS) Omer, Israel | $21M $149M | $8.50 2,529,411 | Benchmark |
| Makes vision-based sensor systems for machine and infrastructure monitoring. | |||
| RedCloud (RCT) London, United Kingdom | $55M $360M | $4 - $6 11,000,000 | Roth Cap. Clear Street |
| Operates a B2B platform for sellers of consumer goods in emerging markets. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/6/2025, the Renaissance IPO Index was up 9.2% year-to-date, while the S&P 500 was up 3.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 6.7% year-to-date, while the ACWX was up 4.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
