The March IPO market is set to start off with a quiet week. One sizable issuer is scheduled to list, though other smaller names may join the calendar late.
Medical device firm Kestra Medical Technologies (KMTS) plans to raise $150 million at a $716 million market cap. The company makes a wearable cardioverter defibrillator for patients at elevated risk of sudden cardiac arrest. Since approval, Kestra's system has been prescribed by over 550 hospitals across the US and has been worn by over 17,000 patients. The company has delivered explosive growth but is highly unprofitable.
Inflammation biotech Apimeds Pharmaceuticals US (APUS) is tentatively scheduled to raise $20 million at a $58 million market cap. The company is developing Apitox, an intradermally administered bee venom-based toxin, to treat inflammation and pain management symptoms associated with knee osteoarthritis.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Kestra Medical Tech (KMTS) Kirkland, WA | $150M $716M | $14 - $16 10,000,000 | BofA Goldman |
| Makes a wearable cardioverter defibrillator for higher-risk cardiac arrest patients. | |||
| Apimeds Pharmaceuticals (APUS) Hopewell, NJ | $20M $58M | $4 - $5 4,500,000 | D. Boral Capital |
| Clinical stage biotech developing bee venom-based treatment for inflammation. | |||
Street research is expected for six companies in the week ahead, and three lock-up periods will be expiring. 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 2/27/2025, the Renaissance IPO Index was down 4.6% year-to-date, while the S&P 500 was down 0.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 10.0% year-to-date, while the ACWX was up 6.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
