Three small IPOs are tentatively scheduled to list in the week ahead, while some other small deals may join the calendar throughout the week.
In the meantime, several sizable IPO candidates may submit initial filings, or launch IPOs. Buy-now-pay-later giant Klarna is rumored to possibly submit its filings in the week ahead. Meanwhile, names on file eligible to launch include aerospace company AIRO Group Holdings (AIRO), drilling solutions provider HMH Holding (HMH), eye disease biotech Aurion Biotech (AURN), industrial power system operator One Power (ONE), and autoimmune disease biotech Odyssey Therapeutics (ODTX).
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.
Chinese recruitment services provider Baiya International Group (BIYA) plans to raise $13 million at a $63 million market cap. Through its operating subsidiary, the company focuses on providing job matching services, recruitment services, project outsourcing services, and labor dispatching services in China, with a focus on the Pearl River Delta and Yangtze River Delta.
Network software firm FatPipe (FATN) is tentatively scheduled to raise $5 million at a $93 million market cap. FatPipe provides enterprise-class, application-aware, secure software-defined wide area network (SD-WAN) solutions for various organizations. The company primarily serves customers in the US and India.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| 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. | |||
| Baiya International (BIYA) Dongguan, China | $13M $63M | $4 - $6 2,500,000 | Cathay Securities Revere Sec. |
| Chinese HR platform that connects companies and blue-collar staffing agencies. | |||
| FatPipe (FATN) Salt Lake City, UT | $5M $93M | $5.75 - $7.75 740,740 | D. Boral Capital |
| Provides network software solutions for enterprises. | |||
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Street research is expected for seven companies in the week ahead, and six 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 3/6/2025, the Renaissance IPO Index was down 10.3% year-to-date, while the S&P 500 was down 2.2%. 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 8.1% year-to-date, while the ACWX was up 8.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
