Two sizable deals are set to lead the IPO calendar in the coming week.
China-based Chagee Holdings (CHA) plans to raise $396 million at a $5.2 billion market cap. Chagee is a leading premium tea drinks brand, serving freshly-made tea, tea lattes, tea frappes and "teappuccinos." As of December 31, 2024, its network consisted of 6,440 franchised and company-owned teahouses, mostly in China (98%). The company delivered strong growth in 2024, but its rapid expansion is expected to slow significantly in 2025.
Aerospace and defense company AIRO Group Holdings (AIRO) plans to raise $75 million at a $381 million market cap. AIRO’s business is organized into four operating segments: Drones, Avionics, Training, and Electric Air Mobility. The company saw strong growth and margin improvement in 2024, though it relies heavily on government customers for revenue.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| AIRO (AIRO) Albuquerque, NM | $75M $381M | $14 - $16 5,000,000 | Cantor Fitz. BTIG |
| Developer of drones and eVTOL aircraft. | |||
| Chagee (CHA) Shanghai, China | $396M $5,242M | $26 - $28 14,683,991 | Citi Morgan Stanley |
| Owns and franchises teahouses in China. | |||
Street research is expected for two companies in the week ahead, and four 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 4/10/2025, the Renaissance IPO Index was down 19.4% year-to-date, while the S&P 500 was down 10.1%. 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 down 3.2% year-to-date, while the ACWX was up 0.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
