US IPO Weekly Winners & Losers

The IPO market is up and big deals are launching.

Three notable IPOs joined the calendar, all pricing this week. AIG’s life insurance spin-off Corebridge Financial (NYSE: CRBG) plans to raise $1.8 billion, the year’s largest listing to date. At the expected deal size it'll represent over a quarter of all 2022 IPO proceeds. J.P. Morgan is lead left, but there are 43 banks on the cover – the most in over a decade by our count.

Corebridge is joined next week by a large biotech (THRD) and a small Pennsylvania bank (LNKB).

One traditional IPO priced during the short holiday week, a micro-cap ramen restaurant in California called Yoshiharu (Nasdaq: YOSH) which gained +4%. Meanwhile European lottery operator Allwyn Entertainment was approved for its SPAC listing with CRHC. If completed, it would be the year’s 3rd-largest SPAC merger. Read our Analyst Note (IPO Pro only).

The IPO market reversed its losing streak on Wednesday, starting a 3-day rally. Our IPO Index closed the week up +7.9%, beating the S&P 500's gain of +3.6%. If this price level holds, it should be enough to push more deals out the door in the coming weeks. Task management software seller Asana won last week’s IPO race finishing up +35.8%, and robotic automation firm UiPath was last, down -9.1%.