US IPO Weekly Winners & Losers

After a rocky start to the week, the IPO Index rode the broader tech rally up +5.1% to outperform the S&P 500’s +2.3%.

The IPO pickup is still on track, but returns are key to keeping the window open. Our newly-released quarterly review dives into what this means for the second half. Read it here. (Full version on IPO Pro)

Six IPOs began trading this week, led by four that raised $100+ million: thrift store Savers Value Village (NYSE: SVV), gas compressor Kodiak Gas Services (NYSE: KGS), specialty insurer Fidelis Insurance (NYSE: FIHL), and Mexican cross-listing Vesta Real Estate (NYSE: VTMX).

Savers was the headliner, popping 27% after it upsized and priced above the range. Investors have already shown an appetite for straightforward consumer stories (see: CAVA, KVUE). Savers hit the spot, pitching a leading market share, decent growth, and a recession-proof angle. A smaller consumer IPO, Korean BBQ chain GEN Restaurant Group (Nasdaq: GENK) also did well.

The other large deals saw less enthusiasm. Kodiak and Fidelis both priced below the range and broke issue, finishing close to the offer price. Kodiak had some industry headwinds, and Fidelis had an unusual structure.

This is a sign that the IPO market is working. Investors are still valuation sensitive, so deals like these need to offer a healthy discount. Savers and Kodiak were the first LBOs to go public in more than a year and a half, and after this week it’s fair to expect more PE-backed deals in the coming months.

No IPOs currently scheduled for the holiday week ahead, but we expect a few will join the calendar after that. Stay tuned.