US IPO Weekly Winners & Losers

IPO issuance is slowing down ahead of Election Day, with no major pricings this past week, but there was still some notable news on upcoming deals.

The biggest deal on the calendar for next week is formerly public Ingram Micro Holding (NYSE: INGM), a more old-fashioned technology play than we’re used to seeing in the IPO market. A distributor of IT products ranging from consumer PCs to enterprise cybersecurity, the company was supposedly seeking a billion-dollar IPO but ended up setting terms for a $400 million offering. That may reflect a lack of excitement about its single-digit gross margins and negative recent growth, but its scale ($48 billion in revenue) and a discount to closest peer TD SYNNEX could be draws.

Also joining it on the calendar for next week is Peak Resources LP (NYSE American: PRB), an oil and gas producer operating in Wyoming’s Powder River Basin. The last two E&P companies to go public (BKV Corp (NYSE: BKV) and Tamboran Resources (NYSE: TBN)) haven’t traded well, but this one is targeting an 8.6% distribution yield at the midpoint of the range.

One IPO launch that didn’t happen is AI chip developer Cerebras Systems (Nasdaq: CBRS), which has reportedly pushed back its listing due to regulatory review. But we did get a new filing from autonomous vehicle company Pony AI (Nasdaq: PONY), which operates a fleet of robotaxis and robotrucks in China. The company, which was valued at $8.5 billion in its 2022 financing round, saw revenue double to $25 million in the first half of 2024.

The IPO market was up +1.6% this week, vs. +0.9% of the S&P 500. The biggest gainer was Reddit, up +10.4%, while Chinese electric vehicle developer ZEEKR brought up the rear at -6.5%.