US IPO Weekly Winners & Losers

How will the US presidential election affect the IPO market?

Aside from a quiet week, probably not a whole lot.

The US IPO market has steadily built strength for two years, and more companies are filing confidentially for 2025. You could argue that a Trump presidency would boost oil & gas IPOs while a Harris presidency would favor renewable energy listings, but any sweeping legislation would require both time and control of Congress.

In other words, the train has already left the station. If conditions hold, the US IPO market will fully normalize in 2025 regardless of who sits in the White House.

With the election sucking the proverbial oxygen out of the room, this past week had no major IPOs, no major filings, and nothing on the calendar for next week. Two nano-cap companies managed to price alongside two new SPACs.

This past week we issued our monthly recap of October. Eight IPOs raised at least $100 million, a feat achieved by just one other month in nearly three years.

The leading benchmark for new stocks, the Renaissance IPO Index, rose +0.4% this week and beat the S&P 500 (-1.4%) and the Nasdaq Composite (-1.5%). Remember that IPOs tend to have a lower correlation to major indices. The IPO market is now up +19.4% year-to-date, slightly below the S&P 500.

Reddit led the charge as the week’s top-performing new stock, up +38.9% after it reported another blow-out quarter amid a surge in user growth and solid gains in ARPU. Reddit, now up more than +200% from its offer price, is not found in most major indices. Chinese EV brand ZEEKR traded off -11.9%.