US IPO Weekly Winners & Losers

The IPO calendar was quiet this week, but there was plenty of news to keep markets busy.

Donald Trump’s victory in the 2024 presidential race sparked a rally mid-week, and markets closed at record highs. Stocks then got another boost after the Fed announced that it would lower rates by 25 bps, the second consecutive cut after two years of hikes.

It’s hard to predict exactly how the IPO market will respond to the recent headlines, but it looks like more pieces are falling into place for a pickup in 2025. Broadly speaking, a lower-rate environment backed by business-friendly policies should encourage more listings.

In the near term, the IPO calendar should remain relatively quiet. Any big developments will likely come from the pipeline. We expect to see initial filings pick up in the coming weeks as more issuers prepare to list next year, as well as updates from big names already on file (like software firm Solera which provided fresh financials this week).

The IPO Index closed Friday up +4.1%, compared to +4.7% for the S&P 500. AI-adjacent names dominated the week’s winners, led by precision medicine company Tempus AI with a +60.2% gain. Nursing home operator PACS Group landed at the bottom, plummeting -50.3% amid fraud allegations.