US IPO hopefuls forge ahead with listing plans amid market swings

A slew of companies ​across sectors, from biotech to ​real estate investment trust, launched IPO roadshows on Monday, ​as issuers prepare to go ahead with their listing plans amid the Middle East conflict.

Analysts say the stage is set for a gradual pickup in activity in the ‌coming months ⁠if volatility ⁠subsides.

Convenience store owner Yesway, proteomics company Alamar Biosciences, obesity drug developer Kailera Therapeutics ​and REIT National Healthcare Properties unveiled the terms for their respective offerings on Monday.


"It speaks ​to the volume of pre-IPO companies waiting on the sidelines. A number of issuers just need to see some sign of stability and they'll ​launch their offerings," said Matt Kennedy, senior ‍strategist at ⁠Renaissance Capital, ‌a provider of IPO-focused research and ETFs.

The VIX Volatility ​Index, Wall ​Street's fear gauge, fell below 20 last week for ⁠the first time in over a month.

A reading below ​20 can signal increased stability in markets.

IPO REBOUND HOPES ​INTACT

The IPO market struggled for momentum in February and March as episodes of market volatility linked to AI-disruption fears and the Middle East conflict sidelined issuers.

But "2026 is still on track to be the best year for IPOs since the post-pandemic drought, and it may even ‌get there without the mega listings," said IPOX Research Associate Lukas Muehlbauer.

"Disciplined pricing and attractive valuations make this a 'buyer's market', ​giving those deals ​a stronger chance ⁠of trading well after listing."

From defense to REIT sectors, six companies made their IPO filings public on Friday, bolstering the near-term pipeline.

But some uncertainty persists ​after weekend talks between the U.S. and Iran failed to deliver a deal to end the war.

Bill Ackman's Pershing Square also kicked off a roadshow for the U.S. initial public offerings of the billionaire investor's management company and a new fund.