<div id="readability-page-1"><div><p>One IPO is currently scheduled for the week ahead, joined by Bill Ackman’s Pershing Square deals. Some smaller issuers may also join the calendar throughout the week.</p><p>Pulmonary fibrosis biotech <strong>Avalyn Pharma</strong> (AVLN) is set to raise $201 million at a $683 million market cap. Avalyn Pharma is a clinical-stage biotechnology company developing inhaled antifibrotic therapies for rare respiratory diseases, with a focus on pulmonary fibrosis. Its most advanced candidates are AP01, which is currently being evaluated in a global Phase 2b trial for progressive pulmonary fibrosis, and AP02, which is currently being evaluated in a global Phase 2 trial for idiopathic pulmonary fibrosis. Topline data for both trials are expected in mid- to late-2027.</p><p>While not included below, Bill Ackman’s <strong>Pershing Square</strong> (PS) and <strong>Pershing Square USA</strong> (PSUS) are also set to debut. Alternative asset manager Pershing Square and its closed-end vehicle Pershing Square USA will list concurrently; investors will receive one share of Pershing Square for every five shares of Pershing Square USA purchased. Pershing Square USA states that it intends to hold positions in 12 to 15 cash generating large cap North American companies.</p></div><div><table><thead><tr><th colspan="4">U.S. IPO Calendar</th></tr><tr><th>Issuer<br/>Business</th><th>Deal Size<br/>Market Cap</th><th>Price Range<br/>Shares Filed</th><th>Top<br/>Bookrunners</th></tr></thead><tbody><tr><td>Avalyn Pharma (AVLN)<br/><span>Boston, MA</span></td><td>$201M<br/>$683M</td><td>$16 - $18<br/>11,800,000</td><td>Morgan Stanley<br/>Jefferies</td></tr><tr><td colspan="4">Phase 2 biotech developing inhaled medicines for rare respiratory diseases.</td></tr></tbody></table></div><p>Street research is expected for one company in the week ahead, and two lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro. </p><p><strong>IPO Market Snapshot</strong> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/23/2026, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 4.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Kenvue (KVUE). The Renaissance International IPO Index was up 24.1% year-to-date, while the ACWX was up 8.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.</p></div>

PSHZF

<p>One IPO is scheduled for the upcoming week: Avalyn Pharma (AVLN), aiming to raise $201 million at a $683 million market cap, focusing on inhaled antifibrotic therapies for pulmonary fibrosis. Bill Ackman’s Pershing Square and Pershing Square USA are also set to debut, with investors receiving shares of Pershing Square for every five shares of Pershing Square USA purchased. The IPO market shows positive trends, with the Renaissance IPO Index up 7.7% year-to-date, outperforming the S&P 500.</p>

- Avalyn Pharma is set to raise $201 million at a $683 million market cap, focusing on inhaled antifibrotic therapies for pulmonary fibrosis.  
- The week also includes Bill Ackman’s Pershing Square and its affiliated vehicle, which will list concurrently with specific share exchange terms for investors.  
- The Renaissance IPO Index has risen 7.7% year-to-date, outperforming the S&P 500, reflecting overall positive market conditions for upcoming IPOs.

RenaissanceCapital

VanEck Biotech ETF

Pershing Square Holdings Ord

SPDR S&P Biotech

Renaissance Ipo

Invesco Biotechnology & Genome ETF

Pershing Square Holdings Ltd Public Class USD Accum.Shs

Morgan Stanley

Jefferies Financial

S&P 500

Coreweave

Kenvue

iShares MSCI ACWI Ex US

Renaissance Intl Ipo

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

US IPO Week Ahead: Lung disease biotech and Bill Ackman deals set to debut