--- title: "US IPO Weekly Winners & Losers" type: "News" locale: "en" url: "https://longbridge.com/en/news/300225760.md" description: "The US IPO market faces valuation mismatches, leading to postponements by Bamboo Insurance and others. ADARx Pharmaceuticals rose 13.8% in its debut, raising $446 million. The Renaissance IPO Index gained 2.2%, outperforming the S&P 500, driven by Astera Labs' surge. Upcoming listings include Oura, targeting a $15 billion valuation with Robinhood as underwriter, and Accelevation, testing AI infrastructure demand." datetime: "2026-09-27T16:01:39.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/300225760.md) - [en](https://longbridge.com/en/news/300225760.md) - [zh-HK](https://longbridge.com/zh-HK/news/300225760.md) generator: "portal-rs" --- # US IPO Weekly Winners & Losers The fall IPO market has lost some of its mojo, with two more postponements. Demand hasn't disappeared, but there is a **valuation mismatch** between buyers and sellers. After the IPO market rallied +42% in Q2, issuers prepped deals with price expectations that look too high for today's choppier market. Buyers want the typical IPO discount, and simply pointing to AI is no longer enough for a big pop. With plenty of 2024-2026 IPOs trading at more attractive levels, buyers have little reason to stretch. The IPO Index’s 3-year chart puts that reset in perspective. Postponed IPOs may cite "adverse market conditions" when the reality looks closer to **normalized** market conditions. The strongest private companies would find buyers if they launched, but they can also afford to wait for an optimal market. **Anthropic** is now targeting November. **This Past Week: ADARx Returns +13.8%.** Biotechs remain the IPO market’s most reliable trade. The week’s sole IPO, RNA interference biotech ADARx Pharmaceuticals (Nasdaq: ADRX), raised $446 million and returned +13.8%. AbbVie invested an additional $100 million, and large-pharma partnerships can give IPO investors added confidence in an active M&A environment. Two companies postponed their US listings, led by CVC-backed Bamboo Insurance, which faced a tough setup after peer Orion180's broken IPO the week before. Insiders were also selling 100% of the deal at a $3.3 billion market cap, less than a year after buying in at $1.8 billion. **Next Week: Oura and Accelevation.** Smart ring maker Oura (Nasdaq: OURA) plans to raise $2.1 billion at a market cap of nearly $15 billion. **The timing makes sense**: despite some margin pressure, Oura is growing fast and turning profitable. But it enters a competitive wearables market, and investors have seen high-profile device IPOs like Fitbit and Peloton eventually fizzle. Oura is also courting retail investors. In a notable first, Robinhood is listed as an underwriter, with Coinbase as a selling agent. Accelevation (Nasdaq: ACCV) isn't a household name, but its $660 million IPO is an important test for AI infrastructure demand. The company makes power distribution products, similar to February IPO Forgent Power, up +44% from offer. **The IPO Index: Up 2.2%.** Despite the bond market selloff, the Renaissance IPO Index gained +2.2% this week, beating the S&P 500’s +1.2%. Top constituent **Astera Labs** jumped +20.2% following the launch of new memory-connectivity products and a broader chip rally. Restaurant chain **Jersey Mike's** continued to slide, off -13.2%. 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