US IPO Weekly Recap: Nuclear tech, critical materials, and more in a 4 IPO week

Four IPOs priced this past week, featuring nuclear tech, critical materials, real estate, and convenience stores.SMR developer X-Energy (XE) upsized and priced well above the range to raise $1.0 billion at a $9.5 billion market cap, the first advanced player in this space to complete a traditional IPO. X-Energy designs advanced nuclear reactor technology, particularly small modular reactors (SMRs), and manufactures nuclear fuel. X-Energy has agreements with a number of blue-chip companies, including Dow, Amazon, and Centrica. However, it has yet to begin construction of its first commercial SMRs, which are not expected to be completed until the early 2030s. X-Energy finished up 27%.Critical materials and microwave systems supplier The Elmet Group (ELMT) upsized and priced at the high end to raise $120 million at a $420 million market cap. Elmet manufactures precision components and engineered systems using refractory metals such as tungsten, molybdenum, and niobium, along with high-power microwave technologies, designed for applications in aerospace, defense, and other demanding environments. While smaller than its peers, the company has non-China supply agreements that limit tariff impacts and provide stability. The Elmet Group finished up 21%.Convenience store operator Yesway (YSWY) priced at the low end to raise $280 million at a $1.3 billion market cap. Yesway believes it is one of the fastest-growing convenience store operators in the US, with 90 successful openings from 2020 to 2025, and 419 company-operated stores as of 12/31/25. The company boasts leading fuel margins, with an increasing mix of diesel sold, but sustained high fuel prices could reduce demand and depress retail foot traffic. Yesway finished up 9%.Healthcare REIT National Healthcare Properties (NHP) priced below the range to raise $462 million at a $817 million market cap. NHP’s portfolio of properties spans 29 states, in two primary segments: Senior Housing Operating Properties and Outpatient Medical Facilities. The REIT’s high pro forma cash balance should support significant inorganic growth, though it has a limited track record of integrating acquisitions. NHP finished up 7%.One sizable issuer joined the pipeline: investment banking advisory firm Lincoln International (LCLN).IPO Market SnapshotThe 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&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.