---
title: "US IPO Weekly Winners & Losers"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294610170.md"
description: "US IPOs showed mixed results, with Jersey Mike's and Reformation pricing at mid/low ends while Apnimed surged 56%. The IPO Index fell 0.7%, lagging the S&P 500, as stocks grappled with AI weakness and Fed rate uncertainty. Notable movers included Arxis (+28.1%) and BrightSpring (-18.1%). Upcoming events include SpaceX earnings and significant lock-up releases."
datetime: "2026-08-02T16:00:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294610170.md)
  - [en](https://longbridge.com/en/news/294610170.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294610170.md)
---

# US IPO Weekly Winners & Losers

Four listings, one question: **Is the IPO window finally broadening?**

The calendar featured some variety this week. Deals spanned biotech, cloud infrastructure, and for the first time in a while, consumer.

Sandwich chain Jersey Mike's (NYSE: JMKE) priced at the midpoint to raise $1 billion in _the largest restaurant IPO since 2011_. Initial trading was weak, and after breaking issue on day one, it recouped its losses to close flat. Meanwhile, DTC womenswear brand Reformation (NYSE: REF) priced at the low end and posted an +8% gain.

Size aside, these were big deals. They provided an important data point for consumer IPOs in the pipeline: Issuers can get deals done, though investors may demand clearer discounts moving forward.

The week’s two other notable listings featured familiar themes. Sleep apnea-focused drug developer Apnimed (Nasdaq: APMD) capitalized on recent interest in biotech. It priced an upsized offering at the high end and soared +56%. Ionic Digital (Nasdaq: IOND) overcame AI headwinds to complete the largest direct listing since 2021, commanding a $3.1 billion market cap as of Friday’s close.

More biotechs (BRVE, ATTO, VOGX) and a bank (RCBC) are on tap for the coming week.

What else to watch: SpaceX is scheduled to report earnings for the first time on Tuesday, followed by the first of many lock-up releases. About 911 million shares will be released, more than doubling the pool of tradable shares. We’ll see how the market absorbs the newly eligible shares amid so-far soft demand for the high-profile mega IPO.

New stocks in the IPO Index continued to grapple with AI weakness, plus the Fed’s decision to hold rates steady with a possible rate hike on the horizon. The IPO Index slid -0.7% this week, compared to the S&P 500’s +1.0%. Defense issuer **Arxis** soared +28.1% on a beat-and-raise. **BrightSpring Health Services** sank -18.1% as potential valuation concerns more than offset strong earnings.

The Renaissance IPO Index returned \-0.7% last week vs. 1.0% for the S&P 500.

### Related Stocks

- [APMD.US](https://longbridge.com/en/quote/APMD.US.md)
- [REF.US](https://longbridge.com/en/quote/REF.US.md)
- [JMKE.US](https://longbridge.com/en/quote/JMKE.US.md)
- [BTSG.US](https://longbridge.com/en/quote/BTSG.US.md)
- [ARXS.US](https://longbridge.com/en/quote/ARXS.US.md)
- [IOND.US](https://longbridge.com/en/quote/IOND.US.md)
- [IPO.US](https://longbridge.com/en/quote/IPO.US.md)
- [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md)
- [BTSGU.US](https://longbridge.com/en/quote/BTSGU.US.md)

## Related News & Research

- [Insider Move: Apnimed Director Makes Bold New Investment](https://longbridge.com/en/news/294769081.md)
- [Apnimed adopts new IPO-era bylaws with advance notice rules for shareholder proposals](https://longbridge.com/en/news/294731166.md)
- [SpaceX Earnings Preview: What Investors Need to Watch on August 4](https://longbridge.com/en/news/294713327.md)
- [Early SpaceX backers set for historic windfall this week](https://longbridge.com/en/news/294595977.md)
- [Apnimed director Paul J. Sekhri acquires $200,000 in common shares](https://longbridge.com/en/news/294730912.md)