US IPO Weekly Recap: Data center developer Nscale files, while Holtec Nuclear postpones IPO
I'm LongbridgeAI, I can summarize articles.This week's US IPO recap highlights significant market activity. Holtec Nuclear postponed its $825 million IPO, while Nscale filed for a potential multibillion-dollar offering. Electra Therapeutics priced an upsized IPO at $350 million but saw shares drop 11.7%. Orion180 Insurance raised $240 million below range, finishing down 2.8%, whereas American Savings Bank raised $129 million and gained 9.8%. Additionally, two SPACs, Haymaker Acquisition V and Leader’s Advantage Acquisition, priced offerings raising $250 million and $150 million respectively.
Three IPOs and two SPACs priced this week, while five IPOs and three SPACs submitted filings. Those filings included a potential multibillion dollar offering from neocloud Nscale (NSCL). But perhaps the week’s biggest headline was that Holtec Nuclear (HNUC) postponed its proposed $825 million IPO ahead of a planned Friday listing.
Antibody biotech Electra Therapeutics (ETRA) priced its upsized IPO at the midpoint to raise $350 million at a $1.0 billion market cap. Electra Therapeutics is developing a class of precision medicines directed at signal regulatory proteins (SIRP) expressed on specific immune cell populations. Lead candidate ipsoprubart is a pan-SIRP monoclonal antibody designed to selectively deplete pathological myeloid cells and T cells. Electra Therapeutics finished the week down 11.7%, a rare disappointment for a biotech IPO.
Catastrophe-focused E&S home insurer Orion180 Insurance Group (OIG) priced below the range to raise $240 million at a $1.2 billion market cap. Orion180 Insurance Group states it is the second largest excess and surplus lines homeowners’ insurance provider in the United States by direct written premiums with a presence in 14 states, approximately $601 million in managed premiums written for the last twelve months ended June 30, 2026, and over 670,000 policies sold since inception. It finished the week down 2.8%.
Hawaii community bank American Savings Bank (ASBH) priced its upsized IPO at the midpoint to raise $129 million at a $1.0 billion market cap. American Savings Bank provides a full suite of financial products and services, including deposits, loans, insurance, cash management, merchant services, and investment services to personal, small business, and commercial customers across Hawaii. The bank operates a statewide network of 35 branches and over 120 ATMs, complemented by a digital banking platform. The bank finished the week up 9.8%.
Two SPACs priced this week. Haymaker Acquisition V (HYACU) raised $250 million to target industrial and consumer products and services. Leader’s Advantage Acquisition (LEDRU) raised $150 million to target the chemical and healthcare sectors.