Despite a significant amount of market choppiness throughout the week, the IPO calendar ultimately proved more resilient than expected. Seven of the eight deals scheduled came to market, delivering a mixed bag of first-day performance but, importantly, a far more stable outcome overall than recent weeks. While not every transaction generated strong upside, the ability to price and trade multiple offerings in volatile conditions suggests improving market footing and a cautiously constructive backdrop for new issuance.
Forgent Power Solutions, Inc. (FPS): IPO Finds Its Footing as Investors Bet on AI Infrastructure
Forgent Power Solutions’ (FPS US) stumbled out of the gates but ultimately delivered a solid first day of trading. The company priced its full-size IPO of 56.0 million shares at $27.00, the midpoint of the marketed range, valuing the business squarely within expectations following a heavily subscribed bookbuilding process. Despite strong pre-IPO interest, FPS opened at $26.00, down 3.7% from the offering price. The initial trade proved to be the low point of the session. Buyers quickly emerged in the aftermarket, driving shares back to issue price and signaling that investors were eager to establish or add to positions in a scarce-asset name tied to customized electrical infrastructure.
Once stabilized, momentum built throughout the session. Shares traded as high as $29.70 before closing at $29.00, representing a solid gain relative to both the opening print and the IPO price. While the opening weakness was uncomfortable, the day’s trading pattern reflected healthy demand rather than structural skepticism, with investors stepping in aggressively to “fill out” positions after missing allocations in the offering. The stock “followed through” on day two and closed the week at $33.76 or 25.0% above issue. We dubbed this IPO as the “deal of the week” and those that held on to the stock in the first two sessions and those were able to obtain sizable allocations amidst the 56 million share offering were treated nicely.
Veradermics, Inc. (MANE): Dermatology Biotech Blasts Off, Eli Lilly and Wellington Anchor Hot IPO
VeraDermics (MANE US) delivered a standout first-day performance, underscoring both the renewed volatility and the highly subjective nature of biotech IPOs. The company priced 15.077 million shares at $17.00—$1 above the top end of its previously marketed $14.00–$16.00 range—following an upsizing from the initial 13.35 million shares offered. Shares opened at $34.00, representing an immediate 100% gain from the IPO price, and traded as high as $40.01 before closing the session at $37.75.
Ahead of pricing, the deal already carried notable support from Wellington Management, which disclosed interest on the cover of the prospectus in purchasing up to $30 million of common stock at the IPO price. Shares acquired by Wellington were not subject to a lock-up agreement, though the firm’s participation provided early validation for the transaction.
However, momentum accelerated materially earlier in the week when messaging revealed that Eli Lilly had also submitted an anchor order. The presence of a major pharmaceutical strategic investor altered the perception of the deal almost immediately. With both Wellington and Eli Lilly participating, investor confidence improved sharply, triggering a surge in demand that ultimately led to the upsizing of the offering and pricing above the marketed range.
The stock held its gains in sessions two and three and closed Friday at $38.48 for a return of 122.1%.
SpyGlass Pharma Inc (SGP): Med-Tech Vision Pays Off: SpyGlass Pharma IPO Pops on Day One
SpyGlass Pharma (SGP US) delivered a strong biotech-adjacent IPO debut with shares surging well beyond expectations as investors leaned aggressively into the company’s differentiated med-tech profile and high-quality sponsorship. The company priced its full-size offering of 9.375 million shares at $16.00—right at the midpoint of the marketed range—and immediately rewarded demand, opening at $24.00 for a 50% gain on the first trade.
Momentum accelerated throughout the session as buyers continued to step in, pushing shares as high as $32.44 before closing the day at $26.40. The close represented a 65% gain from the IPO price, marking a decisive first-day win for both the company and the underwriting syndicate led by Jefferies and Leerink.
It is our opinion that a strong backing played a significant role in the success of this IPO. SpyGlass is backed by a blue-chip syndicate that includes New Enterprise Associates (NEA), RA Capital Management, Vensana Capital, Samsara BioCapital, Vertex Ventures HC, Gilde Healthcare, and Sands Capital. In particular, RA Capital’s involvement drew attention. The firm has a well-established track record of backing healthcare and med-tech companies that outperform on IPO day, and SpyGlass proved to be no exception.
Once Upon a Farm (OFRM): Crowded Sector, Clean Execution: Once Upon a Farm IPO Impresses
Once Upon a Farm, PBC (OFRM US) delivered a notably strong debut on its first day of trading, outperforming expectations in what remains a highly competitive and often unforgiving food IPO landscape. The company priced its full-size initial public offering of 10.99 million shares at $18.00, the midpoint of the proposed $17–$19 range, valuing the business at approximately $724 million on a fully diluted basis.
Shares opened at $21.00, representing a 16.7% gain at the first trade, and traded in a stable, orderly range throughout the session. The stock reached an intraday high of $22.00 before closing at $21.05, firmly holding its opening gains and signaling solid institutional support rather than fast-money volatility. For a consumer food name—particularly one without “breakout” growth metrics—this represents a very strong outcome.
verall, the first-day trading action represents a clear win for Once Upon a Farm and its underwriting syndicate. The ability to price at the midpoint, open meaningfully higher, and hold gains through the close underscores healthy demand and disciplined execution. In a sector where skepticism remains high and competition is intense, OFRM’s debut stands out as a solid, confidence-building result.
Bob’s Discount Furniture (BOBS): IPO Opens Flat, Gains Traction on Solid Aftermarket Demand
Bob’s Discount Furniture (BOBS US) made a measured but encouraging debut in the public markets, with trading action that reflected disciplined pricing and clear investor interest rather than first-day exuberance. The company priced its IPO at $17.00 per share—the low end of its marketed $17.00–$19.00 range—selling 19.45 million shares in a full-size offering. Shares opened flat at $17.00 before building momentum through the session, trading as high as $18.88 and finishing the day at $17.05.
While the lack of an opening “pop” may appear unremarkable on the surface, the aftermarket performance tells a more constructive story. Our sources indicate the conservative pricing was intentional, designed to balance a heavy order book with a valuation that long-only investors could underwrite. This is a welcome-sign especially upon the backdrop of this deal being private equity backed by Bain Capital. Oftentimes, PE-backed IPOs get the negative stigma of forcing a valuation that the buy-side just does not agree with but that was not the case here. Aftermarket demand was steady, volatility was contained, and the stock held above issue for the majority of the trading day—an increasingly positive signal in a still-selective IPO environment.
BOBS did falter a bit in its second session and closed the week at $16.47 — below the $17.00 issue price.
AgomAb Therapeutics NV (AGMB) & Eikon Therapeutics Inc: Biotech Selectivity on Display as Deals Trade Below Issue
Agomab Therapeutics (AGMB US) delivered a disappointing first day of trading, underscoring the highly selective and order-driven nature of biotech IPOs despite strong pre-deal signaling. Shares opened at $14.70, representing an 8.1% decline from the IPO price at first trade. The stock failed to find sustained momentum throughout the session, despite entering the market with what underwriters had characterized as a multiple-times oversubscribed order book. Notably, no formal price guidance was provided ahead of pricing, prompting cautionary commentary to premium subscribers given the potential fragility of demand in small-cap biotech offerings.
Eikon Therapeutics, Inc. (EIKN) delivered a sharply disappointing debut on Thursday, underscoring the fragile and highly subjective nature of the biotech IPO market. The late-stage oncology company priced its initial public offering at the top end of the range, selling 21.2 million shares at $18.00, an upsizing from the originally marketed 17.6 million shares. Despite those signals of strong demand, the stock opened at $17.05, down 5.3% from the issue price, and never came close to reclaiming its offering level during the session.
It should be noted that Liftoff Mobile, Inc. (LFTO) postponed its IPO due to market conditions. Looking ahead, the calendar remains active with four deals currently scheduled for next week: AGI Inc., SOLV Energy, ARKO Petroleum Corp., and Clear Street Group Inc.