IPO Summary (Week of 06/09/25 -06/13/25): Lift-Off for the IPO Market; Bullish Pricings Lead to Massive Gains

For IPOs this week it was lift-off.

And leading the pack was Voyager Technologies (VOYG US) which reached escape velocity.

The company that describes itself as an innovation-driven defense technology and space solutions company priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade. The stock traded as high as $73.95 in the first minutes before selling off throughout its opening session. The stock closed Thursday at $56.48 or 82.2% above issue.

Coming off the heels of Circle Internet Group (CRCL US)IPO where the stock more than tripled, momentum traders did not want to miss out. In fact, the volume on day one was nearly 23 million shares which was nearly double the float (12.3mm shares).

This company gained substantial interest from its ability to organically grow in combination with its ownership position in StarLab which will be taking over the international space station’s duties when it retires in 2030.

Insurance Win Again

Ategrity Specialty Holdings (ASIC US) came at a valuation that investors could not pass up.

Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade. Ategrity briefly traded as low as $22.00 before rebounding and trading steady for the majority of its first session. The stock closed day one at $24.68 or +45.2% versus issue.

Chime Ringing in Win

Chime Financial (CHYM US) has high brand awareness and it delivered a ringing sound of victory for IPO investors.

Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade. Within ten minutes of its opening, the stock started selling off rapidly. Chime traded below VWAP the vast majority of its debut session hitting a low of $36.19 before closing the day at $37.11.  The stock traded as low as $33.00 on Friday before rebounding and ending the week at $34.79.

The debut is a major win for IPO investors but a disappointment for aftermarket traders.

the Chime order book finished north of 20-times oversubscribed. We are told that the top ten accounts took 60% of the deal and the top 20 took home 85% of the transaction.

This company outperformed our expectations and management should be happy with the outcome of this IPO. The Chime Financial (CHYM US) wraps up a successful week where all three deals (which were new to the IPO schedule) priced above their original range on the prospectus. Given how slow the volume of IPOs currently is and how early we are in the IPO revival cycle, a valuation where investors can easily “wrap their heads around” the numbers makes the entire process much more smooth.

Of course for this to work, company management needs to be okay taking a significant haircut. In Chime’s case, they priced its offer at a sub-$10b valuation (well-below the $25b valuation they received in 2021).

AIRO Rockets Higher

Rounding out the week was an IPO that was “on hold” for a handful of months, AIRO Group Holdings (AIRO). AIRO Group Holdings, Inc. (AIRO) priced 6.67mm shares at $10.00 (original range $14-$16) and opened at $12.90 — which turned out to be the low of the day. The low float stock halted a handful of times and topped out at $39.07 (291% above issue) before closing the Friday session at $24.00. The stock traded 14.5mm shares which is more than 2.5 times the float.

Two Deal Week Ahead

Looking ahead to next week there are two deals on the schedule which both are scheduled for Wednesday debuts:

Caris Life Sciences Inc (CAI) – They are a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer. The company is seeking a market cap of $4.8b-$5.35b based on the $16-$18 range. 

Slide Insurance Holdings Inc. (SLDE) – They are a technology enabled, fast-growing, coastal specialty insurer. The company is seeking a market cap of $1.9b-$2.1b based on the $15-$17 range.