Research — August 6, 2026
Primary Markets Group July 2026 US IPO Update
The U.S. IPO market cooled in July following the record-shattering June. The month saw seven new issuers raise $3.0 billion in proceeds, a significant slowdown from the 19 deals and $97.9 billion priced in June that was skewed by the unprecedented SpaceX IPO. Activity was also down compared to the prior year, which saw $4.0 billion raised across eight IPOs in July 2025. The month’s largest offering came from technology firm Csquare, Inc., which raised $1.2 billion. The only other billion-dollar deal during the month was from consumer goods company Jersey Mike’s Subs Inc, which secured $1.0 billion in its public debut. The healthcare sector was the most active during the month with two deals coming to market.
Looking at pricing performance, the strongest first-day return came from healthcare company Apnimed, Inc., which surged 56.2% after pricing within its initial filing range. The month’s largest issuers saw mixed results in their trading debuts, with Jersey Mike’s Subs Inc posting a modest 6.4% gain, while Csquare, Inc. priced below its initial filing range at $21 per share and declined 3.5% on its first day of trading. The weakest performance of the month came from energy company Standard Nuclear, Inc., which fell 48.8% during its market debut.
Looking at the six-month IPO backlog, 10 new issuers filed in July, bringing the total pipeline to 75 companies seeking to raise $3.2 billion in aggregate proceeds. The largest anticipated offering in the backlog is now from healthcare firm Braveheart Bio, Inc., which is aiming to raise $300 million. The consumer services and technology sectors dominate the pipeline, with 18 and 17 issuers, respectively, expecting to go public.
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