Research — Sep 8, 2026

Primary Markets Group August IPO Update

August’s seven U.S. IPOs matched the prior month’s deal count, while aggregate proceeds declined modestly. The month saw $1.8 billion in total proceeds compared to the $3.0 billion raised in July and the $2.9 billion raised across seven IPOs in August 2025. Issuance was dominated by the healthcare sector, which priced five deals and accounted for over $1.4 billion of the total proceeds raised. The largest offering of the month came from biotechnology firm Braveheart Bio, Inc., which raised $439.9 million. Following Braveheart Bio were fellow healthcare issuers Latigo Biotherapeutics, Inc and Attovia Therapeutics, Inc., raising $397.4 million and $332.4 million, respectively. Industrials company Lyntris Inc. also contributed to the month’s total, raising $297.5 million.

Looking at pricing performance, the strongest first-day return came from biotechnology firm Braveheart Bio, Inc., which surged 65.6% after pricing above its initial filing range at $18.00 per share. Fellow healthcare issuers also delivered positive debuts, with Attovia Therapeutics, Inc. gaining 28.8% and Latigo Biotherapeutics, Inc 1.4%, and both pricing within their initial filing ranges. Londian Wason New Energy Tech Inc. out of the basic materials sector posted an 11.4% gain on its first day of trading. Meanwhile, Vogenx, Inc. and BlossomHill Therapeutics, Inc. both traded flat on their market debuts after pricing within their ranges. At the other end of the spectrum, the weakest debut of the month came from industrials firm Lyntris Inc., which priced below its initial range and declined 14.2% on its first day of trading.

Looking at the six-month IPO backlog, eight new issuers filed in August, bringing the total pipeline to 78 companies seeking to raise $2.4 billion in aggregate proceeds. The largest anticipated offering in the pipeline is from technology firm Encore Inc., targeting a $100.0 million raise. The technology and consumer services sectors remain the most active in the backlog, with 22 and 19 issuers, respectively, looking to go public.