Research — Oct 09, 2026
Primary Markets Group
September 2026 US IPO Update
The U.S. IPO market experienced a modest decline in deal count in September, but a slight increase in proceeds with six offerings raising $1.9 billion in aggregate proceeds compared to $1.8 billion raised across seven deals in August. The month’s issuance fell sharply compared to September 2025, which saw 13 IPOs raise $8.9 billion and also trailed the September average of 11 deals since 2001. Healthcare raised $796.3 million across two deals during the month, with the sector generating the largest share of proceeds led by biotechnology firm Adarx Pharmaceuticals’ $446.3 million raise and the Electra Therapeutics, Inc $350.0 million deal. The financials sector was the most active by deal count, debuting three issuers that raised a combined $588.3 million: the $240.0 million Orion180 Insurance Group Inc., $200.0 million Ives Ultra AI Opportunities Inc., and $148.3 million American Savings Bank, N.A. issues. The industrials sector contributed the single largest transaction of the month, with Accelevation Holdings Corp. raising $540.0 million.
Looking at pricing performance, the strongest first-day return came from Adarx Pharmaceuticals, which gained 13.8% after pricing within its filing range at $17.00 per share. American Savings Bank, N.A. also posted a positive opening, advancing 6.3% on its debut after pricing within its range at $16.00 per share. Conversely, both Accelevation Holdings Corp. and Orion180 Insurance Group Inc. priced below their initial ranges at $18.00 and $12.00 per share and registered modest first-day declines of 0.3% and 2.8%, respectively. The weakest debut of the month came from Electra Therapeutics, Inc, which declined 11.7% on its first trading day despite pricing within its initial range at $15.00 per share.
Looking at the six-month IPO backlog, five new issuers filed in September, which brings the total pipeline to 71 companies seeking to raise approximately $2.2 billion in aggregate proceeds. The largest filed anticipated offering in the pipeline remains technology company Encore Inc. targeting a $100.0 million raise, followed by technology firm Asia AI Group Inc and healthcare company Tarsier Pharma Ltd. each targeting $50.0 million. The technology and industrials sectors remain the most active in the backlog, with 21 and 17 issuers, respectively, followed by consumer services with 14 issuers.
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