Research — Nov 7, 2026

Primary Markets Group October 2026 US IPO Update

The U.S. IPO market saw a modest uptick in deal count in October, with seven offerings raising $1.2 billion in aggregate proceeds compared to six deals totaling $1.9 billion in September. While deal volume held steady compared to the seven offerings priced in October 2025, total proceeds dropped roughly by half from the $2.5 billion raised and activity trailed the historical October average of 16 deals. The healthcare sector dominated issuance during the month, accounting for all activity. Biotechnology company Lycia Therapeutics, Inc. led the pack with the largest IPO of the month, raising $365.1 million, followed by City Therapeutics, Inc. raising $230.0 million. Other healthcare listings included Iambic Therapeutics, Inc. ($172.5 million), Bambusa Therapeutics, Inc. ($168.9 million), Aspen Neuroscience, Inc. ($140.6 million) and TRex Bio, Inc. ($116.7 million). Retension Pharmaceuticals closed out the month's issuance with a $45.0 million offering.

In terms of pricing performance, all seven offerings priced within their initial filing ranges. The strongest first-day return came from biotechnology firm Lycia Therapeutics, Inc., which surged 66.7% after pricing within its filing range at $18.00 per share. City Therapeutics, Inc. and Iambic Therapeutics, Inc. also delivered double-digit opening gains, jumping 24.4% and 18.2%, respectively, after pricing within their ranges at $18.00 and $16.00 per share. Meanwhile, TRex Bio, Inc. traded flat on its market debut after pricing at $14.00 per share. On the other end of the spectrum, Aspen Neuroscience, Inc. and Bambusa Therapeutics, Inc. posted modest opening declines of 0.7% and 6.3%, respectively. The most tepid debut of the month came from Retension Pharmaceuticals, Inc., which declined 12.3% on its first day of trading after pricing at $12.00 per share.

Looking at the six-month IPO backlog, three new issuers filed in October, bringing the total pipeline to 69 companies seeking to raise approximately $2.0 billion in aggregate proceeds. The largest anticipated offerings in the pipeline came from consumer goods company Simwon America Corp, technology firm Asia AI Group Inc, and healthcare company Tarsier Pharma Ltd., each targeting a $50.0 million raise. The technology and industrials sectors remain the most active in the backlog, with 18 and 16 issuers, respectively, followed closely by consumer services with 15 issuers.