IPO News – US IPO Week Ahead: Lung disease biotech and Bill Ackman deals set to debut
One IPO is currently scheduled for the week ahead, joined by Bill Ackman’s Pershing Square deals. Some smaller issuers may also join the calendar throughout the week.
Pulmonary fibrosis biotech Avalyn Pharma (AVLN) is set to raise $201 million at a $683 million market cap. Avalyn Pharma is a clinical-stage biotechnology company developing inhaled antifibrotic therapies for rare respiratory diseases, with a focus on pulmonary fibrosis. Its most advanced candidates are AP01, which is currently being evaluated in a global Phase 2b trial for progressive pulmonary fibrosis, and AP02, which is currently being evaluated in a global Phase 2 trial for idiopathic pulmonary fibrosis. Topline data for both trials are expected in mid- to late-2027.
While not included below, Bill Ackman’s Pershing Square (PS) and Pershing Square USA (PSUS) are also set to debut. Alternative asset manager Pershing Square and its closed-end vehicle Pershing Square USA will list concurrently; investors will receive one share of Pershing Square for every five shares of Pershing Square USA purchased. Pershing Square USA states that it intends to hold positions in 12 to 15 cash generating large cap North American companies.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business |
Deal Size Market Cap |
Price Range Shares Filed |
Top Bookrunners |
| Avalyn Pharma (AVLN) Boston, MA |
$201M $683M |
$16 – $18 11,800,000 |
Morgan Stanley Jefferies |
| Phase 2 biotech developing inhaled medicines for rare respiratory diseases. | |||
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Street research is expected for one company in the week ahead, and two lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/23/2026, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 4.2%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Kenvue (KVUE). The Renaissance International IPO Index was up 24.1% year-to-date, while the ACWX was up 8.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
