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IPOs & Other Public Listing Recap

IPO/ Listing Action

Past week

See more: Latest Listings

Expected IPOs

See more: Upcoming Listings

AI, Robotics, Quantum

Live Coverage: Core AI & Infrastructure theme page, Next Wave AI theme page

Listings - Launches/ Plans / Rumors:

• Grammarly, an AI writing assistant, secured $1B from General Catalyst’s Customer Value Fund to expand its AI productivity platform and pursue acquisitions.

Other Situations / Industry Activity / Commentary:

• Amazon (AMZN) signed a multi-year licensing deal with The New York Times to use its content across AI platforms like Alexa.

• TSMC (TSM), a leading semiconductor foundry, is evaluating a UAE chip fab modeled on its Arizona plant, pending U.S. government approval.

• xAI, Musk’s AI startup, agreed to a $300M deal with Telegram to deploy its Grok chatbot, sharing subscription revenue and expanding its user base.

Aerospace & Defense

Live Coverage: New Space theme page; NextGen Defense theme page

Listings - Launches/ Plans / Rumors:

• Voyager Technologies (VOYG), which is developing a commercial space station with NASA funding, expects to raise $302.5 million in its IPO slated for June 11.

• Kochav Defense Acquisition Corp. (KCHVU), a defense-focused SPAC, priced its $220M IPO at $10 per unit to target defense and aerospace deals.

• Honeywell (HON) appointed Elliott’s Marc Steinberg to its board as it prepares to spin off its advanced materials arm and separate its aerospace and automation divisions by late 2025. Elliott has argued that Honeywell’s aerospace business alone could be worth over $100 billion.

Public M&A:

• Servotronics (SVT), an aerospace components supplier, raised its offer to $47/share from TransDigm after a competing bid, proceeding via tender offer.

Other Situations / Industry Activity / Commentary:

• Meta (META) partnered with Anduril to co-develop military-grade AR/VR headsets and bid on a $100M Army contract.

Logistics, Transportation, Autos

Live Coverage: Logistics theme page

Listings - Launches/ Plans / Rumors:

• VivoPower (VVPR), a renewable energy and EV solutions provider, received a revised non‐binding proposal from Energi Holdings to acquire 51% of its EV subsidiary Tembo at a $200 M enterprise valuation, supporting Tembo’s planned SPAC merger at an $838 M pro forma equity valuation.

Public M&A:

• Golden Ocean Group Limited (GOGL), a maritime shipping company, will merge into CMB.TECH in a stock-for-stock deal to form a ~250-vessel fleet.

• Zeekr (ZK) is facing pushback from early investors including CATL and Intel Capital over Geely’s $2.2 billion take-private bid, which they claim undervalues the company.

Bankruptcies / Delistings:

• Azul (AZULQ), a Brazilian airline, filed for Chapter 11 in the U.S. to restructure $1.6B in financing, eliminate $2B in debt, and secure up to $950M post-emergence equity, potentially affecting its Gol merger.

Energy, Materials, and Industrials

Listings - Launches/ Plans / Rumors:

• Emera Inc. (EMA), a utility holding company, received approval to list on NYSE under 'EMA'.

Public M&A:

• Heliogen (HLGN), a clean energy tech firm, agreed to be acquired by Zeo Energy for $10M in equity, with closing expected in Q3 2025 pending Heliogen shareholder approval.

• MAC Copper (MTAL) agreed to be acquired by Harmony Gold (HMY) for $12.25/share in cash—a 32.1% premium—with a shareholder vote expected in Q4 2025.

• Nippon Steel (X) may cede a 'golden share' in U.S. Steel to the U.S. government as part of its $14.1B acquisition’s national security review.

• Motorola Solutions (MSI) agreed to acquire Silvus Technologies for $4.4B in cash and $20M restricted stock plus a $600M earnout through 2028.

• Herc Holdings (HRI), an equipment rental provider, saw its H&E Equipment tender expire with 69.33% acceptance; H&E will merge and delist on June 2, 2025.

Other Situations / Industry Activity / Commentary:

• The Metals Company (TMC), a deepsea mining exploration company, was targeted by short seller Iceberg Research in a report titled 'a Remake of the Nautilus Fiasco’.

• BP (BP) appointed former Devon CEO David Hager as a nonexecutive director to help expand U.S. upstream output to over 1 M barrels per day by 2030 amid Elliott’s activist pressure.

Bankruptcies / Delistings:

• Brooge Energy (BROG), an energy company, will voluntarily delist from Nasdaq and deregister with the SEC, ceasing trading around June 19, 2025.

Healthcare

Listings - Launches/ Plans / Rumors:

• Omada Health, Inc. (OMDA), a digital health platform backed by Andreessen Horowitz, Fidelity, and Cigna Ventures, launched its IPO roadshow to raise $142M–$158M at $18–$20 per share, targeting a Jun 5 pricing and Jun 6 Nasdaq listing.

• Cortigent (CRGT), a neurostimulation device developer spun off from Vivani Medical, filed a Form 10 to list on Nasdaq in Q3 2025 to pursue pivotal trials and commercial strategies independently.

Public M&A:

• Hologic (HOLX), a women’s health medtech company, rejected a $16.3B–$16.7B buyout offer from TPG and Blackstone despite a 15% post-offer stock surge.

• Streamline Health (STRM), a healthcare IT provider, will be acquired by MDaudit for $37.4M in cash—a 138% premium to its May 28 share price.

• Sun Pharma completed its acquisition of Checkpoint Therapeutics (CKPT), gaining UNLOXCYT™, the only FDA-approved anti-PD-L1 drug for advanced cutaneous squamous cell carcinoma.

• bluebird bio (BLUE), a gene therapy biotech, will be acquired by Carlyle, SK Capital, and Beacon after 59.8% shareholder tender acceptance; merger closes on June 2.

• Akero Therapeutics (AKRO), a clinical-stage biotech, is exploring a potential sale after receiving an unsolicited approach from a strategic buyer.

Pre-IPO Financings (Series C+ and Prominent):

• Neuralink, Musk’s brain-computer interface company, raised $600M at a $9B valuation, backed by Founders Fund, after receiving FDA breakthrough status.

• GRIN Therapeutics, a neurodevelopment biotech, closed a $140M Series D round with Angelini Pharma and Blackstone Life Sciences leading the financing.

Bankruptcies / Delistings:

• iTeos Therapeutics (ITOS), a biopharma firm, announced it will wind down operations and monetize its assets after a strategic review.

Fintech & Financial Services, Insurance, Real Estate

Listings - Launches/ Plans / Rumors:

• Chime Financial (CHYM), digital banking company, is targeting a valuation of up to $9.5 billion for its upcoming iPO

• President Donald Trump has renewed efforts to reprivatize Fannie Mae and Freddie Mac, calling for a return to private ownership while maintaining a federal backstop. The two mortgage giants, which guarantee roughly 70% of U.S. home loans, have returned over $300 billion to the Treasury since their $191 billion bailout in 2008.

• Sony Financial Group, Sony’s financial services arm, will spin off via direct listing on Sept 29, distributing over 80% of shares to existing Sony shareholders.

• Kestrel Group (KG), a specialty insurance group, completed a reverse merger with Maiden Holdings and began trading on Nasdaq on May 28, 2025.

Public M&A:

• Guild Holdings (GHLD), a mortgage lender, is in preliminary talks with Bayview Asset Management for a potential strategic deal.

• First of Long Island Corporation (FLIC), a regional bank, merged into ConnectOne Bancorp on June 1, with FLIC shareholders receiving 0.5175 CNOB shares per share.

Pre-IPO Financings (Series C+ and Prominent):

• Monarch Money, a personal finance startup, raised $75M in Series B funding led by Forerunner Ventures and FPV Ventures at an $850M valuation.

• Buildots, a construction monitoring platform, raised $45M in Series D funding led by Qumra Capital with participation from OG Venture Partners, TLV Partners, Poalim Equity, Future Energy Ventures, and Viola Growth.

• Empathy, a bereavement and estate support platform, raised $72M in Series C funding led by Adams Street with participation from General Catalyst, Index Ventures, Aflac Ventures, Allianz Life Ventures, and MetLife.

Other Situations / Industry Activity / Commentary:

• WeBull (BULL), a retail trading platform, will redeem all outstanding incentive warrants (BULLZ) on June 30 unless exercised at $10.00 per share.

Bankruptcies / Delistings:

• Syla Technologies (SYTTY), a Japanese tech firm, delisted from Nasdaq and began trading OTC under the symbol SYTTY.

Crypto

Listings - Launches/ Plans / Rumors:

• Circle (CRCL), a stablecoin issuer managing $53.5B in USDC reserves, aims to raise $624M in its IPO with backing from BlackRock and Ark Invest. The IPO could value the company at up to $6.7 billion fully diluted.

• BlockchAIn Digital Infrastructure will go public via a $215 million reverse merger with Signing Day Sports, closing in H2 2025.

Other Situations / Industry Activity / Commentary:

• Trump Media (DJT) rased $2.5 billion through stock and bond offerings to buy Bitcoin as part of a new treasury strategy.

Enterprise Software, Cybersecurity

Listings - Launches/ Plans / Rumors:

• Netskope, a cloud security firm, hired Morgan Stanley to lead a potential $500M+ U.S. IPO in Q3 2025, targeting a valuation above $5B.

Public M&A:

• Informatica (INFA), a data management software company, will be acquired by Salesforce (CRM) for $8B in cash at $25/share, closing early FY2027.

Pre-IPO Financings (Series C+ and Prominent):

• ClickHouse, an analytical database platform, raised $350M in Series C led by Khosla Ventures with participation from BOND, IVP, Battery, Bessemer, Index Ventures, and Lightspeed, plus a $100M credit facility from Stifel and Goldman Sachs to support AI-native expansion.

• Hex, a data science workspace, raised $70M in Series C led by Avra with participation from a16z, Amplify, Box Group, Redpoint, Sequoia, and Snowflake Ventures to enhance its AI analytics platform.

• Snorkel AI, an AI data development platform, raised $100M in Series D at a $1.3B valuation led by Addition with Prosperity7, Greylock, Lightspeed, BNY, and QBE to expand its AI Data Platform.

Consumer & Retail

Listings - Launches/ Plans / Rumors:

• Colombier II (CLBR), a SPAC backed by Donald Trump Jr. and Omeed Malik, is promoting its merger partner GrabAGun (to be listed as PEW) via NYC investor events, with a NYSE bell-ringing scheduled for next month.

• Pitanium Limited (PTNM), a Hong Kong beauty and personal care retailer, priced its $7M IPO at $4 per share for a $79M market cap, led by Cathay Securities.

Public M&A:

• e.l.f. Beauty (ELF) agreed to acquire Hailey Bieber's make-up company Rhode for up to $1B ($600M cash, $200M stock, $200M earnout), with Bieber joining as Chief Creative Officer.

• GAN Limited (GAN), an iGaming technology provider, was acquired by SEGA SAMMY for $1.97 per share, valuing the deal at $89.8M, and its shares have been delisted.

• Bright Scholar Education Holdings (BEDU), a K-12 international education provider, received a non-binding proposal from insiders to go private at $0.50 per Class A share ($2.00 per ADS), a 28.2% premium.

Pre-IPO Financings (Series C+ and Prominent):

• Telegram, a messaging platform with 1B users, will raise $1.5B via five-year bonds at 9% with BlackRock, Mubadala, and Citadel to repurchase debt and support growth, including a $300M xAI Grok deal.

Thanks for reading,

The team at ListingTrack

Note: Pro users are able to see any of these stories in full detail along with source links, on our News page. There you can view all our curated updates broken out by news type: Listing (Public listings + Pre-IPO activity), Mergers (including private deals), Situations (activism, bankruptcies, delistings, separations, and more), and SPAC.

Market Data and Coverage: All market data presented is based on the stock prices at the close of the previous trading day. We cover the US market only at this time.

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. ListingTrack and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the ListingTrack website.