IPOs, Q4 2026
7 companies listed in Q4 2026 so far and raised $853 million. 3 of the 4 in Breakaway's scan trade above their offer price now; the median is +20.9% from its offer. Of the 6 with a first day on record, the median first-day move was +11.0%, from the offer price to the first close.
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How the class has traded
- The first day. 4 of 6 closed their first session above the offer price, and 1 below; the median move was +11.0%.
- Since. 3 of 4 trade above their offer price now; the median is +20.9% from its offer.
The highest from their offer price
- Lycia Therapeutics is 60% above its $18 offer price+60.3%
- Amaero is 26% above its $4.25 offer price+26.4%
- City Therapeutics is 16% above its $18 offer price+15.5%
The lowest from their offer price
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Every listing of Q4 2026
| Stock | Since | Quality Score |
|---|---|---|
| +60.3% | ||
| +15.5% | ||
| -9.9% | ||
| +26.4% | ||
| – | ||
| – | ||
| – |
The biggest raises
| Company | Raised | Offer |
|---|---|---|
| Lycia Therapeutics | $318M | $18 |
| City Therapeutics | $200M | $18 |
| Iambic Therapeutics | $150M | $16 |
| TRex Bio | $117M | $14 |
| Retension Pharmaceuticals | $45M | $12 |
The underwriters
| Bank | Covers |
|---|---|
| Jefferies | 3 |
| Evercore ISI | 2 |
| Guggenheim Securities | 2 |
| J.P. Morgan | 2 |
| Oppenheimer | 2 |
| Stifel | 2 |
| Baird | 1 |
| BofA Securities | 1 |
| Cantor | 1 |
| Citigroup | 1 |
| Goldman Sachs | 1 |
| Lake Street | 1 |
Where they listed
| Exchange | Listings |
|---|---|
| Nasdaq | 7 |
What they do
| Sector | Listings |
|---|---|
| Healthcare | 3 |
| Materials | 1 |
| Not in the scan | 3 |
The Quality Scores
None of the quarter's listings has traded more than 21 sessions yet. 4 listings are marked New listing, in their first 21 sessions. 3 listings are not scored yet. A young stock cannot yet pass the checks that need months of history, so a new class scores low by how the score works, not as a verdict on the companies.
1 company already listed abroad (counted and marked) and 1 withdrawn registration among the companies Breakaway followed. Left out: 29 blank-check (SPAC) registrations and prospectuses filed in the quarter.
How this report is made
- What counts. Breakaway counts each initial public offering of a company's stock that began trading on Nasdaq, the NYSE, or NYSE American in the quarter, by its first trading day, with no size floor. Blank-check companies (SPACs) and unit offerings are left out and counted; a direct listing is counted apart, and a US listing of a company already listed abroad is counted and marked.
- Other counts. Renaissance Capital counts IPOs and direct listings with a market cap of at least $50 million, and leaves out closed-end funds, unit offerings, and SPACs. IPOScoop counts the IPOs that priced and lists unit offerings apart from its count. Each figure is the outlet's.
- Sources. The offer price, the shares, the total raised, and the underwriters are each company's final prospectus (424B4) on SEC EDGAR, linked on its line; a listing whose prospectus is not read yet takes Massive's IPO calendar's price and raise, and the CSV says which.
- Moves. The first-day move is the first session's close against the offer price; the move since is the price 15 minutes behind against the offer price.
- Banks. The banks are counted once a cover, from the covers read, and the report says how many were read.
- Lock-ups. Each lock-up's last day is from the company's final prospectus, as the prospectus words it: a day it prints, or its count of days from a day it prints or from the first trading day. One that cannot be read from it is marked not read, never estimated. The sales after it are the shares its insiders sold themselves (not grants or options), as filed on Form 4, from that day through the 29 days after; those under a 10b5-1 plan set in advance are counted apart.
- Scores. The sectors and the Quality Scores are Breakaway's. A stock is scored from its second trading day and marked New listing for its first 21 sessions.
Use this report
How to cite
Breakaway, IPOs, Q4 2026, Oct 26, 2026, getbreakaway.com/ipo/report/2026-q4
Journalists: email [email protected] for the data behind this page.