U.S.-listed IPOs, annual deal count and value

The value of new U.S. stock listings has only ticked up modestly from 2022, when rapidly rising interest rates and COVID-related distortions in some industries depressed IPO activity.

As of December 31, 2024. Source: Bloomberg Finance L.P.

Syntec Optics (OPTX) : 1-year performance

Syntec Optics Holdings, Inc. manufactures and supplies integrated optics and photonics components, sub-systems, and optical systems for defense, medical, and consumer end-markets.

• Sector: Technology
• Industry: Electronic Components
• Full Time Employees: 159
• Founded in 1981 and is based in 
• Headquartered  in Rochester, New York
• https://www.syntecoptics.com

IPO: November 8, 2023, following the completion of a business combination with OmniLit Acquisition Corp. (OLIT)

Palladyne AI (PDYN) : 3-year performance

Palladyne AI Corp. is an American company known for most of its existence primarily as a developer of robots. 

• Palladyne was founded in 1983 as Sarcos Research Corporation. 

• Sarcos Research (STRC) went public on Sept 27, 2021 via business combination with Rotor Acquisition Corp.
• 
  In 2023, Sarcos "pivoted" to become a developer of artificial-intelligence software, specifically for robotic applications. This pivot was accompanied by a cessation of all operations involving hardware. 
• In March 2024, Sarcos changed its name to Palladyne AI.  The company’s ticker symbols have changed from Nasdaq: STRC to Nasdaq: PDYN.

Sector: Technology

Industry: Software - Infrastructure

Full Time Employees: 70

Headquartered in Salt Lake City, Utah

https://www.palladyneai.com

Grid Dynamics (GDYN) to join the S&P SmallCap 600, replacing Revelyst Inc. (NYSE: GEAR)

Grid Dynamics (GDYN) bean trading on the Nasdaq Stock Market on March 6, 2020 after business combination with ChaSerg Technology Acquisition Corp. (Nasdaq: CTAC)

• Sector: Technology
• Industry: Information Technology Services
• Full Time Employees: 4,298
• Founded in 2006 
• Headquartered in San Ramon, California
• https://www.griddynamics.com

 

 

zSpace (ZSPC) began trading on the Nasdaq on Thur 5 Dec 24

zSpace, Inc. engages in the provision of augmented reality (AR) and virtual reality (VR) educational technology solutions. It offers platform that serves a broad range of critical educational tools designed for K-12 science, technology, engineering and math (STEM) lessons as well as training skilled trades in areas such as health sciences, automotive engineering and repair, Unity3D software programming, and advanced manufacturing. 

Founded by Nancy Clemens and Michael Vesely on October 26, 2006

Headquartered in San Jose, CA

https://zspace.com/

reAlpha Tech (AIRE): 1-year performance

reAlpha is a real estate technology company that launched GENA, a technology that uses AI to enhance property listings on online real estate marketplaces.

The company was formerly known as eAlpha Asset Management, Inc. and changed its name to reAlpha Tech Corp. in March 2023. 

• Sector: Real Estate
• Industry: Real Estate Services
• Full Time Employees: 7
• Founded by Giri Devanur in 2020
• Headquartered in Dublin, Ohio
• https://www.realpha.com

 

 

 reAlpha Tech Corp.'s first day of trading on the Nasdaq Capital Market was Monday, October 23, 2023. The stock opened at $23.01. On its first day, reAlpha's stock spiked by more than 1,600%, but then lost two-thirds of that gain in after-hours trading.

Health In Tech (HIT) began trading on the Nasdaq on Mon 23 Dec 24

Health In Tech is an insurtech platform company backed by third-party AI technology.

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 72
• Founded in 1964 
• Based in Stuart, Florida
• https://healthintech.com

Health In Tech closed its initial public offering of 2,300,000 shares of its Class A common stock at a public offering price of $4.00 per share, for gross proceeds of $9,200,000.

 

Chinese data center operator Yovole to consider US IPO

Yovole Networks is a provider of data center and cloud computing services. The company provides information solutions to enterprises through cloud computing models, including cloud desktops, cloud hosts, cloud storage, cloud communications, cloud mailboxes, cloud office and other products.

This enterprise-level cloud computing operator that has built data centers of more than 100,000 square meters. 

• Founded in 2001 
• Headquartered in Shanghai, China
• https://www.yovole.com/

(Bloomberg) -- Yovole is considering an initial public offering in the US, people familiar with the matter said, years after the Chinese data center operator’s failed attempt to list in mainland China.

The company, which is backed by Beijing-based alternative asset manager CDH Investments, is working with an adviser on a potential first-time share sale that may help it raise more than $100 million, the people said, asking not to be identified discussing a private matter. Yovole may consider submitting a confidential filing with US regulators as soon as in January, the people said.

Founded in 2001, Yovole, or “You Fu” in Chinese, provides cloud computing data center services in China, operating in major cities including Beijing, Shanghai, Guangzhou and Shenzhen, according to its website.

The company has counted big technology firms and financial institutions including Alibaba Group Holding Ltd., Tencent Holdings Ltd. and China UnionPay Co. as clients, according to a filing in 2020 when Yovole was attempting an IPO in China.

Japan-based web developer SFIDA X files for a $12 million US IPO

SFIDA X, a Japan-based provider of website design, development, and other IT services, filed on Monday with the SEC for an initial public offering. The company used a $12 million placeholder for its estimated deal size.

• https://www.sfidax.jp/en/

The Tokyo, Japan-based company was founded in 2009 and booked $29 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol SFDX. SFIDA X filed confidentially on September 13, 2024. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.

Telix Pharmaceuticals (TLX) began trading on the Nasdaq on Thur 14 Nov 24

Telix Pharmaceuticals Limited, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals for cancer and rare diseases in Australia, Belgium, Japan, Switzerland, and the United States. The company offers Illuccix for the treatment of prostate cancer; and TLX66-CDx for the treatment of imaging osteomyelitis. 

• Sector: Healthcare
• Industry: Biotechnology
• Founded by Andreas Kluge and Christian P. Behrenbruch in 2015 
• Headquartered in Melbourne, Australia
• https://telixpharma.com

TLX

Company Overview

A commercial-stage Australian biopharmaceutical company building a vertically integrated theranostics franchise across prostate cancer, renal cell carcinoma, and neuro-oncology through FDA-approved PSMA imaging agents and an advancing radiotherapeutic pipeline. Telix trades on both the ASX and NASDAQ under TLX, a dual listing that reflects its ambition to be judged against the global radiopharmaceutical field rather than merely the local market. With FY2025 revenue of US$803.8 million — up 56% year-over-year — Telix is firmly commercial, scaling its top line while reinvesting heavily in its therapeutic pipeline.

Headquarters and Global Presence

Telix is headquartered in Melbourne, Australia, with significant operations in the United States, Belgium, Switzerland, and Japan. Its US footprint expanded materially with the January 2025 acquisition of RLS Radiopharmacies, adding a domestic manufacturing and distribution network critical to radiopharmaceutical logistics.

Founding and History

Founded in 2015 by Dr Christian Behrenbruch and Dr Andreas Kluge, the company completed its initial public offering and ASX listing in November 2017 and added a NASDAQ listing in 2024 to broaden its investor base. The pivotal inflection came in 2021 when the FDA approved Illuccix, Telix's PSMA-PET imaging agent for prostate cancer, converting it from a development-stage entity into a revenue-generating business. Since then it has executed a series of strategic acquisitions — RLS Radiopharmacies, ImaginAb, Optimal Tracers, ARTMS, and IsoTherapeutics — to build vertical integration across the radiopharmaceutical value chain.

Therapy Areas and Focus

Telix's commercial and clinical centre of gravity is urologic cancers (prostate and kidney) and neuro-oncology (glioma), disease areas where tumor-targeting radiopharmaceuticals have a biological rationale and a growing clinical evidence base. Prostate cancer remains the commercial anchor, with PSMA as the dominant imaging target. Kidney and brain cancers represent the next waves — both carry significant unmet need, particularly in the metastatic and recurrent settings where current systemic therapies offer limited durability. Beyond these, Telix lists hematologic cancers as a core disease area — its TLX66 (CD66-targeting) program for bone marrow conditioning ahead of stem cell transplantation holds FDA and EU orphan-drug designations — and it is developing TLX300 in musculoskeletal (soft-tissue sarcoma) oncology.

Apogee Therapeutics (APGE): 18-month performance

Apogee Therapeutics, Inc. is a clinical stage biotechnology company. It offers treatment of atopic dermatitis (AD), ashma, eosinophilic esophagitis (EoE), chronic obstructive pulmonary disease (COPD) and related inflammatory and immunology (I&I) indications. The company was founded by Andrew Gottesdiener and Nimish P. Shah in 2022 and is headquartered in Waltham, MA.

• IPO: July 14, 2023
• The company priced its upsized IPO (initially filed for ~15.6 million shares) on July 13, 2023, at $17.00 per share, raising approximately $300 million. 
• https://www.apogeetherapeutics.com 

1 month later:

Clinical Pipeline Progress (2026)

• Zumilokibart (Lead Asset): Apogee announced highly successful 16-week Part B induction data from its Phase 2 APEX trial treating moderate-to-severe atopic dermatitis (eczema). 
• Phase 3 Launch: Backed by the positive Phase 2 findings, the mid-dose configuration of zumilokibart is scheduled to enter Phase 3 clinical trials in 2H 2026.
• Indication Expansion: Capitalizing on a "pipeline-in-a-product" framework, Apogee is initiating Phase 2 trials for eosinophilic esophagitis (EoE) in late 2026 and asthma trials in 1H 2027. 

60 Degrees Pharmaceuticals (SXTP) : 18-month performance

60 Degrees Pharmaceuticals, Inc., a specialty pharmaceutical company, engages in the development and commercialization of therapies for the prevention and treatment of infectious diseases in the United States. 

• Sector:  Healthcare
• Industry: Biotechnology
• Full Time Employees:  3
• founded in 2010 
• Headquartered in Washington, District Of Columbia
• https://www.60degreespharma.com

IPO: Fri 14 July 2023

60 Degrees Pharmaceuticals (NASDAQ: SXTP) focuses on developing and commercializing medicines for infectious and vector-borne diseases. Their lead drug is ARAKODA® (tafenoquine), an FDA-approved oral medication (approved in 2018) for malaria prevention in adults, marketed in the US and Australia. It's a once-weekly regimen and their primary commercial product.The company's pipeline centers on repurposing tafenoquine for new indications, particularly babesiosis (a tick-borne parasitic infection), alongside earlier-stage efforts in other areas.

Visionary Holdings (GV) : 2-year performance

Visionary Holdings Inc. provides education resources to students worldwide. 

The company was formerly known as Visionary Education Technology Holdings Group Inc. and changed its name to Visionary Holdings Inc. in February 2024. 

• Sector: Consumer Defensive
• Industry: Education & Training Services
• Full Time Employees: 67
• Incorporated in 2013 
• Headquartered in Toronto, Canada
• https://visiongroupca.com

IPO: May 17, 2022; raised $17 million by selling 4,250,000 common shares at $4.00 per share.

Orangekloud Technology (ORKT) : 5-month performance

Orangekloud Technology Inc., an investment holding company, provides enterprise application development services in Singapore, Indonesia, Malaysia, the United States, and internationally. It offers eMOBIQ platform, a No-Code rapid mobile application development platform for SMEs and organizations to design, build, and implement enterprise-grade custom applications with no coding required.

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 58
• Incorporated in 2023 
• Headquartered in Singapore
• https://orangekloud.com

IPO 25 July 2024:  2,750,000 Class A Ordinary Shares at a price of $4.75 per share, for a total of approximately US$13.1 million of gross proceeds.

1 month later

Otis Worldwide (OTIS) : 5-year performance

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators.

The company was acquired by United Technologies in 1976. 

In April 2020, Otis Elevators (OTIS) and Carrier Global (CARR) were spun off from United Technologies (UTX) to be independent companies.

United Technologies (UTX) merged with the Raytheon Company to form Raytheon Technologies, later renamed RTX Corporation. 

• Sector: Industrials
• Industry: Specialty Industrial Machinery
• Full Time Employees: 71,000
• Founded in 1853 
• Headquartered in Farmington, Connecticut
• https://www.otis.com

 

Nukkleus (NUKK) : 1-year performance

Nukkleus Inc., a financial technology company, provides blockchain-enabled technology solutions worldwide. It focuses on providing software and technology solutions for retail foreign exchange trading industry.

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 12
• Founded in 2013 
• Headquartered in Jersey City, New Jersey.
• https://www.nukk.com

IPO on December 26, 2023 through a SPAC merger with Brilliant Acquisition Corporation.

 

Jupiter Neurosciences (JUNS) began trading on the Nasdaq on Tue 3 Dec 24

Jupiter Neurosciences, Inc., a clinical stage research and development pharmaceutical company, develops resveratrol platform products primarily for the treatment of neuroinflammation. It is developing JNS101, which is in Phase II trial for the treatment of Friedreich's Ataxia, a rare inherited disease that causes damage to the nervous system, as well as mobility dysfunctions; and JNS108 that is in Phase II trial for treating mild cognitive impairment/early Alzheimer's disease. 

The company was formerly known as Jupiter Orphan Therapeutics, Inc. and changed its name to Jupiter Neurosciences, Inc. in August 2021.

• Sector: Healthcare
• Industry: Biotechnology
• Full Time Employees: 4
• Incorporated in 2015 
• Headquartered in Jupiter, Florida
• https://jupiterneurosciences.com/

Ticker: JUNS

 

One and two weeks later: