IPOs this week : Apr 20 - 24, 26 (wk 17)

Four sizable IPOs are currently scheduled in the week ahead, and some smaller issuers may join the calendar throughout the week.

Small modular reactor developer X-Energy (XE) is set to raise $750 million at a $7.1 billion market cap. X-Energy designs advanced nuclear reactor technology, particularly small modular reactors (SMRs), and manufactures nuclear fuel. Its main product, the Xe-100, is a high-temperature gas-cooled reactor designed to generate electricity and heat at a modular scale. The company focuses on developing scalable nuclear systems to help meet growing electricity demand, including from energy-intensive uses like data centers. X-Energy has agreements with a number of blue-chip companies, including Dow, Amazon, and Centrica. However, it has yet to begin construction of its first commercial SMRs, which are not expected to be completed this decade.

Healthcare REIT National Healthcare Properties (NHP) is set to raise $558 million at a $983 million market cap. National Healthcare Properties is a self-managed real estate investment trust that owns a portfolio of senior housing and healthcare properties across 29 states. The company operates through two primary segments: Senior Housing Operating Properties (SHOP; $43mm LTM cash NOI; 85.5% leased; $1.0B gross asset value), which consists of assisted living and memory care communities operated under RIDEA structures, and Outpatient Medical Facilities (OMF; $80mm LTM cash NOI; 92.8% leased; $1.2B gross asset value), which comprises medical office buildings largely affiliated with or adjacent to hospital systems.

Convenience store operator Yesway (YSWY) is set to raise $300 million at a $1.3 billion market cap. Yesway states that it is one of the fastest-growing convenience store operators in the US, with 419 company-operated stores as of December 31, 2025, with 90 successful openings of new stores from 2020 to 2025. The company operates its portfolio primarily under two brands, Yesway and Allsup's. Its sites are differentiated through a leading foodservice offering and a wide variety of grocery items and private-label products. Its geographic footprint consists of stores located in rural and suburban markets across the Midwest and Southwest. Yesway boasts leading fuel margins, with an increasing mix of diesel sold, but sustained high fuel prices could reduce demand and depress retail foot traffic.

High-power microwave systems manufacturer The Elmet Group (ELMT) is set to raise $100 million at a $381 million market cap. Elmet manufactures precision components and engineered systems using refractory metals such as tungsten, molybdenum, and niobium, along with high-power microwave technologies. Its products are designed for applications that require performance in extreme heat, electromagnetic intensity, and other demanding operating environments, including aerospace, defense, semiconductor equipment, medical devices, industrial systems, and energy infrastructure. The company’s operations span material processing, machining, fabrication, and engineered microwave components, giving it a vertically integrated manufacturing model that supports both custom parts and specialized system-level solutions. The Elmet Group’s non-China supply agreements limit tariff impacts and provide stability, but the company is much smaller than its peers and has just $2 million in pre-IPO cash.

U.S. IPO Calendar
Issuer Business	Deal Size Market Cap	Price Range Shares Filed	Top Bookrunners
National Healthcare Prop. (NHP) New York, NY	$558M $983M	$13 - $16 38,500,000	Wells Fargo Morgan Stanley
Healthcare REIT focused on outpatient medical and senior housing properties.
Yesway (YSWY) Fort Worth, TX	$300M $1,339M	$20 - $23 13,953,488	Morgan Stanley JP Morgan
Convenience store chain with over 400 locations throughout seven states.
The Elmet Group (ELMT) Portland, ME	$100M $381M	$12 - $14 7,692,307	Cantor Fitz. Needham
Makes critical materials and high-power microwave products for aerospace and defense.
X-Energy (XE) Rockville, MD	$750M $7,156M	$16 - $19 42,857,143	JP Morgan Morgan Stanley
Develops small modular reactors and produces nuclear fuel.