US IPO Weekly Recap: Strong Performance from Insurance IPOs
The week of May 5th, 2025, saw several companies enter the market through Initial Public Offerings (IPOs), with notable performances from insurance sector players. Two significant IPOs during this period were Aspen Insurance and American Integrity, both of which demonstrated solid trading on their first day and beyond.
Sizable Insurance IPOs Shine
Aspen Insurance (AHL), a Bermuda-based specialty (re)insurer, successfully upsized its share offering, pricing at the midpoint to raise $398 million. This valuation brought the company’s market cap to $2.8 billion. Aspen’s diverse product mix across primary specialty insurance and reinsurance franchises contributed to its growth in Gross Written Premiums (GWP) in 2024, alongside a solid return on equity. The stock concluded its first day up 8% and finished at 15% by May 9th.
American Integrity (AII), a Florida-focused insurer, also priced its IPO at the midpoint, raising $110 million and achieving a $313 million market cap. The company, known for its residential property insurance policies in Florida, saw its stock rise 6% on the first day and 8% by May 9th. American Integrity has established a significant presence in Florida’s residential insurance market.
Contrasting Performance
Not all IPOs performed as well. Apimeds Pharmaceuticals US (APUS), a drug developer, priced its IPO at the low end, raising $14 million at a $47 million market cap. The company’s stock, however, finished down 45%. Apimeds is developing Apitox, a bee venom-based toxin for treating inflammation and pain associated with knee osteoarthritis.
New Filings
The week also saw new filings, including Chronic care management platform Omada Health (OMDA), which filed to raise $100 million. Other notable filings were Bonus Biogroup, CapsoVision, and Platinum Analytics across various sectors.
Market Snapshot
As of May 8th, 2025, the Renaissance IPO Index was down 6.1% year-to-date, compared to the S&P 500’s decline of 3.3%. In contrast, the Renaissance International IPO Index was up 9.7% year-to-date. Renaissance Capital’s IPO ETFs track these indices, offering investors a way to engage with the IPO market.
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