IPO Activity Surges to 4-Year High: 7 Companies Pricing, 6 SPACs File; Biotech and Industrial Infrastructure Lead

U.S. IPO activity reached its busiest week in four years through February 6, 2026, with 7 companies pricing and 6 SPACs filing, as investors focus on biotechnology and industrial infrastructure. Performance in biotech was分化: Veradermics (MANE-US), a脱发 treatment developer, priced at the top of its range to raise $256 million, with a $612 million valuation and a 126% first-day gain as it advances three registrational-stage trials. SpyGlass Pharma (SGP-US), focused on chronic ophthalmic delivery systems, rose 65% on debut. Eikon Therapeutics (EIKN-US), led by a Merck executive, raised $381 million but underperformed, down 20% in the first week, with unproven technology and higher burn; AgomAb Therapeutics fell 8%. Industrial and consumer issuances stood out: Forgent Power Solutions (FPS-US), a data center, grid, and industrial equipment provider, raised about $1.5 billion, reached a $8.2 billion valuation, and gained 25% on debut. Once Upon a Farm (OFRM-US), Jennifer Garner’s organic baby food brand, raised nearly $200 million and gained 17%. Bob’s Discount Furniture (BOBS-US) priced conservatively and was down 3%. Six SPACs, including Hennessy Capital VIII (HCICU-US), filed with targets in industrial innovation, energy, and technology. New filings include Generate Biomedicines (GENB-US), seeking $100 million for an AI platform developing asthma therapies, and Feline Culture Holdings (HK-listed). However, the Renaissance IPO Index has declined 8.7% this year, outperforming the S&P 500 (-0.6%), indicating investors are increasingly selective, favoring issuers with clear clinical or infrastructure-driven demand.