Analysis
Four deals set or hold terms for the week of September 15, the densest US IPO calendar since the summer. Per Renaissance Capital's IPO news and the StockAnalysis calendar:
- Holtec Nuclear (HNUC) -- $825M at $15-$18 per share, 50 million shares, Nasdaq, expected September 18. The Camden, New Jersey company builds small modular reactors and spent-fuel storage systems, and is restarting the Palisades plant in Michigan. Renaissance now models roughly a $9.4 billion market cap at the midpoint. Pulse covered the earlier $10.2 billion framing on September 11; what changed is that the range is now public and implies a lower number. Comparables: NuScale Power, Oklo, X-energy.
- Bamboo Insurance Services (BMB) -- $665M, 35 million shares, structured as a 100% secondary offering. The Midvale, Utah managing general underwriter writes homeowners coverage in catastrophe-exposed markets. A fully secondary deal means no proceeds reach the company; existing holders are selling.
- Electra Therapeutics -- $325M, 21.7 million shares. The South San Francisco biotech develops SIRP-targeted antibodies and is in Phase 2/3. Comparables: the 2026 biotech class led by Kailera Therapeutics, which raised $625 million in April.
- Orion180 Insurance Group (OIG) -- $320M at $15-$17, 20 million shares, Nasdaq, expected September 18. The Melbourne, Florida specialty property insurer is the second insurance deal on the same calendar.
“- Holtec Nuclear (HNUC) -- $825M at $15-$18 per share, 50 million shares, Nasdaq, expected September 18.”
The composition says something about which windows are actually open. Two of the four are insurance, one is nuclear infrastructure and one is clinical-stage biotech. Not one is software. The 2026 IPO class has been dominated by asset-heavy and regulated businesses with legible cash flows, which is what gets done when the 10-year Treasury yield is touching 5% and buyers are discounting terminal value harder than they were in January.
The Bamboo structure is the one to read carefully. An all-secondary offering at $665 million is a liquidity event for existing shareholders rather than a capital raise, and public investors generally demand a discount for it. Insurance MGUs also carry catastrophe exposure that is hard to underwrite from the outside during an active hurricane season.
Holtec is the deal that matters for the AI trade. Small modular reactors are the power source every hyperscaler has signed letters of intent around, and a public comparable with a disclosed order book would give the entire private nuclear cohort a mark. If HNUC prices at the low end of $15, that is a data point about how public markets value pre-revenue energy infrastructure that private rounds have been pricing on 2030 assumptions.
