Just like that: Accelerant Holdings (ARX Proposed) and Carlsmed (CARL Proposed) drove the summer IPO market into high gear by launching their IPOs early today – Tuesday, July 15, 2025 – to raise a total of $650.5 million, if both deals are priced at the mid-point of their respective ranges. Both IPOs are set to price next week. (Please see the IPO Calendar for the timing.)
The Accelerant and Carlsmed filings today push next week’s IPO Calendar of big IPOs up to four deals that could raise a total of about $2.25 billion. McGraw Hill (MH Proposed) and NIQ Global Intelligence (NIQ) are also expected to price their IPOs next week.
Let’s take a look at the Accelerant Holdings and Carlsmed deals.
Specialty Insurance Marketplace – Accelerant Holdings (ARX Proposed)
Accelerant Holdings (ARX Proposed) runs a specialty insurance marketplace. This is a New York Stock Exchange listing. Accelerant Holdings, based on Grand Cayman, connects specialty insurance underwriters – the “sellers” on Accelerant’s platform – with risk capital partners – the “buyers” on Accelerant’s platform, the prospectus said. These buyers typically include insurers, reinsurers and institutional investors. The holding company is incorporated in the Cayman Islands.
Accelerant Holdings’ IPO consists of 28.95 million shares – at a price range of $18.00 to $20.00 – to raise $550.0 million, if priced at the $19.00 mid-point of its range. Of the 28.95 million shares in the IPO, Accelerant Holdings is offering 20.28 million shares and the selling shareholders are offering 8.67 million shares, the prospectus said.
Morgan Stanley, Goldman Sachs, BMO Capital Markets and RBC Capital Markets are the joint book-runners.
At pricing, Accelerant Holdings would have a market cap of about $4.18 billion – if priced at the $19.00 mid-point of its range.
Accelerant Holdings is profitable, according to the financial statements in the prospectus.
Lumbar Spine Surgery in Focus at Carlsmed (CARL Proposed)
Carlsmed, Inc. (CARL Proposed) provides implants, surgical instruments and AI-enabled software for spine fusion surgery. Its focus is on lumbar spine surgery. This is a NASDAQ listing. Carlsmed, based in Carlsbad, California, was founded in 2018. The company is incorporated in Delaware.
Carlsmed’s IPO consists of 6.7 million shares – at a price range of $14.00 to $16.00 – to raise $100.5 million, if priced at the $15.00 mid-point of its range.
BofA Securities, Goldman Sachs and Piper Sandler are the joint book-runners.
At pricing, Carlsmed would have a market cap of about $397.74 million – if priced at the $15.00 mid-point of its range.
Carlsmed is not profitable, according to the financial statements in the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.