Monthly IPO Roundup: August 2026 — July's Biggest Listings

July 2026 was not June. There was no $75 billion SpaceX offering to absorb every headline. What July produced instead was breadth — six IPOs priced across three exchanges, spanning semiconductors, consumer food, data centers, fashion, gene editing, and sleep medicine. The largest was CXMT (ChangXin Memory Technologies), which raised $8.6 billion on the Shanghai STAR Market and surged 466% on its first day, making it the biggest Chinese semiconductor IPO on record. In the US, Jersey Mike's priced a $1 billion NYSE debut — the largest consumer IPO of the year — and Reformation went public the same day at an $886 million valuation.

This is our August 2026 IPO roundup, covering July's activity. For June's listings — SpaceX's record $75B IPO, Quantinuum's $1.68B quantum computing debut, and INNIO's $2.8B offering — see Monthly IPO Roundup: July 2026.

CXMT: China's Biggest Semiconductor IPO Surges 466% on First Day

ChangXin Memory Technologies (CXMT) priced its initial public offering on the Shanghai Stock Exchange's STAR Market at RMB 8.66 per share, raising 57.92 billion yuan (approximately $8.6 billion) before any over-allotment option. With the overallotment fully exercised, proceeds could reach 66.61 billion yuan ($9.8 billion). The IPO surpassed SMIC's $7.5 billion Shanghai share sale in 2020 as the biggest Chinese A-share semiconductor offering ever. It is also Asia's largest IPO so far in 2026.

Shares began trading on July 27 under a newly assigned STAR Market code. The stock closed at 49 yuan — a 466% gain from the offer price — after reaching an intraday high of 55.03 yuan. That rally lifted CXMT's market capitalization to 3.3 trillion yuan ($487.73 billion), making it the most valuable company listed on a mainland Chinese exchange. The IPO price implied 2.4 times book value, a 56% discount to the average price-to-book ratio for global DRAM peers SK Hynix, Micron Technology, and Nanya Technology, per Bloomberg Intelligence.

What CXMT is: Founded in 2016 in Hefei, Anhui province, CXMT is China's only volume DRAM producer and the world's fourth-largest maker of dynamic random-access memory. DRAM chips are used in everything from smartphones to AI servers. The global DRAM market has long been dominated by Samsung Electronics, SK Hynix, and Micron. CXMT's listing gives China a homegrown DRAM competitor with the capital to expand production capacity.

The retail portion of the IPO was 212 times oversubscribed, with individual investors submitting 9.4 million orders for 7.07 trillion yuan worth of shares — about 10 times the retail order book of SpaceX's world record IPO in June. CXMT said in its prospectus that AI demand has fueled the latest upswing in memory chips, but warned the market could weaken if AI investment slows or rivals add too much supply.

Why it matters for brand and industry ownership: CXMT's listing is a milestone in China's semiconductor self-sufficiency push. The company plans to invest more than 50 billion yuan raised from the listing in domestic memory-chip projects, including upgrades to 12-inch DRAM wafer production lines and research into high-bandwidth memory and automotive-grade storage. Per the Wall Street Journal, Apple CEO Tim Cook has pitched a plan to use memory chips from CXMT and Yangtze Memory Technologies in Apple products sold outside the US. If that happens, CXMT becomes part of the supply chain behind one of the world's most valuable consumer brands.

Jersey Mike's: $1 Billion NYSE Debut — Largest US Consumer IPO of 2026

Jersey Mike's Subs Inc. (NYSE: JMKE) priced its initial public offering on July 29, 2026 at $23.00 per share — the midpoint of the marketed $21 to $25 range. The offering of 43.48 million shares raised approximately $1.0 billion in gross proceeds, with an implied equity value of about $7.3 billion. Trading began on July 30 under the ticker JMKE. With the underwriters' over-allotment option fully exercised, total proceeds could reach approximately $1.15 billion.

The entire offering is secondary shares. Existing holders — primarily Blackstone-managed funds — are cashing out. Jersey Mike's itself receives no proceeds from the selling stockholders' shares. Blackstone acquired a majority stake in Jersey Mike's from founder-CEO Peter Cancro in November 2024 in a deal valuing the company at roughly $8 billion including debt. That transaction closed in early 2025. This IPO monetizes part of Blackstone's position; the firm retains voting control post-listing.

The business: Jersey Mike's operates more than 3,300 submarine sandwich locations across the US. Trailing 12-month revenue is $724 million with net income of $55 million. The chain competes directly with Subway, Jimmy John's, and Firehouse Subs in the quick-service sandwich category. Morgan Stanley, Jefferies, and J.P. Morgan led the deal as global coordinators, with Barclays and Guggenheim Securities as co-global coordinators.

For brand ownership readers: This is a classic private equity exit IPO. Blackstone bought a controlling stake less than two years ago, and the public market is now providing liquidity. The $7.3 billion implied market cap at pricing is below the $8 billion including debt that Blackstone paid in 2024 — a reflection of the softer IPO pricing environment for consumer companies. Jersey Mike's is one of only a handful of consumer and retail companies to go public in 2026, a year where US consumer IPOs are at their lowest level in a decade.

Csquare: $1.05 Billion Data Center IPO on NYSE

Csquare, Inc. (NYSE: CSQR) priced its initial public offering on July 16, 2026 at $21.00 per share — below the marketed range of $23 to $27. The company sold 50 million shares, raising approximately $1.05 billion in gross proceeds, or $1.21 billion if underwriters exercise their over-allotment option in full. Trading began on the NYSE under the ticker CSQR. The offering closed on July 17.

Csquare is a carrier-neutral colocation data center operator headquartered in Coppell, Texas. As of March 31, 2026, the company operates 64 facilities across 21 major US metropolitan markets and the UK, providing enterprises, network service providers, and cloud platforms with space, power, and connectivity infrastructure. Its facilities support power densities up to 150 kW per rack — a specification that matters as AI workloads require denser computing infrastructure.

Certain entities managed by Brookfield Wealth Solutions agreed to purchase $250 million of shares in the offering. Morgan Stanley and TD Securities led the deal as joint bookrunners, alongside Wells Fargo, BofA, BMO, Scotia, Jefferies, J.P. Morgan, RBC, and Societe Generale.

Why this listing matters: Data centers are not consumer brands. But they are the physical infrastructure that consumer brands — from streaming services to e-commerce platforms to social media apps — depend on. As AI-driven demand pushes data center power consumption higher, colocation operators like Csquare are becoming critical infrastructure owners. The IPO gives public market investors a way to bet on the growth of AI computing infrastructure.

Reformation: Sustainable Fashion Goes Public at $886 Million

Reformation Inc. (NYSE: REF) priced its initial public offering on July 29, 2026 at $15.00 per share — the low end of its marketed range. The offering of 14.06 million shares raised approximately $210.9 million. Trading began on July 30 under the ticker REF. Shares ended the first day essentially flat at $15.08, giving the company a market capitalization of approximately $886 million — below the $1 billion valuation Reformation had targeted when it launched its roadshow.

Private equity firm Permira, which acquired a controlling stake in Reformation in 2019, is expected to retain approximately 49% ownership following the listing, down from 64.4% before the IPO. Founder Yael Aflalo's family trust will retain around 20% of shares.

The business: Founded in Los Angeles in 2009 as a vintage clothing boutique, Reformation has grown into a global direct-to-consumer womenswear brand operating more than 70 stores across the US, UK, Canada, and France, serving customers in over 150 countries through e-commerce. The company reported revenue of $533.3 million for the 12 months ended March 31, 2026, with a net loss of $5.1 million. It has posted 20 consecutive quarters of double-digit net revenue growth, with approximately 90% of sales generated through its D2C channel.

Reformation went public the same day as Jersey Mike's — July 30, 2026 — making it one of the few days in 2026 with two consumer-facing IPOs pricing simultaneously. CEO Hali Borenstein told CNBC that Reformation plans to more than double its store count to over 140 locations over the next five years and expand into additional categories and international markets.

Scribe Therapeutics: First Gene Editing IPO in Two Years

Scribe Therapeutics Inc. (Nasdaq: SCTX) priced its upsized initial public offering on July 23, 2026 at $15.00 per share — the top of its projected range. The company sold 8.58 million shares, raising approximately $128.7 million in gross proceeds. Trading began on July 24 under the ticker SCTX. With the underwriters' over-allotment option fully exercised, total gross proceeds reached approximately $155.5 million, including a concurrent private placement of 500,000 shares to Sanofi.

Scribe is the first gene editing company to price an IPO since Metagenomi's $94 million offering in February 2024 — more than two years ago. Gene editing companies have largely struggled to reach public markets as medicines based on the technology remain limited to rare conditions and have yet to generate significant sales.

What makes Scribe different: Co-founded by Nobel Prize winner Jennifer Doudna, Scribe is using a CRISPR-based "epigenetic" approach that silences gene expression without permanently altering DNA. Instead of targeting rare genetic disorders, Scribe is going after common cardiometabolic diseases affecting millions of people. Its lead candidate, STX-1150, is designed to silence the PCSK9 gene and reduce LDL-C ("bad" cholesterol) levels. A Phase 1 trial is underway in Australia with up to 64 adults, and initial data is expected in the first half of 2027.

Scribe has strategic collaborations with Sanofi and Eli Lilly. Andreesen Horowitz is the largest shareholder with a nearly 17% post-IPO stake. Eli Lilly owns 6.5%. The company plans to use IPO proceeds to advance STX-1150 through Phase 1 development and move two preclinical programs — targeting the LPA and APOC3 genes — into human testing by 2027 or 2028.

Apnimed: $192 Million IPO for Sleep Apnea Pill

Apnimed, Inc. (Nasdaq: APMD) priced its upsized initial public offering on July 30, 2026 at $16.00 per share — the high end of its $14 to $16 range. The company sold 12 million shares, raising approximately $192 million in gross proceeds. Trading began on July 31 under the ticker APMD. The offering is expected to close on or about August 3, 2026.

Apnimed had originally filed to sell 10 million shares but upsized to 12 million due to strong demand. The offering attracted orders for multiple times the available shares and drew sizable orders from long-only investors, per Bloomberg reporting.

The product: Apnimed's sole clinical candidate is AD109 (proposed brand name Oxnimbi), an oral fixed-dose pill for obstructive sleep apnea (OSA). The drug combines an anti-muscarinic and a selective norepinephrine reuptake inhibitor to improve upper airway muscle activity and prevent airway collapse during sleep. It has completed two Phase 3 trials — LunAIRo and SynAIRgy — enrolling approximately 1,300 patients total. The most recent trial cut the number of nightly breath-stopping events by 46.8% in a study of 660 patients.

Apnimed submitted its New Drug Application to the FDA in April 2026. The FDA assigned a PDUFA goal date of February 28, 2027. If approved, Oxnimbi would be the first oral drug for sleep apnea — a condition currently treated with CPAP machines or surgery. The company is backed by Japan's Shionogi & Co. At the IPO price, Apnimed's market value is approximately $608 million.

July 2026 IPO Summary

Source: Company press releases, NYSE, Nasdaq, Renaissance Capital, AP News, Reuters, CNBC, SEC filings. Data as of July 31, 2026.

The Post-SpaceX IPO Market: Back to Breadth

June 2026 was defined by a single company. July was defined by the absence of one. Without a SpaceX-sized offering absorbing institutional capital, the IPO market returned to its normal rhythm — multiple mid-sized deals across different sectors, each priced on its own fundamentals.

The results were mixed. CXMT's 466% first-day pop in Shanghai was extraordinary, driven by retail demand that was 212 times oversubscribed. But in the US, pricing was more cautious. Csquare priced below its range. Reformation priced at the low end. Jersey Mike's priced at the midpoint. Only Apnimed and Scribe Therapeutics priced at the top of their ranges — and both were biotech offerings where demand is driven by clinical data rather than consumer brand momentum.

The pattern is consistent with what Renaissance Capital noted in June: mid-cap IPO candidates that pushed their roadshows to Q3 due to SpaceX timing are now coming to market, but pricing power has shifted back to buyers. The IPO window is open. It is just not wide open.

What to Watch: The Remaining 2026 IPO Pipeline

Discord — The gaming and community communication platform remains the most watched consumer-facing IPO for H2 2026. Per Danelfin's IPO tracker, Discord is targeting H2 2026 at a valuation of $15 to $25 billion on Nasdaq. No official pricing date has been confirmed as of July 31. Discord has 200 million monthly active users and a Nitro subscription model.

Databricks — The AI and data platform company, most recently valued at $134 billion in a private round, is working with Goldman Sachs and Morgan Stanley on a potential Q3 or Q4 2026 listing. If it prices near its private valuation, it would be the largest technology IPO of 2026 after SpaceX.

Plaid — The financial data connectivity company filed its S-1 in Q1 2026 with Goldman Sachs as lead underwriter at a $6.1 billion valuation target. No pricing date has been set as of July 31.

Bending Spoons — The Italian company that owns AOL, Evernote, Vimeo, WeTransfer, Eventbrite, and Meetup filed for a Nasdaq IPO in June targeting a $20 billion valuation. A Q3 2026 listing is possible. See our Bending Spoons company profile.

Yangtze Memory Technologies — Following CXMT's successful debut, Yangtze Memory (China's leading NAND flash maker) may file for its own IPO as soon as late 2026, per people familiar with the matter.

FAQ

What was the biggest IPO of July 2026?

CXMT (ChangXin Memory Technologies) raised $8.6 billion on the Shanghai STAR Market on July 27, making it the biggest IPO of July 2026 and the largest Chinese semiconductor IPO on record. Shares surged 466% on the first day, pushing CXMT's market capitalization to approximately $487 billion and making it the most valuable company listed on a mainland Chinese exchange.

What consumer brands went public in July 2026?

Two consumer-facing companies went public on July 30, 2026. Jersey Mike's Subs (NYSE: JMKE) priced at $23.00 per share, raising approximately $1 billion at a $7.3 billion implied market cap — the largest US consumer IPO of the year. Reformation (NYSE: REF) priced at $15.00 per share, raising $211 million at an $886 million valuation. Jersey Mike's is backed by Blackstone; Reformation is backed by Permira.

What is CXMT and why is its IPO significant?

CXMT is China's only volume DRAM producer and the world's fourth-largest maker of dynamic random-access memory chips. Its $8.6 billion IPO is significant because it gives China a publicly traded, well-capitalized competitor to Samsung, SK Hynix, and Micron in the global memory chip market. The company plans to invest more than 50 billion yuan in capacity expansion, including research into high-bandwidth memory for AI data centers.

What is Scribe Therapeutics and who backed it?

Scribe Therapeutics (Nasdaq: SCTX) is a clinical-stage biotechnology company co-founded by Nobel Prize winner Jennifer Doudna. It engineers CRISPR-based genetic medicines for common cardiometabolic diseases rather than rare genetic disorders. Its lead candidate, STX-1150, targets elevated LDL cholesterol. The company has partnerships with Sanofi and Eli Lilly. Andreesen Horowitz is the largest shareholder with a 17% post-IPO stake. The $129 million IPO was the first for a gene editing company in more than two years.

How does the July 2026 IPO market compare to June?

June 2026 was dominated by SpaceX's $75 billion IPO — the largest in history. July had no single mega-deal but produced six IPOs across three exchanges totaling approximately $11.2 billion in combined proceeds. Excluding SpaceX, July was a more typical month with broad sector representation. US consumer IPO pricing was cautious — Csquare priced below range, Reformation at the low end, Jersey Mike's at midpoint — suggesting the post-SpaceX window is open but not wide.

Related Reading

• Monthly IPO Roundup: July 2026
• Monthly IPO Roundup: June 2026
• Monthly M&A Roundup: July 2026
• Monthly M&A Roundup: June 2026
• Brands to Watch: Acquisition Targets 2026
• Browse all News & Updates

Sources

1. AP News: Chinese chipmaker CXMT shares soar in blockbuster Shanghai IPO — https://apnews.com/article/cxmt-china-memory-chips-debut-shares-9cd8b79866cf4bd5ef7c1cb81215e796 (July 27, 2026) 2. Reuters/Yahoo Finance: Chipmaker CXMT vaults to top of China's valuation with 466% surge — https://finance.yahoo.com/markets/stocks/articles/china-memory-chipmaker-cxmt-set-234440051.html (July 27, 2026) 3. Global Times: Memory chip giant CXMT to list Monday — https://www.globaltimes.cn/page/202607/1366842.shtml (July 2026) 4. CNBC: CXMT sparking fears of a cash drain before blockbuster IPO — https://www.cnbc.com/2026/07/24/cxmt-china-ipo-listing-chip-memory.html (July 24, 2026) 5. Jersey Mike's: Announces Pricing of Initial Public Offering — https://investors.jerseymikes.com/news-events/press-releases/detail/148/ (July 29, 2026) 6. ECM Source: Jersey Mike's Prices $1B NYSE IPO at $23 — https://ecmsource.com/jersey-mikes-1-billion-ipo-jmke-nyse-debut-july-30-2026/ (July 30, 2026) 7. Csquare, Inc.: Announces Pricing of Initial Public Offering — https://investor.csquare.com/2026-07-16-Csquare,-Inc-Announces-Pricing-of-Initial-Public-Offering (July 16, 2026) 8. Renaissance Capital: Data center operator Csquare prices IPO at $21 — https://www.renaissancecapital.com/IPO-Center/News/120493/ (July 16, 2026) 9. Reformation: Announces Pricing of Initial Public Offering — https://www.prnewswire.com/news-releases/reformation-announces-pricing-of-initial-public-offering-302838374.html (July 29, 2026) 10. CNBC: Reformation IPO starts trading on NYSE — https://www.cnbc.com/2026/07/30/reformation-ipo-public-nyse-listing.html (July 30, 2026) 11. Business of Fashion: Reformation Valued at $886 Million in NYSE Debut — https://www.businessoffashion.com/news/retail/reformation-valued-at-886-million-in-nyse-debut/ (July 30, 2026) 12. Scribe Therapeutics: Announces Pricing of Upsized IPO — https://www.globenewswire.com/news-release/2026/07/24/3332675/0/en/ (July 23, 2026) 13. BioPharma Dive: Scribe secures $129M in a rare gene editing IPO — https://www.biopharmadive.com/news/scribe-ipo-price-gene-editing-biotech-pcsk9-lpa/825933/ (July 2026) 14. Apnimed: Announces Pricing of Upsized IPO — https://www.prnewswire.com/news-releases/apnimed-announces-pricing-of-upsized-initial-public-offering-302839645.html (July 30, 2026) 15. Fierce Biotech: Apnimed's IPO dream comes true with upsized $192M IPO — https://www.fiercebiotech.com/biotech/apnimeds-ipo-dream-comes-true-upsized-192m-ipo-fund-sleep-apnea-pill (July 31, 2026) 16. Renaissance Capital: Sleep apnea pill developer Apnimed prices upsized IPO — https://www.renaissancecapital.com/IPO-Center/News/120807/ (July 31, 2026) 17. The Business Times: CXMT poised to become biggest China-listed firm — https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/cxmt-poised-become-biggest-china-listed-firm-trading-debut (July 26, 2026)

All IPO and brand ownership data verified through WhoBrands.com research methodology. Last updated: August 1, 2026.