X-energy and Yesway Show Strong Debut Performance
X-energy and Yesway have both made their public debuts last week after pricing. The launches highlighted continued investor appetite across both energy innovation and everyday retail.LATEST IPOS AND DIRECT LISTINGS:X-energyopened on April 24 at $30.11. The developer of advanced small modular nuclear reactors and fuel technology for clean energy generation priced 44.25M shares at $23.00. The deal size was increased to 44.25M shares from 42.86M and priced above the $16.00-$19.00 target range.Elmetopened on April 23 at $18. The company priced 8.6M shares at $14.00 per share. The deal size was increased to 8.6M shares of common stock from 7.7M shares and priced at the high-end of the $12.00-$14.00 range. Elmet is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries.Yeswayopened on April 22. The company had priced its IPO at $20 per share. Yesway is a U.S.-based convenience store operator that operates primarily under two brands, Yesway and Allsup's.National Healthcare Propertiesopened on April 22 at $11.56. The company priced 38.5M shares of its Class A common stock at $12.00 per share. National Healthcare Properties is a publicly registered real estate investment trust focused on acquiring a diversified portfolio of healthcare real estate, with an emphasis on senior housing and outpatient medical facilities located in the United States.Liberty Defenseopened on April 22. The company priced 3.67M shares at $4.50, the midpoint of its $4.00-$5.00 range. Liberty Defense provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums and schools.PERFORMANCE:Prices as of 11 am ET on Monday, April 27X-energy – up almost 15% at $33.57;Elmet – down about 3% at $16.57;Yesway – fractionally down at $21.64;National Healthcare Properties – fractionally up at $12.89;Liberty Defense – up almost 1% at $4.65.RECENT IPOS TO WATCH:HMH Holdingis already seeing coverage roll out, while KPET Ultra Pacelineis among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Tarsier Pharma, Quantinuum, Cerebras, Boundless Group, and Liftoff.Clickto see upcoming IPO calendar on TipRanks.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". The prospectus stated: "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial... Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company."Honeywellannounced thatQuantinuum, which is majority owned by Honeywell, confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC on February 17, relating to the proposed initial public offering of Quantinuum's common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.Cerebras Systemsannounced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of its Class A common stock. The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined. Cerebras intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "CBRS." Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank will act as lead book-running managers for the proposed offering. Mizuho and TD Cowen will act as bookrunners. Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, and Academy Securities will act as co-managers.Boundless Groupis offering 4M Class A ordinary shares on a firm commitment basis in an initial public offering. The company expects the initial public offering price of its Class A ordinary shares to be in the range of $4.00 to $5.00 per share.Liftoff Mobileannounced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.OTHER IPO NEWS:Amesiteannounced that it has filed with the U.S. SEC a request for withdrawal of the company's Registration Statement on Form S-1 originally filed on April 20, as the company no longer intends to pursue a public offering under the Registration Statement at this time. The Registration Statement has not been declared effective by the SEC, and no securities have been sold in connection with the public offering described in the Registration Statement.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.
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- Significant Sales Growth: Amazon reported a 17% year-over-year increase in sales and a 30% rise in operating income, which not only boosted investor confidence but also drove stock price appreciation, reflecting the company's strong market performance.
- Capital Expenditure Plans: Amazon's planned capital expenditure of $200 billion for 2026 exceeds the annual revenue of many companies, aimed at laying the groundwork for future AI expansion; although initial market reactions were lukewarm, sentiment is improving as the investments begin to pay off.
- AWS Continues to Grow: Amazon Web Services (AWS) experienced a 28% year-over-year growth in the first quarter, highlighting the significant role of AI in driving business growth, particularly through its Bedrock platform, which attracts numerous developers and solidifies its leadership in the global cloud market.
- Supply Chain Potential: As companies like Amazon ramp up investments in land, power, and buildings, related suppliers such as Sandisk and Bloom Energy are also experiencing growth opportunities, indicating that the long-term potential of AI-related investments remains robust.
- Significant Fundraising Surge: In April, 13 IPOs raised a total of $7.3 billion, with the latter half of the month seeing larger deals that pushed proceeds well above the historical average of $3.3 billion despite early volatility in March.
- Large Deals Leading the Market: Twelve IPOs raised over $100 million, notably Madison Air (MAIR) completing the largest offering of the year, indicating strong demand for sizable projects in the current market.
- Strong Investment Returns: Traditional IPOs averaged a robust 34% return by month-end, with nearly all trading above their issue price, reflecting a gradual restoration of market confidence in new listings.
- Increased Market Activity: With IPO filings reaching a year-to-date high, improved market conditions and solid returns are encouraging more companies to prepare for listings, suggesting an acceleration of IPO activity in the coming weeks.
- Nuclear Energy Collaboration: Louisville Gas and Electric Company is collaborating with X-energy to explore the deployment of the Xe-100 small modular reactor in Kentucky, aiming to meet the growing energy demand and enhance grid reliability for large customers, including data centers.
- Legislative Support: Kentucky has enacted a $75 million Nuclear Reactor Site Readiness Pilot Program to fund feasibility studies and permitting applications for nuclear sites, with plans to select three projects to receive up to $25 million each, further promoting nuclear energy development.
- Technological Advantages: The Xe-100 reactor, designed as an 80 MWe high-temperature gas-cooled reactor, can be flexibly deployed in four or twelve-unit configurations, providing 320 MWe for regional utilities and gigawatt-scale power for larger customers, aligning generation capacity with demand growth.
- Economic Opportunities: This collaboration not only addresses Kentucky's increasing electricity demands but also strengthens grid reliability and creates economic opportunities, reinforcing the state's leadership position in the nuclear energy sector.
- Nuclear Collaboration Initiated: Louisville Gas and Electric Company is collaborating with X-energy to explore the deployment of the Xe-100 small modular reactor in Kentucky, aiming to meet the growing energy demand and promote long-term reliable clean energy supply.
- Legislative Support: Kentucky has enacted a $75 million Nuclear Reactor Site Readiness Pilot Program to support feasibility studies and early permitting applications for nuclear projects, with plans to select three projects to receive up to $25 million each.
- Technological Advantages: The Xe-100 reactor, designed as an 80 MWe high-temperature gas-cooled reactor, can be flexibly deployed based on grid requirements, providing 320 MWe for four-unit plants and gigawatt-scale power for twelve-unit plants, catering to regional utilities and large load customers.
- Economic Opportunities: This collaboration aims not only to enhance grid reliability but also to create economic opportunities in Kentucky, leveraging the state's energy leadership and skilled workforce to drive the application of nuclear energy in meeting growing electricity demands.
- Nuclear Collaboration: Louisville Gas and Electric Company is collaborating with X-energy to explore the deployment of the Xe-100 small modular reactor in Kentucky to meet the growing energy demand, aiming to provide long-term, reliable clean energy and enhance grid reliability.
- Legislative Support: Kentucky has enacted a $75 million Nuclear Reactor Site Readiness Pilot Program to support nuclear feasibility studies and early permitting applications, with plans to select three projects to receive up to $25 million each, facilitating nuclear energy development.
- Technological Advantages: The Xe-100 reactor from X-energy features an 80 MWe high-temperature gas-cooled design that can be flexibly deployed based on grid requirements, providing 320 MWe for four-unit plants and gigawatt-scale power for twelve-unit plants, catering to large load customers.
- Economic Opportunities: This collaboration not only addresses Kentucky's increasing electricity demands but also aims to strengthen grid reliability and create economic opportunities, highlighting the significant role of nuclear energy in the future energy landscape.
- Nokia Stock Surge: Nokia shares rose over 5% to an intraday high of $11.31, driven by price target increases from Morgan Stanley, JPMorgan, and Argus, reflecting strong market confidence in the surge of demand for its AI-related products.
- Earnings Beat Expectations: The company reported a 54% increase in operating profit for Q1 2026, surpassing consensus estimates, and raised its revenue and profit growth guidance for 2026, further solidifying its competitive position in the telecommunications sector.
- Organon Acquisition News: Organon shares increased by over 1% to $13.38 after Sun Pharmaceutical Industries from India agreed to acquire the company in an all-cash deal valued at $11.75 billion, indicating optimistic market sentiment regarding its future prospects.
- X-Energy Strong Performance: X-Energy's stock has continued to rise since its Nasdaq debut, reaching a high of $37.10, which is over 13% above its opening price of $30.11, reflecting growing investor confidence in nuclear energy as a long-term solution for energy needs.










