Top 10 Best-Performing U.S. IPOs of the Last Four Years

1. Prometheus Biosciences, Inc. $RXDX

IPO Date: March 12, 2021

IPO Price: $19.00

Current Price: $200

Gains Since IPO: +953%

Brief Company Overview

Prometheus Biosciences is a specialty clinical laboratory focused on precision-guided care for Inflammatory Bowel Disease (IBD) and other gastrointestinal disorders. The company develops and commercializes testing services to aid clinicians in improving patient outcomes. In June 2023, Merck acquired Prometheus for $200 per share in cash, amounting to a total equity value of approximately $10.8 billion.

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2. Belite Bio, Inc $BLTE

IPO Date: April 29, 2022

IPO Price: $6.00

Current Price: $49.00

Gains Since IPO: +727%

Brief Company Overview

Belite Bio, Inc. is a clinical-stage biopharmaceutical company developing treatments for retinal degenerative eye diseases. Their lead product, LBS-008 (Tinlarebant), is an oral tablet for Stargardt disease and geographic atrophy. They are also developing LBS-009, a preclinical oral therapy for liver diseases and type 2 diabetes.

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3. Fitell Corporation $FTEL

IPO Date: August 8, 2023

IPO Price: $5.00

Current Price: $24.50

Gains Since IPO: +392%

Brief Company Overview

Fitell Corporation is an online retailer of gym and fitness equipment in Australia and Southeast Asia. They offer home and commercial strength-training equipment, cardio machines, and related products under the Muscle Motion, Rapid Motion, and FleetX brands. Fitell also licenses boutique fitness clubs and sells through their website, phone, email, and showrooms.

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4. Vaxcyte, Inc. $PCVX

IPO Date: June 12, 2020

IPO Price: $16.00

Current Price: $72.00

Gains Since IPO: +350%

Brief Company Overview

Vaxcyte, Inc. develops protein vaccines for bacterial infectious diseases. Their lead candidate, VAX-24, aims to prevent invasive pneumococcal disease. They are also developing vaccines for antibiotic-resistant strains, Group A Streptococcus, periodontitis, and Shigella.

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5. CAVA Group, Inc. $CAVA

IPO Date: June 15, 2023

IPO Price: $22.00

Current Price: $96.50

Gains Since IPO: +327%

Brief Company Overview

CAVA Group, Inc. operates a chain of restaurants across the United States under the CAVA brand. They also sell dips, spreads, and dressings in grocery stores and offer online and mobile ordering platforms.

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6. Academy Sports and Outdoors, Inc. $ASO

IPO Date: October 2, 2020

IPO Price: $13.00

Current Price: $54.50

Gains Since IPO: +314%

Brief Company Overview

Academy Sports and Outdoors, Inc. is a leading sporting goods and outdoor recreational retailer in the United States. The company offers a wide range of products including camping gear, fishing and hunting equipment, fitness and team sports equipment, outdoor furniture, and electronics. They also sell apparel and footwear under various brands such as Academy Sports + Outdoors, Magellan Outdoors, and BCG.

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7. Tiga Acquisition Corp.

IPO Date: November 24, 2020

IPO Price: $10.48

Current Price: $36.50

Gains Since IPO: +265%

Brief Company Overview

Tiga Acquisition Corp, led by G. Raymond Zage III and Ashish Gupta, focused on investing in businesses with strong management teams. In May 2022, Tiga merged with Grindr at a $2.1 billion valuation. Despite the merger approval, 98% of Tiga’s shareholders redeemed their shares for cash at $10.48 per share, totalling about $284 million.

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8. Arcellx, Inc.

IPO Date: February 4, 2022

IPO Price: $15.00

Current Price: $53.55

Gains Since Launch: +258%

Brief Company Overview

Arcellx, Inc. develops immunotherapies for cancer and incurable diseases. Their lead product, anitocabtagene autoleucel, is in Phase 2 trials for multiple myeloma. They have ACLX-001 and ACLX-002 in Phase 1 trials for multiple myeloma, leukemia, and myelodysplastic syndrome. ACLX-003 is in preclinical development for leukemia and myelodysplastic syndrome. They are also developing treatments for solid tumours.

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9. Palantir Technologies Inc. $PLTR

IPO Date: September 30, 2020

IPO Price: $7.25

Current Price: $25.50

Gains Since IPO: +248%

Brief Company Overview

Palantir Technologies Inc. creates software for intelligence and counterterrorism operations. Key products include Palantir Gotham for analyzing complex datasets, Palantir Foundry for centralizing organizational data, Palantir Apollo for software deployment, and the Palantir Artificial Intelligence Platform (AIP) for integrating large language models with data and processes.

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10. Pandion Therapeutics, Inc. $PAND

IPO Date: July 17, 2020

IPO Price: $18.00

Current Price: $60.00

Gains Since Launch: +233%

Brief Company Overview

Pandion Therapeutics is a biotechnology company developing bispecific antibody therapeutics for localized immunomodulation to treat autoimmune and inflammatory diseases, as well as for organ transplants. In April 2021, Merck acquired Pandion in a cash tender offer at $60 per share, totalling approximately $1.67 billion.

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