A busy week in the US IPO market continues, with several companies beginning to trade over the last two days and investors delivering mixed reactions. Meanwhile, Q2 earnings season is starting to heat up, and SK Hynix is preparing for one of the largest listings in history.
The IPO Wave: Who's Up, Who's Down
Bending Spoons (BSP), the Italian tech company known for acquiring and revitalizing software businesses (including stakes in AOL and Vimeo), led the IPO wave with a $1.68 billion raise at $29 per share, above the initial $26–$28 range. On its first trading day (July 1), the stock surged as high as $43.98, a gain of over 40% from the IPO price. Today the stock is trading around $35.97, down roughly 11% on the day but still up about 24% from its IPO price.
ITG (ITG), an Oaktree-backed provider of digital infrastructure and communications services, raised $312 million, but at $16 per share, well below the marketed $19–$22 range. Despite the down-round pricing, shares rose 13% on debut, closing at $17.71. Today the stock trades around $15.67, near the IPO price after adjustments.
Lime (LIME), the Uber-backed micromobility giant, the world's largest operator of e-bike and e-scooter fleets, priced its IPO at $25, the midpoint of the $24–$26 range. The company raised approximately $167 million at a valuation of about $1.6 billion. On its first trading day shares opened at $27 and closed around $26. The stock now trades near $25.05.
Meanwhile, SpaceX (SPCX) continues to trade with volatility since its mammoth $75 billion IPO on June 11, with the stock at approximately $159, up about 18% from the IPO price.
SK Hynix Heads to Nasdaq, A $29 Billion Listing
The headline event for next week is SK Hynix's secondary listing on Nasdaq via ADR, expected to rank as the second-largest IPO in history. The South Korean memory chip giant, a key supplier of HBM (High Bandwidth Memory) to NVIDIA, is looking to raise approximately $29.4 billion under the ticker SKHY.
According to the timeline, bookbuilding starts July 6, final pricing is expected around July 9, and trading should begin on July 10. Underwriters include BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan. Proceeds are earmarked primarily for capacity expansion (including the new Yongin cluster in Korea), EUV equipment purchases, and meeting surging AI chip demand.
Earnings: Lindsay Corp Beats Estimates
On the earnings front, Lindsay Corporation (LNN) reported its fiscal Q3 2026 results today. Revenue came in at $160.8 million, slightly above analyst estimates of ~$157.8 million, and down 5% year-over-year. EPS was $1.53, above the consensus range of $1.21–$1.35.
The irrigation segment posted $133 million in revenue (down 7% YoY), while the infrastructure segment grew 8% to $27.7 million. The company repurchased $25.2 million in shares during the quarter and reported a backlog of $136.1 million.
Looking Ahead
Next week promises significant IPO activity, headlined by the SK Hynix ADR listing, which could reshape the global tech IPO landscape. Earnings season will also ramp up gradually as larger names are expected to report later in July.
