Group 1: IPO Performance Overview - Seven companies went public last week, including one small IPO and five SPACs submitting initial applications [1][7] - NIQ Global Intelligence priced its IPO below the midpoint, raising $1.1 billion at a market cap of $6.2 billion, but saw a 6% decline in stock price [1][5] - Accelerant's IPO was priced above the range, raising $724 million at a market cap of $4.7 billion, with a stock price increase of 42% [1][5] Group 2: Company Highlights - McGraw Hill's IPO was priced below the range, raising $415 million with a market cap of $3.3 billion, and experienced a 1% drop in stock price [2][5] - Carlsmed raised $101 million at a market cap of $430 million, with a 3% decline in stock price [2][5] - Dreamland's IPO was priced at the lower end, raising $8 million with a market cap of $124 million, and saw a 6% drop in stock price [3][5] Group 3: Emerging Companies - Cre8 Enterprise raised $96 million at a market cap of $6 million, with a 9% increase in stock price [3][5] - Linkhome Holdings raised $6 million at a market cap of $64 million, experiencing a significant stock price increase of 158% [4][5] - Hillhouse Frontier Holdings submitted an initial application for a small IPO, targeting $6 million with a market cap of $106 million [7] Group 4: Upcoming IPOs - Figma plans to raise $979 million with a projected market cap of $15.9 billion, focusing on browser-based design software [9][11] - Shoulder Innovations aims to raise $100 million with a market cap of $432 million, providing advanced implant systems for shoulder surgeries [10][11] - Ambiq Micro plans to raise $80 million with a market cap of $435 million, specializing in ultra-low power semiconductor solutions [10][11]

Company Overview - Carlsmed, a medical technology company specializing in personalized spinal surgery using artificial intelligence, completed an IPO raising $100.5 million by issuing 6.7 million shares at $15 each [1] - The company is headquartered in Carlsbad, California, and has a market capitalization of approximately $397.7 million based on the disclosed number of shares [1] - Major institutional investors include B Capital Group and US Venture Partners, with their ownership diluted to 26.3% and 21.2% respectively post-IPO [1] Financial Performance - For the first three months of 2025, Carlsmed reported revenues of $10.2 million and a net loss of $5.7 million, compared to revenues of $5.1 million and a net loss of $5.4 million in the same period last year [2] - As of March 2025, approximately 177 surgeons have utilized Carlsmed's platform for surgeries, a significant increase from 103 users in the previous year [2] Market Context - The IPO occurs amid a downturn in the U.S. healthcare IPO market, with only $2.1 billion raised by new listings in 2025, nearly a 50% decrease compared to the same period in 2024 [2] - The IPO is underwritten by major financial institutions including Bank of America, Goldman Sachs, and Piper Sandler, with shares set to trade on the Nasdaq Global Select Market under the ticker symbol CARL [2] Technology and Future Plans - Carlsmed's aprevo technology platform is currently approved for lumbar fusion surgeries, with plans to develop solutions for cervical fusion surgeries expected to be commercialized by 2026 [1]

Company Overview - Carlsmed Inc. plans to raise up to $107.2 million through an IPO, with a proposed share price range of $14 to $16 for 6.7 million shares, potentially valuing the company at approximately $424.3 million [1][2] - The company specializes in personalized surgical solutions and custom spinal implants using its AI technology platform, aprevo, which is currently approved for lumbar fusion surgeries [2] Financial Performance - For the first three months of 2025, Carlsmed reported revenues of $10.2 million and a net loss of $5.7 million, compared to revenues of $5.1 million and a net loss of $5.4 million in the same period the previous year [1] Market Context - The healthcare sector's IPO financing has been sluggish, with only $2.1 billion raised by new companies in this sector in 2025, representing a decline of over 40% compared to the same period in 2024 [1] - Carlsmed's major investors include B Capital Group and US Venture Partners, holding 35.1% and 28.3% of shares respectively prior to the IPO [2] Technology Development - The company is developing a version of its aprevo platform for cervical fusion surgeries, expected to be commercially available by 2026 [2] - As of March 2025, approximately 177 surgeons have utilized the aprevo platform for surgeries, an increase from 103 surgeons in the previous year [2] IPO Details - The IPO is being led by Bank of America, Goldman Sachs, and Piper Sandler Cos., with the stock expected to trade under the ticker symbol CARL on the Nasdaq Global Select Market [2]