On July 28, 2026, as the closing bell rang at the Nasdaq exchange, the US stock IPO market delivered an impressive report card. Against the backdrop of tech stock recovery and stable expectations of Fed policy, all three new stocks recorded positive first-day gains. Hydrogen company H2 Power led with a 200% surge, Chinese autonomous driving unicorn WeRide rose 50%, and biotech company Kyverna Therapeutics gained a modest 12%. Market sentiment warmed, and investor enthusiasm for IPO subscriptions rebounded significantly.
IPO Star of the Week: Hydrogen Energy Sector Ignites Passion
On July 24, Eastern Time, hydrogen fuel cell system developer H2 Power officially listed on Nasdaq under ticker H2PW. The IPO price was set at $15 per share, at the high end of the $12–16 range. It opened at $35, hit an intraday high of $48, and closed at $45, up 200% from the IPO price, setting a record for the largest first-day gain among US IPOs in 2026. Its total market cap reached $6.8 billion.
According to the prospectus, H2 Power is headquartered in California and focuses on hydrogen fuel cell systems for heavy-duty trucks. It had revenue of $120 million in 2025 but remains unprofitable. The company raised approximately $350 million in the IPO, mainly for capacity expansion and R&D of next-generation membrane electrode assemblies. Market analysts believe that the accelerated implementation of the U.S. Clean Hydrogen Act of 2026 and stricter California zero-emission truck regulations have injected a strong stimulus into the hydrogen sector, with institutional investor subscription multiple exceeding 20 times.
Chinese Autonomous Driving Company WeRide Rises 50% on First Day
On July 25, Chinese autonomous driving company WeRide listed on Nasdaq under ticker WRD. The IPO price was $18, opened above $27, closed at $27.2, up 50.6%, with a market cap of about $5.5 billion. WeRide issued about 20 million ADS in the IPO, raising $360 million. Underwriters included Goldman Sachs, Morgan Stanley, and CICC.
WeRide is a leading L4 autonomous driving solution provider in China, covering Robotaxi, Robobus, and autonomous sanitation vehicles. In Q1 2026, the company's operating loss narrowed to $42 million, while order revenue grew 210% year-over-year. CEO Han Xu said at the listing ceremony: "We are at the inflection point of autonomous driving commercialization. Large-scale operations have launched in Singapore, the Middle East, and other regions. This IPO will accelerate our global expansion."
Notably, WeRide originally planned to go public via SPAC in 2025 but switched to a traditional IPO due to market volatility. The offering attracted cornerstone investments from several international long-term funds, including Singapore sovereign fund GIC and Saudi Public Investment Fund PIF.
Biotech Rises Moderately, Market Differentiation Remains
On July 26, autoimmune disease-focused biotech company Kyverna Therapeutics listed on Nasdaq under ticker KYVA. The IPO price was $20, closing at $22.4 on the first day, up 12%. Kyverna's core pipeline is CAR-T therapy for systemic lupus erythematosus, currently in Phase II clinical trials. Despite the vast market potential, the biotech sector as a whole is constrained by interest rate expectations, making investors more cautious. The company raised $280 million in the IPO.
IPO Issuance Trend: Pricing Becomes More Reasonable, Retail Participation Increases
All three new stocks this week avoided breaking the IPO price, and their offering prices were at the upper end of the range, indicating underwriters' confidence in market demand. Notably, all three companies added retail subscription channels during the IPO process, opening to retail investors via platforms like Robinhood and Webull. H2 Power's retail allocation rate was as high as 35%, while WeRide's was 25%. Industry analysts say that with the SEC simplifying retail subscription procedures, retail participation in IPO subscriptions has risen from about 15% to 30% since 2026, effectively easing institutional pressure and reducing first-day volatility.
However, not all new stocks enjoy the same treatment. An electric vehicle charging company that listed on July 14 is still trading below its IPO price. Market participants say that companies with clear themes and near-breakeven cash flows are more likely to win investor approval.
Next Week's IPO Preview: AI Chips and Medical Devices Taking Flight Together
According to Bloomberg Terminal and the latest SEC filings, six companies are expected to complete IPOs next week (July 31 to August 4), with two attracting significant attention:
- NeuralCore (ticker: NCOR): A US AI chip startup focusing on edge computing inference chips, competing with Nvidia's Jetson series. Price range: $14–17, plans to raise $400 million. NeuralCore launched its first 7nm chip in late 2025, with double the computing density of comparable products. It has secured orders from Amazon's AWS and Tesla. However, the company is involved in a patent dispute with Nvidia, with litigation ongoing.
- MediVent (ticker: MVNT): An Israeli medical device company focused on transcatheter aortic valve replacement (TAVR) products. Price range: $18–21, raising $250 million. Its third-generation product has received European CE certification and is about to submit FDA applications. With aging trends, the TAVR market has a CAGR of about 18%, and MediVent is expected to become a strong competitor to Edwards Lifesciences and Medtronic.
In addition, a Chinese discount retailer, "HotMaxx" (ticker: HOTM), plans to list on the NYSE at a price range of $10–12, expected to raise $200 million. HotMaxx focuses on near-expiry goods and clearance inventory, with over 2,000 stores in China and a net profit of about $60 million in 2025. As Sino-US relations ease, sentiment for Chinese stocks listing in the US is improving, but audit document disputes still need attention.
IPO Subscription Strategy Tips: Focus on Fundamentals and Valuation Rationality
For investors participating in US IPO subscriptions, this week's market offers several lessons: First, sectors with policy support (like hydrogen energy) carry high short-term sentiment premiums, but investors should be wary of valuation overextension risks. Second, Chinese stocks require careful examination of real business moats and compliance; WeRide's surge is closely tied to its overseas deployment progress. Third, biotech IPOs generally see moderate first-day gains, making them suitable for medium- to long-term holding rather than short-term speculation.
When subscribing to next week's new stocks, it is recommended to focus on NeuralCore's institutional subscription multiple and patent lawsuit progress, as well as MediVent's FDA approval timeline. For HotMaxx, investors can evaluate growth potential by combining China's consumption downgrade trend with the company's same-store sales data. In addition, watch for changes in the Fed's tone after its July meeting; if hawkish signals exceed expectations, it may dampen IPO market sentiment.
Conclusion
In the summer of 2026, after a lackluster first half, the US stock IPO market saw a welcome burst of activity in late July. Emerging sectors such as hydrogen energy, autonomous driving, and AI chips competed for attention, and lower barriers to retail participation made IPO subscriptions more inclusive. As the traditional earnings season in August winds down, the pace of IPO issuance is expected to accelerate further. Investors should stay rational, select carefully, and avoid blindly chasing highs. SGX Mainboard financial news will continue to track new stock developments and provide timely, professional analysis for readers.
