IPO

Evommune, Inc. announced the pricing of its IPO of 9,375,000 shares at $16.00 per share, expected to begin trading on the NYSE (EVMN) on November 6, 2025. The offering is anticipated to close on November 7, 2025, and includes an underwriter option for additional shares. Gross proceeds are projected at $150 million. Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor are joint book-runners. Evommune will use the funds to advance its pipeline of therapies targeting chronic inflammatory diseases.

Cybersecurity startup Armis, specializing in connected device security, raised $435 million, valuing the company at $6.1 billion. Led by Goldman Sachs Alternatives, the funding will fuel growth and address the increasing demand for IoT, OT, and medical device security. Armis’ platform helps organizations discover, secure, and manage connected devices, providing threat detection and mitigation. CEO Yevgeny Dibrov sees Goldman Sachs as an ideal partner for a future IPO, targeted for late 2026 or early 2027, with a near-term goal of reaching $1 billion in ARR.

Beta Technologies, an electric aerospace company, debuted strongly on the NYSE, closing nearly 6% higher at $36 per share after pricing its IPO at $34. The IPO raised over $1 billion, valuing Beta at $7.4 billion. While Beta faces challenges like a $183.2 million net loss in the first half of the year, it anticipates FAA certification within 30 months. Major investors include Amazon and GE. Competitors Joby Aviation and Archer Aviation saw declines following Beta’s IPO, highlighting the eVTOL market’s volatility. Beta’s success is viewed as a bellwether for the eVTOL industry.

Westin Acquisition Corp (WSTN) priced its $50 million IPO of 5,000,000 units at $10.00 per unit, each containing one Class A share and a right to 1/6 of a share. Trading on Nasdaq under WSTNU is expected to begin November 4, 2025, with closing anticipated November 5, 2025. Underwriters have a 45-day option to purchase up to 750,000 additional units. A.G.P./Alliance Global Partners is the sole book-running manager.

BETA Technologies, Inc. announced the pricing of its IPO at $34.00 per share for 29,852,941 shares of Class A common stock, exceeding expectations. Shares will trade on the NYSE under the ticker “BETA” starting November 4, 2025. Morgan Stanley and Goldman Sachs & Co. LLC are lead book-running managers. BETA designs and sells electric aircraft, propulsion systems, and charging infrastructure, with over 83,000 nautical miles flown. The company is targeting cargo, defense, passenger, and medical sectors.

Venture capitalist Oren Zeev’s early “relationship investment” of $50,000 in a nascent startup led to StreamOnce, later acquired by Jive Software. This initial bet paved the way for Navan (formerly TripActions), a business travel platform poised for an IPO valuing it at over $6 billion, potentially yielding Zeev over $1 billion. Zeev’s success stems from a gut-feeling investment approach. He operates as a solo GP, making quick decisions and valuing founder relationships. His strategy, including reinvesting management fees, aligns him with LPs.

Dynamix Corporation III raised an upsized $175 million in its IPO, potentially reaching $201.25 million with additional shares. The SPAC targets acquisitions in AI, energy, or digital assets, aiming for companies valued at $1 billion or more. Advisors from Prologis and Nvidia will aid in identifying suitable targets. This debut occurs during a cautious recovery phase for the SPAC market after a period of decreased activity and scrutiny, requiring Dynamix III to demonstrate strong valuation and synergies to investors.

Navan, formerly TripActions, a corporate travel and expense management platform, went public on Nasdaq (NAVN) with a $6.2 billion valuation following a $923 million IPO. Shares dipped 20% despite pricing at $25, the midpoint of its range, which was lower than its $9.2 billion 2022 private valuation. Navan distinguishes itself with AI integration and a focus on traveler experience, boasting clients like Geico and OpenAI. It reported strong revenue growth but also a recent quarterly net loss, making profitability a key focus.

Miluna Acquisition Corp (MMTXU) priced its IPO of 6,000,000 units at $10.00 each, aiming to raise $60 million. Units, comprising one ordinary share and one warrant, are expected to begin trading on Nasdaq on October 23, 2025. The IPO is expected to close on October 24, 2025. D. Boral Capital LLC and ARC Group Securities LLC are joint book-running managers, with a 45-day over-allotment option. The company will seek a business combination, excluding targets primarily based in China.

Upgrade, a fintech startup led by LendingClub’s founder, secured $165 million in funding, raising its valuation to $7.3 billion. Led by Neuberger Berman, this round marks Upgrade’s first capital raise since 2021, driven by its positive cash flow. Initially a personal loan provider, Upgrade has expanded to include diverse financial services like BNPL (through its Uplift acquisition). With annualized revenue exceeding $1 billion, Upgrade is considering an IPO within 12-18 months to bolster its balance sheet and provide employee liquidity. They are focusing on streamlining customer experience and targeting growth in home improvement and auto financing.