Kestra Medical Technologies (KMTS US) didn’t need a strong market backdrop in order to have a successful debut. Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%. The stock’s opening print ended up being the high on day one. Kestra Medical closed its opening session at $21.84. Additional selling pressure happened on Friday with a closing print of $20.99 ending the week with a 23.5% return on the week.
While the debut was strong, we do not believe the success of this IPO will be a litmus test for the greater IPO market by any stretch. The equity capital markets area is still under scrutiny as a whole following the debut of the two large IPOs in 2025: Venture Global LNG (VG US) and Sailpoint Technologies Holdings (SAIL US) . As for Kestra Medical, we believe this IPO will likely trade with minimal volume in the coming days and be subject to market volatility.
On deck for the IPO market is the highly anticipated debut of CoreWeave Inc (CRWV) which is being rumored to debut during the last week of March.
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