IPO Analytics for the Week of Nov 3–9: Results, Leaders, and Market Outlook

📊 Weekly Overview

The reporting season has begun for companies whose IPOs involved Regolith investors. Overall market sentiment remains positive — results are reflected in stock movements, though some sectors remain sensitive to investor mood shifts.

🐂 Bullish (BLSH) — Growth Ahead of Lock-up Expiration

Bullish shares trade +21.84% above the IPO price ($37) ahead of the lock-up expiration on November 14. Despite last month’s correction and analyst caution over the high valuation (P/S 39.6x), investor interest remains strong — reflecting expectations of further growth and confidence in the company’s model.

Bullish is a next-generation cryptocurrency exchange combining the efficiency of traditional markets with blockchain transparency. Backed by over $1 billion in investments, it trades under the ticker BLSH, offering institutional-grade liquidity and secure digital asset trading.

✈️ Navan (NAVN) — Gradual Recovery

Navan, which went public on October 30, rebounded slightly after dropping to $16 — currently trading around $17.86, or 28% below the IPO price of $25. Investors are slowly regaining interest in the stock after a volatile debut.

🎓 Phoenix Education Partners (PXED) — Stability Before the Report

Phoenix Education Partners remains close to its IPO price of $32. The annual report is scheduled for November 20, and the market continues to evaluate the company’s long-term potential with little volatility.

🌊 Neptune Insurance (NP) — Steady Growth and Market Optimism

Neptune Insurance rose +6.2% daily, +4.6% weekly, and +8.3% since listing. Despite analysts’ caution about valuation, the market expects the company to strengthen its position in insurtech and digital insurance.

Neptune Insurance (NP) is an insurtech firm specializing in digital insurance solutions. It offers direct online policies via its proprietary risk assessment platform. Since its IPO, the stock has shown steady growth supported by an expanding client base.

🤖 Pattern Group (PTRN) — Strong Quarterly Report

Pattern Group reported a 46% revenue increase and a record NRR of 122% for Q3 2025, reaffirming its strong performance in e-commerce and AI-based solutions.

🛡 Netskope (NTSK) — Strength in SASE and Cloud Security

Netskope trades 17.5% above its IPO price ahead of its Q3 earnings report on December 11. The company was added to the Baron Discovery Fund portfolio and continues to consolidate its position among leading cybersecurity and SASE platforms.

🌱 Black Rock Coffee Bar and Legence — Consistent Growth

Black Rock Coffee Bar and Legence posted gains of +20.6% and +26.7%, respectively. Both remain attractive to investors thanks to stable revenue and predictable business models.

Legence develops infrastructure projects focused on energy efficiency and sustainable construction. The company implements solutions that reduce emissions and optimize energy use. Its stock has grown steadily amid rising demand for ESG initiatives.

⚖️ Figure, Gemini and Klarna — Diverging Fintech Dynamics

Figure leads the sector with a +46.2% gain since its IPO, underscoring strong investor appetite for fintech and blockchain plays. Meanwhile, Gemini (–42.2%) and Klarna (–9.6%) reflect continued caution following volatile starts.

🚀 What’s Next?

Bullish's lock-up period ends this Friday — the company remains above its IPO price, and investors await the first post-lock-up results with interest.

Regolith continues to monitor the performance of companies in which our investors participated, providing regular analytical updates, performance data, and market insights.