Weekly Market Recap: Jersey Mike's, Reformation, Apnimed Debut

Three IPOs debuted this week with three different outcomes, Anthropic's roadshow moved a step closer to a public listing, and next week brings a wave of biotech debuts. Here's what happened in the IPO and pre-IPO market for the week of July 27–31, 2026.

This Week's Debuts

• Jersey Mike's Subs (NYSE: JMKE) — priced at $23, raised nearly $1 billion at a ~$7.3B valuation, then fell about 6% on its first trading day. One of the largest restaurant IPOs on record, but a reminder that brand recognition doesn't guarantee aftermarket demand.
• Reformation (NYSE: REF) — the sustainable womenswear brand priced at $15 per share, raising $210.9 million at an $886 million valuation. Shares closed essentially flat on debut day (July 30), with the CEO saying the company is "ready to scale."
• Apnimed (Nasdaq: APMD) — the Phase 3 pharmaceutical company (developing an oral treatment for obstructive sleep apnea) priced at $16, the top of its range, upsizing to 12 million shares to raise $192 million.

Fact vs. estimate: pricing, share counts and first-day closes above are confirmed market data. Read-throughs on "why" a stock traded up, down or flat are analysis, not fact.

Anthropic: Roadshow Moves Forward

Banks — reportedly including Morgan Stanley, Goldman Sachs and JPMorgan — continued investor meetings this month for what could be a Nasdaq listing as early as October 2026, at a $965 billion valuation set in Anthropic's May Series H round. Nothing is official until the S-1 is public, but the roadshow itself is a concrete step most confidential IPO candidates don't reach until a listing is genuinely close.

What's Ahead Next Week

A cluster of biotech IPOs is set to price August 5–6: Attovia Therapeutics (Nasdaq: ATTO, targeting $15–$17, ~$200M) and Braveheart Bio (Nasdaq: BRVE, targeting $15–$17, ~$300M), alongside Vogenx (Nasdaq: VOGX, targeting $11–$13, ~$75M) — together aiming to raise over $500 million. Multiple biotechs pricing in the same window usually signals bankers see a receptive window for the sector; it's also a window that can close quickly if the first movers price or trade poorly. Full details in our IPO Calendar.

Why It Matters for Pre-IPO and Tokenized Equity Investors

This week's split result — one debut down, one flat, one priced at the top of its range — is a useful reminder that public-market reception varies by sector and deal structure, not just by brand strength or pre-IPO hype. Watching how debuts actually trade, not just how they're marketed, is a better read on where investor appetite currently sits.

This material is for informational purposes only and does not constitute individual investment advice.

Sources

• CNBC — Jersey Mike's IPO: JMKE starts trading on the New York Stock Exchange
• CNBC — Reformation closes flat in NYSE debut as CEO says company is "ready to scale"
• Bloomberg — Womenswear Firm Reformation Opens Flat After $210.9 Million IPO
• IPOScoop — Apnimed IPO Profile
• CNBC — Anthropic moves closer to mega-IPO as bankers line up investor meetings
• IPOScoop — IPO Calendar