Ticker LaunchIPO lock-up expirations: March 2025
11 US IPO lock-ups ended in March 2025, including StandardAero, Inc. (SARO), BKV Corp (BKV) and Bicara Therapeutics Inc. (BCAX).
| Lock-up ends | Company | Symbol | IPO date | IPO price | Raised | Market cap at IPO | Lock-up | Lead-left |
|---|---|---|---|---|---|---|---|---|
| Sun Mar 9, 2025 | XCHG Ltd | XCH | Sep 10, 2024 | $6.20 | $20.7M | $252.9M | 180 days | US Tiger |
| Wed Mar 12, 2025 | Bicara Therapeutics Inc. | BCAX | Sep 13, 2024 | $18.00 | $315M | $931.7M | 180 days | Morgan Stanley |
| Wed Mar 12, 2025 | Zenas BioPharma, Inc. | ZBIO | Sep 13, 2024 | $17.00 | $225M | $676.5M | 180 days | Morgan Stanley |
| Sun Mar 16, 2025 | Kairos Pharma, LTD. | KAPA | Sep 17, 2024 | $4.00 | $6.2M | $51.4M | 180 days | Boustead |
| Tue Mar 25, 2025 | BioAge Labs, Inc. | BIOA | Sep 26, 2024 | $18.00 | $198M | $615M | 180 days | Goldman Sachs |
| Tue Mar 25, 2025 | Guardian Pharmacy Services, Inc. | GRDN | Sep 26, 2024 | $14.00 | $112M | $869.3M | 180 days | Raymond James |
| Wed Mar 26, 2025 | BKV Corp | BKV | Sep 27, 2024 | $18.00 | $270M | $1.51B | 180 days | Citigroup |
| Wed Mar 26, 2025 | Legacy Education Inc. | LGCY | Sep 27, 2024 | $4.00 | $10M | $47.5M | 180 days | Northland |
| Wed Mar 26, 2025 | Innovation Beverage Group Ltd | IBG | Sep 27, 2024 | $4.00 | $5.4M | $33.4M | 180 days | Benchmark |
| Mon Mar 31, 2025 | StandardAero, Inc. | SARO | Oct 2, 2024 | $24.00 | $1.44B | $8.03B | 180 days | J.P. Morgan |
| Mon Mar 31, 2025 | FrontView REIT, Inc. | FVR | Oct 2, 2024 | $19.00 | $250.8M | $284.6M | 180 days | Morgan Stanley |
The lock-up end date is the IPO pricing date plus the lock-up period stated in the final prospectus (usually 180 days); shares can typically be sold from the next trading day. Many agreements allow earlier release, often after an earnings report or if the stock trades above a set price, and the banks can waive them. "Staged" means the prospectus also sets other release dates for some shares. The prospectus's Underwriting section has the exact terms; dates here are not investment advice.
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