Most companies experience a stock price "pop" after going public.

• But if prices drop, plaintiff attorneys often pounce — issuing press releases that double as searches for class-action clients.

Driving the news: The SEC is seeking to stem such lawsuits, last month approving a new rule that allows issuers to include mandatory arbitration clauses within registration statements.

• This is a reversal of prior policy, and only requires that companies adequately disclose that such arbitration clauses exist.

The big picture: This is part of the Trump administration's efforts to get more companies to go public, believing that litigation risk is a significant inhibitor.

• Or, as SEC chair Paul Atkins puts it: "Make IPOs great again."

Zoom in: The primary reason that companies stay private is the robust availability of private capital. And the Trump administration is working to increase the private capital supply by adding defined contribution plans to the pot.

• If Atkins really wants to make IPOs great again, he'd reverse course on 401(k)'s and seek to reinstitute the 500 shareholder rule.
• Moreover, mandatory arbitration clauses don't only eliminate frivolous lawsuits. They also can eliminate legitimate ones, since there isn't enough financial incentive for most shareholders to enter individual arbitration.
• Or, as Bloomberg's Matt Levine wrote last week: "You shouldn't fake your numbers, and if you do you should expect to get sued. I'm not sure that nothing being securities fraud is an improvement."

The bottom line: This move is unlikely to move the IPO needle. But it could forgive fraud. Great.

L'Oreal (Paris: OREP) agreed to buy the beauty unit of French luxury group Kering (Paris: PRTP), including the Creed fragrance line, for €4 billion in cash.

Why it's the BFD: This is L'Oreal's largest deal in its 116-year history, and lets it add several name brands to its luxury fragrance business.

• For Gucci owner Kering, which bought Creed for €3.5 billion just two years ago, it's about cutting debt and refocusing on its core fashion business.

Zoom in: L'Oreal will get a 50-year license to develop fragrance and other beauty products under the names of Kering fashion labels Bottega Veneta and Balenciaga (plus Gucci, once an existing agreement with Coty expires).

• In addition to the €4 billion cash payment, due at closing in the first half of 2026, L'Oreal also will "pay royalties to Kering for the use of its licensed brands."
• The pair also will launch a 50/50 joint venture to explore new opportunities beyond fragrances and cosmetics.

The bottom line: Beauty dealmakers been focused lately on "mass-tige" — inexpensive products with prestige packaging — but this is a reminder that there's still a market for legit luxury.

🚑 OpenEvidence, a Cambridge, Mass.-based AI medical assistant for doctors, raised $200m in Series C funding at a $6b valuation led by insider GV, per the NY Times. Other backers include Coatue, Conviction Capital, and Thrive Capital. axios.link/3L1WBRq

• Suno, a Cambridge, Mass.-based AI music generator, raised $125m. is in talks to raise over $100m at a $2b+ valuation, per Bloomberg. It previously raised $125m from Lightspeed, Matrix Partners, Founder Collective, and Nat Friedman. axios.link/47f1DRX

• HiveWatch, an El Segundo, Calif.-based provider of physical security software, raised $33m in Series B funding. Anthos Capital led, joined by Harmonic Growth Partners and Across Capital. axios.link/47il5NZ

• Finster AI, a provider of AI tools to investment banks and asset managers, raised $15m in seed and Series A funding from FinTech Collective, Peak XV, and Hoxton Ventures, per Axios Pro. axios.link/4ovr6xH

🚑 Adaptyx Biosciences, a Menlo Park, Calif.-based developer of biowearables, raised $14m in seed funding, per Axios Pro. Interlagos led, joined by Overwater Ventures, Starbloom Capital, Stanford University, the Chan Zuckerberg Biohub, Hyperlink Ventures, Cantos Ventures, Humba Ventures, and Seaside Ventures. axios.link/471QRzK

🚑 Petal Surgical, a developer of incisionless surgical tools, raised $10m in Series A funding led by K50 Ventures and TSVC, per Axios Pro. axios.link/4hgqEAR

• Milvus Advanced, a U.K. developer of high-performing materials from common metals, raised $6.9m in new seed funding, per Axios Pro. Hoxton Ventures led, joined by LQD Ventures, Übermorgen Ventures, Tuesday Capital, Leslie Ventures, MD One, EQT Foundation, and Lowercarbon Capital. axios.link/42OXWBi

• Karta, a Miami-based provider of premium credit cards for non-residents with U.S. bank accounts. raised $5.4m in seed funding. Canary led, joined by Clocktower Ventures and FJ Labs. axios.link/42N9KUH

• BoodleBox, a collaborative platform for higher education, raised $5m in seed funding led by Dogwood Ventures and Osage Venture Partners. boodlebox.ai

⚡ Allye Energy, a London-based developer of smart battery systems, raised $2.5m in seed funding. Elbow Beach led, joined by Alpha Future Funds. axios.link/4nc9l5i

• 26North Partners led a $700m investment in NEP Group, a Pittsburgh-based provider of media services for live sports and entertainment. Existing NEP backer Carlyle reinvested. axios.link/47y1RVG

• Ardian agreed to acquire a minority stake in JPB Système, a French aeronautics company. axios.link/4ht1sHG

🚑 Blackstone and TPG are in advanced talks to buy Marlborough, Mass.-based medical device maker Hologic (Nasdaq: HOLG) for more than $17b (including debt), per Bloomberg. axios.link/4hfuWIM

• Buenavista Equity Partners invested in Spanish restaurant chain Hundred Burgers. hundredburgers.com

• Mubadala Capital is circling billboard owner Clear Channel Outdoor (NYSE: CCO), per Bloomberg. axios.link/4okQfLe

• StenTech, an Align Capital Partners portfolio company, acquired Advanced Metal Etching, a Ligonier, Ind.-based maker of precision metal parts. axios.link/3JgATbX

No major companies plan to price IPOs this week on U.S. exchanges, although there may be some small SPAC and small issuer floats.

• Aeromexico set IPO terms to 11.7m shares at $18-$20. It would have a $2.8b market value, were it to price in the middle, and plans to list on the NYSE (AERO). axios.link/4n8WWz7

🚑 BillionToOne, a Menlo Park, Calif., precision diagnostics company, set IPO terms to 3.8m shares at $49-$55. It would have a $2.7b fully diluted value, were it to price in the middle, and reports a $4m net loss on $125.5m in revenue for the first half of 2025. BillionToOne plans to list on the Nasdaq (BLLN) and raised over $400m from Hummingbird Ventures, Libertus Capital, Neotribe Ventures, Premji Invest, Neuberger Berman, Adams Street Partners, Baillie Gifford, Civilization Ventures, Libertus Capital, and Fifty Years. axios.link/47d0TwO

🚑 Evommune, a Palo Alto, Calif.-based biotech focused on immune-mediated inflammatory diseases, set IPO terms to 9.4m shares at $15-$17. It would have a $543m market cap, were it to price in the middle, and plans to list on the NYSE (EVMN). The company raised nearly $270m from backers like Pivotal bioVenture (11.2% pre-IPO stake), EQT Life Sciences (11.2%), RA Capital (10.7%), Andera Partners (8.7%), Symbiosis (6.2%), and B Capital (5.3%). axios.link/42NH1z2

• FineToday, a Japanese personal care products maker that's owned by CVC Capital Partners, canceled its Tokyo IPO for the second time. axios.link/4oyIeCN

• Gloo, a Boulder, Colo.-based provider of management software for faith-based organizations, filed for an IPO. It plans to list on the Nasdaq (GLOO) and reports a $71m net loss on $28m in revenue for the first half of 2025. Backers include Thrivent. axios.link/3L2YMnL

• RF Acquisition III, an Asia-Pacific SPAC, filed for a $100m IPO. axios.link/3WIi4l0

🚑 Boston Scientific (NYSE: BSX) agreed to acquire Nalu Medical, a Carlsbad, Calif.-based developer of small neurostimulation devices, for $533m in cash. Nalu had raised over $440m from Novo Holdings, Gilde Healthcare, Longitude Capital, MVM Partners, Decheng, Advent Life Sciences, and B Capital. axios.link/3KQhfnI

• Holcim (Swiss: HOLN) agreed to buy German walling systems maker Xella for €1.85b from Lone Star Funds. axios.link/47i67HO

• Anduril, the defense-tech company valued by VCs at over $30b, acquired American Infrared Solutions, a Hudson, N.H.-based maker of cooled infrared cameras and components. axios.link/4ndNWsq

• Emirates NBD, a Dubai-based bank, agreed to buy a 60% stake in Indian lender RBL Bank for $3b. axios.link/3ISyUKT

• HoldCo Asset Management has built a 3% stake in Eastern Bancshares (Nasdaq: EBC) and wants the Boston-based bank to put itself up for sale, per Reuters. axios.link/4ouhLWV

• IHC of Abu Dhabi agreed to acquire a majority stake in First Women Bank, a state-owned bank in Pakistan. axios.link/4nYOfbQ

🚑 Jana Partners built a stake in medical device maker Cooper (Nasdaq: COO), and plans to push for the company to merge its contact lens unit with Bauch & Lomb (NYSE: BLCO), per the WSJ. axios.link/47llSxH

• Maelstrom, the family office of BitMEX cofounder Arthur Hayes, is raising at least $250m for a crypto-focused PE fund, per Bloomberg. axios.link/4qazJPM

• Patria Investments raised $2.9b for a Latin American infrastructure fund. axios.link/4on8TCk

• Vista Equity Partners hired Goldman Sachs to sell a package of bonds backed by states in its funds, per Bloomberg. axios.link/3WMGJEZ

Colombier Acquisition III, a SPAC formed by 1789 Capital, on Friday filed for a $250 million IPO.

• Directors include 1789's Donald Trump Jr., Chamath Palihapitiya, Blake Masters, and Fox News host Laura Ingraham.

This would be the third 1789-sponsored SPAC, the first two of which bought companies that since have seen their stock prices fall well below the $10 SPAC IPO price.

• One purchased Public Square, an ecommerce marketplace that promotes sellers with conservative values, while the other bought online firearms retailer GrabAGun.