Welcome back to Renaissance Capital's IPO Winners and Losers, the weekly podcast breaking down the biggest stories shaping the IPO market. 

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This week: 
• Scribe Therapeutics pops 44%, with strategic investments from Eli Lilly and Sanofi 
• Jersey Mike's preps the largest consumer IPO in 2+ years at an $8.9 billion valuation 
• Reformation prepares to be the market's first DTC name in years 
• Ionic Digital's direct listing tests the bitcoin-miner-to-data-center pivot 
• The IPO Index slips alongside a broader growth selloff on AI concerns and the Iran war

We also discuss whether the consumer IPO is finally back after a year on the bench, what Jersey Mike's pricing means for the entire restaurant pipeline behind it, and why biotech's 60%+ average returns keep pulling the next wave of deals forward.

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