Wave of $15 Billion US IPOs Runs Headlong Into War’s New Phase

Investment bankers are hitting the road to raise more than $15 billion across initial public offerings in the coming weeks, nervously eyeing market volatility as a standoff with Iran threatens a fragile ceasefire.

The success of a string of deals, led this week by a $2.23 billion IPO for ventilation and filtration systems provider Madison Air Solutions Corp., will be closely watched. Bankers are looking to put choppy performance for recent debutants in the rear-view mirror, clearing a path for the mammoth SpaceX listing expected in June.

Wall Street’s push to take at least a dozen companies public in ...