IPO M&A Action: Takeover Talks Lift Two IPOX^® 100 U.S. Index Constituents

October 28, 2026 · The IPOX^® Team

Reported takeover discussions involving Instacart (CART US) and Lumentum Holdings (LITE US) have brought IPO M&A activity into focus among constituents of the IPOX^® 100 U.S. Index – the U.S. IPO benchmark tracked by the First Trust US Equity Opportunities ETF (FPX).

Lumentum takeover by Marvell may be announced soon

AI data center optical component manufacturer Lumentum Holdings was in advanced discussions to be acquired by Marvell Technology, Bloomberg reported on October 28, with an agreement potentially announced as soon as the following week. The report cited a market capitalization of approximately $83 billion, rather than an agreed acquisition price. Lumentum shares gained 8.6% in after-hours trading on October 28 from their regular-session close. The company held a 2.8% weight in the IPOX^® 100 U.S. Index at that day’s close.

Instacart in takeover discussions with DoorDash

Grocery delivery marketplace platform Instacart was in advanced takeover discussions with DoorDash, Reuters reported on October 26, in a transaction potentially valuing the company at approximately $17 billion. Earlier discussions with Uber were no longer active, according to news coverage. Instacart shares appreciated 17.1% from their close before the initial sale reports to after-hours trading on October 28. The company held a 0.9% weight in the IPOX^® 100 U.S. Index at October 28’s close.

IPO M&A: following innovation beyond the listing

The acquisition of innovation remains an active feature of the IPO landscape. IPOX^® internal research estimates that approximately 41% of IPOs are eventually acquired. M&A activity over recent years has increased the importance of IPO M&A within the IPOX^® portfolio approach.

Alongside recent IPOs and spin-offs, the IPOX^® 100 U.S. Index includes select acquirers of recent IPOs. The GINDEX^® U.S. Growth Infusion Index (GNDX) focuses specifically on this part of the IPO lifecycle, tracking acquirers of recently listed innovation. These approaches follow how newly listed businesses develop, including through changes in ownership.