A sizable medical device company and a handful of small issuers went public in the first week of March, though a billion-dollar IPO filing dominated headlines.
Medical device firm Kestra Medical Technologies (KMTS) upsized and priced above the range to raise $202 million at an $844 million market cap. The company makes a wearable cardioverter defibrillator for patients at elevated risk of sudden cardiac arrest. Since approval, Kestra's system has been prescribed by over 550 hospitals across the US (~20% penetration) and has been worn by over 17,000 patients. The company has delivered explosive growth but is highly unprofitable. Kestra finished the week up 23%.
Five small issuers also listed in the US this week, four of which are included in our IPO stats: Dubai-based robotics developer Micropolis Holding (MCRP), Chinese solar tech provider Skycorp Solar Group (PN), Malaysian software firm Sagtec Global (SAGT), and Taiwanese diagnostics developer Advanced Biomed (ADVB). While not included below, US-based stone products distributor Capstone Holding (CAPS) completed its uplisting to the Nasdaq.
| 5 IPOs During the Week of March 3rd, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/07 |
| Kestra Medical Tech (KMTS) | $202M | $844M | 13% | +28% | +23% |
| Makes a wearable cardioverter defibrillator for higher-risk cardiac arrest patients. | |||||
| Skycorp Solar (PN) | $8M | $108M | -11% | +1% | -5% |
| Chinese provider of solar photovoltaic and high performance computing products. | |||||
| Advanced Biomed (ADVB) | $7M | $87M | -11% | -9% | -9% |
| Taiwanese developer of microfluidic testing equipment for early cancer screening. | |||||
| Sagtec Global (SAGT) | $7M | $50M | -6% | -10% | -10% |
| Malaysia-based provider of point of sale software for the food and beverage industry. | |||||
| Micropolis Holding (MCRP) | $16M | $136M | -11% | -11% | -11% |
| Dubai-based developer of autonomous mobile robots and related software. | |||||
The week’s pipeline additions were led by CoreWeave (CRWV), which filed for an IPO we estimate could raise $3.5 billion. CoreWeave rents out cloud-based computing hardware for enterprises, with a particular focus on AI, and counts well-known firms like NVIDIA, IBM, and Meta among its customers.
| 8 Filings During the Week of March 3rd, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Anew Health (AVG) | $20M | Health Care | D. Boral Capital |
| Hong Kong-based pain management and health services provider. | |||
| Dune Acquisition II (IPODU) | $150M | SPAC | Clear Street |
| Blank check company targeting SaaS and AI. | |||
| Siddhi Acquisition (SDHIU) | $200M | SPAC | Santander |
| Blank check company formed by Siddhi Holdings targeting high-growth businesses. | |||
| Rich Sparkle (ANPA) | $6M | Industrials | Eddid Securities |
| Financial printing and corporate services provider in Hong Kong. | |||
| ELC Group (ELCG) | $10M | Industrials | D. Boral Capital |
| Provides staffing services and facilities management software in Singapore. | |||
| Cal Redwood Acq. (CRAU) | $200M | SPAC | Cohen & Company |
| Blank check company targeting technology, media, and telecommunications. | |||
| CoreWeave (CRWV) | $3,500M | Technology | Morgan Stanley |
| Provides cloud computing services with data centers optimized for AI workloads. | |||
| DT House (DTDT) | $8M | Industrials | Revere Sec. |
| Provides ESG consulting services in the UAE and Hong Kong. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/6/2025, the Renaissance IPO Index was down 10.3% year-to-date, while the S&P 500 was down 2.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 8.1% year-to-date, while the ACWX was up 8.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
