A handful of small issuers listed in the US this past week, joined by four SPACs.
Malaysia-based TMD Energy (TMDE) priced at the low end to raise $10 million at a $75 million market cap. TMD provides marine fuel bunkering services, specializing in the supply and marketing of marine gas and fuel oil. The company operates both in ports across Malaysia, as well as under a fleet of bunkering vessels. TMD finished down 54%.
It was joined by Hong Kong substructure contractor Phoenix Asia Holdings (PHOE), which raised $6 million and finished down 9%, and Singapore security solutions provider Concorde International Group (CIGL), which raised $5 million and finished up 5%.
While not included below, Canada-based hydroponics nano-cap Pinnacle Food Group (PFAI) raised $7 million and finished down 25%.
| 7 IPOs During the Week of April 21st, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/25 |
| Concorde International (CIGL) | $5M | $89M | 0% | +5% | +5% |
| Provides integrated security solutions and facilities management services in Singapore. | |||||
| Inflection Point Acq. III (IPCXU) | $220M | $300M | 0% | +1% | +1% |
| Third blank check company led by Michael Blitzer targeting disruptive growth sectors. | |||||
| New Providence Acq. III (NPACU) | $261M | $335M | 0% | +0% | +1% |
| Third blank check company led by former soda executives targeting the consumer sector. | |||||
| Texas Ventures Acq. III (TVACU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company backed by Texas Ventures targeting industrial tech. | |||||
| Crane Harbor Acquisition (CHACU) | $200M | $273M | 0% | +0% | +0% |
| Blank check company targeting the technology, real assets, and energy sectors. | |||||
| Phoenix Asia (PHOE) | $6M | $86M | -20% | -9% | -9% |
| Substructure contractor in Hong Kong. | |||||
| TMD Energy (TMDE) | $10M | $75M | -7% | +12% | -54% |
| Malaysian provider of fuel bunkering services being spun out of Straits Energy Resources. | |||||
| 2 Filings During the Week of April 21st, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Columbus Circle Capital I (CCCMU) | $200M | SPAC | Cohen & Company |
| Blank check backed by Cohen & Company. | |||
| Kochav Defense Acq. (KCHVU) | $220M | SPAC | SPAC Partners |
| Blank check company targeting the defense and aerospace industries. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/24/2025, the Renaissance IPO Index was down 11.9% year-to-date, while the S&P 500 was down 6.4%. 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 5.1% year-to-date, while the ACWX was up 7.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
