Two IPOs and nine SPACs debuted this week. One IPO and six SPACs submitted initial filings.
Chinese insurance distributor Yuanbao (YB) priced its US IPO at the top of the range to raise $30 million at a $788 million market cap. The company specializes in personal life and accident and health insurance. Yuanbao collaborates with 46 insurance carriers, offering a diverse portfolio of insurance products, including medical, critical illness, and life insurance. It posted rapid growth in 2024, and was profitable with a healthy cash flow. However, its top three carrier partners accounted for 60% of its revenue, and it floated less than 4% of its shares. Yuanbao finished the week up 1%.
Singapore-based business services provider Smart Digital Group (SDM) priced its US IPO at the bottom of the range to raise $6 million at a $106 million market cap. Through its operating subsidiaries, the company provides a range of services, primarily internet media services. This includes developing marketing strategies and designing market content. Smart Digital Group finished the week up 53%.
Nine SPACs listed this week. Gores Holdings X (GTENU), formed by The Gores Group, raised $312 million. Republic Digital Acquisition (RDAGU) raised $264 million to target fintech, software, and cryptocurrency. Berto Acquisition (TACOU), led by SPAC veteran Harry You, raised $261 million to target AI and wellness. Cantor Equity Partners II (CEPT), the eleventh blank check company formed by Cantor Fitzgerald, raised $240 million. Cartesian Growth III (CGCTU), the third SPAC formed by Cartesian Capital Group, raised $240 million to target high-growth businesses. Copley Acquisition (COPLU) raised $150 million to target the tech and lifestyle sectors in APAC and North America. Digital Asset Acquisition (DAAQU) raised $150 million to target digital assets and cryptocurrency, while Real Asset Acquisition (RAAQU) raised $150 million to target mining, real estate, and infrastructure. Lakeshore Acquisition III (LCCCU), the third SPAC formed by the CEO of Shanghai Renaissance Investment Management, raised $60 million.
| 11 IPOs During the Week of April 28th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/02 |
| Smart Digital (SDM) | $6M | $106M | -20% | +53% | +53% |
| Singapore-based provider of internet marketing and other services. | |||||
| Cantor Equity Partners II (CEPT) | $240M | $306M | 0% | +11% | +11% |
| Eleventh blank check company formed by Cantor Fitzgerald. | |||||
| Digital Asset Acquisition (DAAQU) | $150M | $200M | n/a | +1% | +2% |
| Blank check company targeting digital asset and cryptocurrency businesses. | |||||
| Republic Digital Acq. (RDAGU) | $264M | $330M | 0% | +2% | +2% |
| Blank check company targeting fintech, software, and cryptocurrency. | |||||
| Berto Acquisition (TACOU) | $261M | $326M | 0% | +2% | +2% |
| Blank check company led by SPAC veteran Harry You targeting AI and wellness. | |||||
| Yuanbao (YB) | $30M | $788M | 7% | +6% | +1% |
| Online distributor of insurance policies in China. | |||||
| Gores Holdings X (GTENU) | $312M | $393M | 0% | +1% | +1% |
| Blank check company formed by The Gores Group. | |||||
| Real Asset Acquisition (RAAQU) | $150M | $200M | 0% | +1% | +1% |
| Blank check company targeting sectors underpinned by real assets such as mining, real estate, and infrastructure. | |||||
| Lakeshore Acquisition III (LCCCU) | $60M | $80M | 0% | +0% | +0% |
| Third blank check company formed by the CEO of Shanghai Renaissance Investment Management. | |||||
| Cartesian Growth III (CGCTU) | $240M | $300M | 0% | +0% | +0% |
| Third blank check company formed by Cartesian Capital Group targeting high-growth businesses. | |||||
| Copley Acquisition (COPLU) | $150M | $206M | 0% | n/a | +0% |
| Blank check company targeting the tech and lifestyle sectors in APAC and North America. | |||||
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The sole IPO to submit initial filings this week was Hong Kong jewelry retailer MPJS Group (MPJS), which filed to raise $7 million at a $135 million market cap.
Six SPACs submitted initial filings this week. Churchill Capital X (CCCXU), founded by former Citi executive Michael Klein, filed to raise $300 million. Fintech and blockchain-focused Wen Acquisition (WENNU) filed to raise $261 million. D. Boral ARC Acquisition I (DBAAU.RC), led by executives from D. Boral Capital and ARC Group, filed to raise $250 million. Africa-focused MSM Frontier Capital Acquisition (MSMUU) filed to raise $225 million. ProCap Acquisition (PCAPU), led by the founder of investment firm Professional Capital Management, filed to raise $200 million. Wintergreen Acquisition (WTGU) filed to raise $50 million to target the TMT industry in Asia.
| 7 Filings During the Week of April 28th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| MPJS Group (MPJS) | $7M | Consumer Discretionary | Revere Sec. |
| Operates five jewelry stores in Hong Kong. | |||
| MSM Frontier Capital Acq. (MSMUU) | $225M | SPAC | Cohen & Company |
| Blank check company targeting African energy and cement companies. | |||
| ProCap Acquisition (PCAPU) | $200M | SPAC | BTIG |
| Blank check company led by the founder of investment firm Professional Capital Management. | |||
| Wen Acquisition (WENNU) | $261M | SPAC | Cantor Fitz. |
| Blank check company focused on the fintech and blockchain industries. | |||
| D. Boral ARC Acq. I (DBAAU.RC) | $250M | SPAC | D. Boral Capital |
| Blank check company led by executives from D. Boral Capital and ARC Group. | |||
| Churchill Capital X (CCCXU) | $300M | SPAC | BTIG |
| Blank check company founded by dealmaker and former Citi executive Michael Klein. | |||
| Wintergreen Acquisition (WTGU) | $50M | SPAC | D. Boral Capital |
| Blank check company targeting the TMT industry in Asia. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/1/2025, the Renaissance IPO Index was down 10.6% year-to-date, while the S&P 500 was down 4.3%. 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 7.6% 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.
