A few new issuers went public this past week, joined by two SPACs.
Bermuda-based Aspen Insurance (AHL) upsized its share offering and priced at the midpoint to raise $398 million at a $2.8 billion market cap. Aspen is a specialty (re)insurer with a diverse product mix balanced across its primary specialty insurance and opportunistic reinsurance franchises. The company grew GWP in 2024 and delivered solid return on equity. Aspen finished up 15%.
Florida-focused insurer American Integrity (AII) priced at the midpoint to raise $110 million at a $313 million market cap. Through its insurance carrier subsidiary, American Integrity provides a variety of residential property insurance policies. The company has established itself as a key player in the Florida residential insurance market. American Integrity finished up 8%.
While not included below, drug developer Apimeds Pharmaceuticals US (APUS) priced at the low end to raise $14 million at a $47 million market cap. The company is developing Apitox, an intradermally administered bee venom-based toxin, to treat inflammation and pain management symptoms associated with knee osteoarthritis. Apimeds US finished down 45%.
| 4 IPOs During the Week of May 5th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/09 |
| Aspen Insurance (AHL) | $398M | $2,779M | 0% | +8% | +15% |
| Bermuda-based global provider of specialty P&C insurance and reinsurance. | |||||
| American Integrity (AII) | $110M | $313M | 0% | +6% | +8% |
| Florida-based provider of personal residential property insurance. | |||||
| EGH Acquisition (EGHAU) | $150M | $205M | 0% | +0% | +0% |
| Blank check company targeting the power, energy transition, and sustainability spaces. | |||||
| Dune Acquisition II (IPODU) | $125M | $176M | 0% | +0% | +0% |
| Blank check company targeting SaaS, AI, and other technology businesses. | |||||
One sizable filer joined the pipeline this past week. Chronic care management platform Omada Health (OMDA) filed to raise $100 million.
| 9 Filings During the Week of May 5th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Bonus Biogroup (BONS) | $20M | Health Care | Titan Partners |
| Phase 2 Israeli biotech developing cell therapies for bone regeneration and respiratory indications. | |||
| CapsoVision (CV) | $30M | Health Care | Benchmark |
| Makes a capsule endoscope system for diagnostic and screening applications. | |||
| Lake Superior Acquisition (LKSPU) | $100M | SPAC | Cohen & Company |
| Blank check company targeting the energy storage, social media, and consumer staples industries. | |||
| Omada Health (OMDA) | $100M | Health Care | Morgan Stanley |
| Provides digital health tools for patients with chronic conditions. | |||
| Platinum Analytics (PLTS) | $9M | Technology | Kingswood |
| Singapore-based provider of FX trading software solutions. | |||
| NMP Acquisition (NMPU) | $100M | SPAC | Maxim |
| Blank check company led by executives from advisory firm Next Move Partners. | |||
| Oyster Enterprises II (OYSEU) | $200M | SPAC | BTIG |
| Blank check company led by Alden Global execs targeting tech, media, and other industries. | |||
| Elite Express (ETS) | $16M | Industrials | Dominari Sec. |
| Provides last-mile delivery services in California. | |||
| StoneBridge Acq. II (APACU) | $50M | SPAC | Maxim |
| Blank check company targeting businesses in the APAC and EMEA regions. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/8/2025, the Renaissance IPO Index was down 6.1% year-to-date, while the S&P 500 was down 3.3%. 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 9.7% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
