Four IPOs and six SPACs debuted this week. Six IPOs and three SPACs submitted initial filings.
Global trading platform eToro Group (ETOR) priced its upsized US IPO above the range to raise $620 million at a $4.9 billion market cap. eToro’s platform aims to combine a social network with the ability to trade and invest, all within a regulated, digital investment platform for financial discourse. As of December 31, 2024, eToro had approximately 3.5 million Funded Accounts across its global footprint of 75 countries. The company’s total commission grew 45% in 2024, and its net contribution grew 41%. However, it is dependent on volatile trading volumes and prices, and is subject to varying regulations, especially within the crypto space. eToro finished the week up 23%.
Singapore-based digital asset-focused financing firm Antalpha Platform Holding (ANTA) priced its US IPO at the top of the range to raise $49 million at a $329 million market cap. Antalpha provides financing, technology, and risk management solutions to the digital asset industry. The company is the primary lending partner for Bitmain and provides supply chain financing solutions to institutional and corporate participants in the Bitcoin mining industry, offering loans secured by Bitcoin and Bitcoin mining machines. Its revenue jumped more than three times in 2024, although it demands on volatile crypto demand and prices. It finished the week down 6%.
Singapore-based oil and gas equipment maker OMS Energy Technologies (OMSE) priced its downsized US IPO at the midpoint to raise $33 million at a $382 million market cap. The company manufactures surface wellhead systems and oil country tubular goods, primarily for onshore and offshore E&P activities. OMS has a 10-year agreement with Saudi Aramco, which accounts for a majority of the company’s revenue. It finished the week down 13%.
Autonomous delivery systems developer Arrive AI (ARAI) completed its direct listing this week. Arrive AI is developing autonomous last mile mailboxes, designed to support deliveries done by robots and drones. Arrive AI is also developing a suite of software and services for its mailboxes, including features for scheduling, space optimization, and notifications. The company is in the development stage, and has generated no revenues to date. Its finished the week down 21%.
Six SPACs listed this week. Churchill Capital X (CCCXU), founded by former Citi executive Michael Klein, raised $360 million. Wen Acquisition (WENNU) raised $261 million to target fintech and blockchain. Cohen & Company-backed Columbus Circle Capital I (CCCMU) raised $220 million. Renatus Tactical Acquisition (RTACU), led by the former CEO of Digital World Acquisition, raised $210 million to target tech. Perimeter Acquisition I (PMTRU) raised $210 million to target defense and national security. Thayer Venture Acquisition II (TVAIU), the second blank check company formed by Thayer Ventures, raised $175 million to target travel and transportation.
| 10 IPOs During the Week of May 12th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/16 |
| eToro (ETOR) | $620M | $4,900M | 8% | +29% | +23% |
| Global trading platform for retail investors. | |||||
| Renatus Tactical Acq. (RTACU) | $210M | $271M | 0% | +12% | +15% |
| Blank check company led by the former CEO of Digital World Acquisition targeting tech businesses. | |||||
| Wen Acquisition (WENNU) | $261M | $326M | 0% | +5% | +5% |
| Blank check company focused on the fintech and blockchain industries. | |||||
| Churchill Capital X (CCCXU) | $360M | $454M | 0% | +3% | +4% |
| Blank check company founded by dealmaker and former Citi executive Michael Klein. | |||||
| Perimeter Acquisition I (PMTRU) | $210M | $269M | 0% | +2% | +2% |
| Blank check company targeting the defense and national security sectors. | |||||
| Columbus Circle Capital I (CCCMU) | $220M | $300M | 0% | +1% | +1% |
| Blank check backed by Cohen & Company. | |||||
| Thayer Ventures Acq. II (TVAIU) | $175M | $237M | 0% | +0% | +1% |
| Second blank check company formed by Thayer Ventures targeting travel and transportation. | |||||
| Antalpha (ANTA) | $49M | $329M | 7% | +28% | -6% |
| Singapore-based provider of supply chain financing for the digital asset industry. | |||||
| OMS Energy Technologies (OMSE) | $33M | $382M | 0% | -17% | -13% |
| Singapore-based manufacturer of surface wellhead systems and oil country tubular goods. | |||||
| Arrive AI (ARAI) | $0M | $390M | 0% | +2% | -21% |
| Developing autonomous last-mile delivery services. | |||||
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Six IPOs submitted initial filings this week, led by mobile banking platform Chime Financial (CHYM), which filed to raise an estimated $1 billion. Space and defense company Voyager Technologies (VOYG) filed to raise $100 million. Japanese gaming platform provider CTW (CTW) filed to raise $21 million. Hong Kong-based traditional Chinese medicine clinic operator Charming Medical (MCTA) filed to raise $8 million at an $85 million market cap. Hong Kong-based consulting firm Zi Yun Dong Fang (YLY) filed to raise $8 million at an $83 million market cap. Hong Kong investor relations firm Thrive Capital (EFTY) filed to raise $7 million at a $100 million market cap.
Three SPACs also submitted initial filings. Jena Acquisition II (JENAU), led by SPAC veterans Bill Foley and Richard Massey, filed to raise $200 million. Blue Acquisition (BACCU) filed to raise $150 million to target manufacturing and data centers. Axiom Intelligence Acquisition I (AXINU) filed to raise $150 million to target European infrastructure.
| 9 Filings During the Week of May 12th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Voyager Technologies (VOYG) | $100M | Industrials | Morgan Stanley |
| Provides defense and space station equipment, and is developing a space station. | |||
| Zi Yun Dong Fang (YLY) | $8M | Industrials | Revere Sec. |
| Hong Kong-based provider of cross-border investment feasibility and support services. | |||
| CTW (CTW) | $21M | Technology | Kingswood |
| Japanese web-based gaming platform. | |||
| Thrive Capital (EFTY) | $7M | Industrials | Prime Num. Cap. |
| Provides integrated investor relation services in Hong Kong. | |||
| Axiom Intelligence Acq. 1 (AXINU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the European infrastructure industry. | |||
| Blue Acquisition (BACCU) | $150M | SPAC | BTIG |
| Blank check company targeting manufacturing and data centers. | |||
| Charming Medical (MCTA) | $8M | Health Care | Cathay Securities |
| Operates four wellness centers in Hong Kong focused on traditional Chinese medicine. | |||
| Chime (CHYM) | $1,000M | Financials | Morgan Stanley |
| Provides a mobile banking platform offering fee-free accounts and financial tools. | |||
| Jena Acquisition II (JENAU) | $200M | SPAC | Santander |
| Blank check company led by SPAC veterans Bill Foley and Richard Massey. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/15/2025, the Renaissance IPO Index was up 0.6% year-to-date, while the S&P 500 was up 1.1%. 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 11.3% year-to-date, while the ACWX was up 12.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
