It was a good week for growth IPOs. Two VC-backed companies debuted on US exchanges this week, both of which priced at the top of the range and traded up. They were joined by two smaller deals and four SPACs.
The year's first tech IPO with substantial VC backing, connected TV adtech MNTN (MNTN), raised $187 million and finished the week 73% above its offer price. While adtech IPOs have been a mixed bag for IPO investors, MNTN boasted strong growth (+47% in MRQ) and 20% EBITDA margins, and was valued at a noticeable discount to peers with a similar financial profile.
Digital health company Hinge Health (HNGE) raised $437 million at a $3.1 billion market cap. Like MNTN, Hinge was pitched as a growth story, and while it has a history of losses, the company's margins have improved substantially over the past two years.
Both MNTN and Hinge completed "down rounds," though the last-round private investors were made whole with via structure and anti-dilution provisions, which often allow startups to inflate their private headline valuations. Expect to see more of these cases in the future.
Two micro-caps based in Asia also listed in the US this week. Hong Kong architecture firm OFA Group (OFAL) raised $15 million and returned 20%. Singapore-based Fast Track Group (FTRK), an events manager and talent agency, raised $15 million and lost 18%.
Four SPACs listed this week. Cal Redwood Acquisition (CRAQU), led by the team that took WeWork public via SPAC, raised $200 million to target TMT. Oyster Enterprises II Acquisition (OYSEU) raised $220 million, led by a team from Alden Global and targeting tech and media. Armada Acquisition II (AACIU) raised $200 million to target fintech, SaaS, and AI; management's previous SPAC formed Rezolve AI (RZLV). ProCap Acquisition (PCAPU), led by a team from Professional Capital Management, raised $220 million.
| 8 IPOs During the Week of May 19th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/23 |
| MNTN (MNTN) | $187M | $1,419M | 7% | +65% | +73% |
| Offers a targeted, performance-based adtech platform for connected TVs. | |||||
| Hinge Health (HNGE) | $437M | $3,132M | 7% | +17% | +26% |
| Platform that automates physical therapy and care for musculoskeletal disorders. | |||||
| OFA Group (OFAL) | $15M | $53M | -11% | +17% | +20% |
| Provides comprehensive architectural services in Hong Kong. | |||||
| ProCap Acquisition (PCAPU) | $220M | $280M | 0% | +7% | +7% |
| Blank check company led by the founder of investment firm Professional Capital Management. | |||||
| Armada Acquisition II (AACIU) | $200M | $275M | 0% | +0% | +0% |
| Blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI. | |||||
| Oyster Enterprises II (OYSEU) | $220M | $289M | 0% | +0% | +0% |
| Blank check company led by Alden Global execs targeting tech, media, and other industries. | |||||
| Cal Redwood Acq. (CRAQU) | $200M | $273M | 0% | n/a | +0% |
| Blank check company targeting technology, media, and telecommunications. | |||||
| Fast Track Group (FTRK) | $15M | $85M | -11% | -18% | -18% |
| Singapore-based events manager and talent agency. | |||||
Sign up for a free trial of our premium platform, IPO Pro. To get our IPO calendar in your inbox, register here.
Seven companies filed for traditional IPOs this week, including three sizable deals. Backed by Sixth Street Partners, AI-powered oncology research platform Caris Life Sciences (CAI) filed to raise an estimated $300 million. Fast-growing Florida home insurer Slide Insurance (SLDE) filed for an estimated $300 million offering, on the back of positive trading from two insurance IPOs earlier this month (AHL, AII). Jefferson Capital (JCAP), which purchases and collects distressed consumer debt, filed for an estimated $100 million offering.
In addition, four micro-caps filed for US IPOs, along with four SPACs.
| 11 Filings During the Week of May 19th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Caris Life Sciences (CAI) | $300M | Health Care | BofA |
| Offers an AI-powered precision medicine platform focused on oncology. | |||
| Living Homeopathy (LHI) | $6M | Consumer Staples | US Tiger Securities |
| Sells homeopathic products in Hong Kong. | |||
| Slide (SLDE) | $300M | Financials | Barclays |
| Home insurance provider focused on the coastal southern US. | |||
| A Paradise Acquisition (APADU) | $200M | SPAC | Cohen & Company |
| Blank check company targeting leisure and entertainment. | |||
| FIGX Capital Acquisition (FIGXU) | $131M | SPAC | Cantor Fitz. |
| Blank check company targeting the "financial industry group" sector. | |||
| INFINT Acquisition 2 (INFTU.RC) | $100M | SPAC | Roth Cap. |
| Blank check company targeting the financial technology sector. | |||
| Jefferson Capital (JCAP) | $100M | Financials | Jefferies |
| Consumer debt purchaser and collector. | |||
| LightWave Acquisition (LWACU) | $150M | SPAC | BTIG |
| Blank check company targeting the tech sector. | |||
| Ultra High Point (UHP) | $10M | Technology | Bancroft Capital |
| Provides IT services to hospitals in Hong Kong. | |||
| Uptrend Holdings (UPX) | $7M | Industrials | Cathay Securities |
| Subcontractor in Hong Kong. | |||
| KTech Solutions (KMRK) | $9M | Consumer Discretionary | ATIS |
| Hong Kong-based toymaker specializing in educational toys and learning kits. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/22/2025, the Renaissance IPO Index was down 1.3% year-to-date, while the S&P 500 was down 0.2%. 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 14.5% year-to-date, while the ACWX was up 13.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
