One IPO and four SPACs debuted this week. One small IPO and four SPACs submitted initial filings.
Hong Kong beauty products retailer Pitanium (PTNM) priced its US IPO at the bottom of the range to raise $7 million at a $91 million market cap. The company sells proprietary skincare, personal care, and haircare products under the brands PITANIUM and BIG PI. It sells products through a network of six retail stores in Hong Kong, as well as online. It finished the week down 5%.
Kochav Defense Acquisition (KCHVU) raised $220 million to target defense and aerospace. Jena Acquisition II (JENA.U), led by SPAC veterans Bill Foley and Richard Massey, raised $200 million. ChampionsGate Acquisition (CHPGU), led by SPAC veteran Bala Padmakumar, raised $65 million. Wintergreen Acquisition (WTGUU) raised $50 million to target the TMT industry in Asia.
| 5 IPOs During the Week of May 26th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 05/30 |
| Jena Acquisition II (JENA.U) | $200M | $252M | 0% | +1% | +1% |
| Blank check company led by SPAC veterans Bill Foley and Richard Massey. | |||||
| ChampionsGate Acquisition (CHPGU) | $65M | $87M | 0% | +0% | +0% |
| Blank check company led by SPAC veteran Bala Padmakumar. | |||||
| Kochav Defense Acq. (KCHVU) | $220M | $298M | 0% | +0% | +0% |
| Blank check company targeting the defense and aerospace industries. | |||||
| Wintergreen Acquisition (WTGUU) | $50M | $65M | 0% | +0% | +0% |
| Blank check company targeting the TMT industry in Asia. | |||||
| Pitanium (PTNM) | $7M | $91M | -11% | -5% | -5% |
| Sells branded beauty and consumer products in Hong Kong. | |||||
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One small IPO submitted initial filings this week. Singapore-based electrical installation services provider Magnitude International (MAGH) filed to raise $10 million at a $158 million market cap.
Four SPACs submitted initial filings this week. Pioneer Acquisition I (PACHU) filed to raise $220 million to target healthcare. Crown Reserve Acquisition (CRACU), led by entrepreneur Prashant Patel, filed to raise $150 million. FG Merger III (FGTHU.RC) filed to raise $150 million to target financial services in North America. Quantumsphere Acquisition (QUMSU) filed to raise $60 million to target businesses with growth potential and defensible market positions.
| 5 Filings During the Week of May 26th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Crown Reserve Acquisition (CRACU) | $150M | SPAC | SPAC Partners |
| Blank check company led by healthcare entrepreneur Prashant Patel. | |||
| FG Merger III (FGTHU.RC) | $150M | SPAC | ThinkEquity |
| Blank check company targeting the financial services industry in North America. | |||
| Quantumsphere Acquisition (QUMSU) | $60M | SPAC | SPAC Partners |
| Blank check company targeting businesses with growth potential and defensible market positions. | |||
| Pioneer Acquisition I (PACHU) | $220M | SPAC | Cantor Fitz. |
| Blank check company targeting the healthcare sector. | |||
| Magnitude International (MAGH) | $10M | Industrials | Bancroft Capital |
| Provides electrical installation services in Singapore. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 5/29/2025, the Renaissance IPO Index was down 1.2% 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 Arm Holdings (ARM) and Astera Labs (ALAB). The Renaissance International IPO Index was up 15.9% year-to-date, while the ACWX was up 14.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and J&T Global Express.
