Two sizable issuers went public this past week and featured the best first-day pop for a billion-dollar IPO in Renaissance’s 30+ year history. Three IPOs and two SPACs also submitted initial filings.
Stablecoin issuer Circle Internet Group (CRCL) priced a further upsized offering above the raised range to raise $1.1 billion at a $7.9 billion market cap. Circle’s US dollar-denominated payment stablecoin USDC is the #2 ranking stablecoin, holding nearly one-third of the market. The company is poised to benefit from tailwinds in the crypto space, as well as pending legislation that will provide regulatory clarity. It will likely face obstacles like declining rates and high distribution costs, but public investors were eager to dive in, with the company soaring 168% on day one. Circle traded up further from there to finish the week with a 247% gain.
Chronic care management platform Omada Health (OMDA) priced the midpoint to raise $150 million at a $1.2 billion market cap. Originally focused solely on diabetes prevention and weight health, Omada now offers various cardiometabolic programs, a physical therapy program, GLP-1 Care Tracks, and behavioral health support. The company has demonstrated growth and retention, though growing popularity of GLP-1 therapies could threaten its cardiometabolic offerings. Omada finished up 21%.
| 2 IPOs During the Week of June 2nd, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/06 |
| Circle (CRCL) | $1,054M | $7,898M | 24% | +168% | +247% |
| Cryptocurrency issuer behind the USDC stablecoin. | |||||
| Omada Health (OMDA) | $150M | $1,217M | 0% | +21% | +21% |
| Provides digital health tools for patients with chronic conditions. | |||||
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Three IPOs submitted initial filings this week. Latin American gold and copper miner Aura Minerals (AUGO) filed for a $100 million IPO. Southeast US-focused community bank CoastalSouth Bancshares (COSO) filed to raise $80 million. Hong Kong gift basket company Gifts International (GINT) filed to raise $6 million at a $79 million market cap.
Two SPAC also submitted initial filings. HCM III Acquisition (HCMAU), the third blank check company formed by Hondius Capital Management, filed to raise $220 million. Cantor Equity Partners II (CEPC.RC), the twelfth blank check company formed by Cantor Fitzgerald, filed to raise $200 million.
| 9 Filings During the Week of June 2nd, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aura Minerals (AUGO) | $100M | Materials | BofA |
| Gold and copper miner with operations throughout Latin America. | |||
| Cantor Equity Partners II (CEPC.RC) | $200M | SPAC | Cantor Fitz. |
| Twelfth blank check company formed by Cantor Fitzgerald. | |||
| CoastalSouth Bancshares (COSO) | $80M | Financials | Piper Sandler |
| Community bank serving South Carolina and Georgia. | |||
| Gifts International (GINT) | $6M | Consumer Discretionary | R. F. Lafferty |
| Hong Kong-based designer and distributor of gift packages. | |||
| HCM III Acquisition (HCMAU) | $220M | SPAC | Cantor Fitz. |
| Third blank check company formed by Hondius Capital Management. | |||
| Oxley Bridge Acquisition (OBAU) | $220M | SPAC | Cantor Fitz. |
| Blank check company targeting the global consumer and technology sectors. | |||
| Beta FinTech (BTFT) | $10M | Financials | Cathay Securities |
| Hong Kong-based provider of securities placement and other financial services. | |||
| TryHard Holdings (THH) | $7M | Communication Services | US Tiger Securities |
| Provides live event services and operates restaurants in Japan. | |||
| C&K Group (CKG.RC) | $7M | Consumer Discretionary | Revere Sec. |
| Hong Kong-based jeweler focused on pearls. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/5/2025, the Renaissance IPO Index was down 0.6% year-to-date, while the S&P 500 was up 1.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Corebridge Financial (CRBG). The Renaissance International IPO Index was up 18.2% year-to-date, while the ACWX was up 16.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Amman Mineral.
