US IPO Weekly Recap: Chime leads as IPO market heats up with more big listings

Six IPOs and three SPACs debuted this week. Four IPOs and four SPACs submitted initial filings.

Mobile banking platform Chime Financial (CHYM) priced its IPO above the range to raise $864 million at an $11.4 billion market cap. Chime says it has 8.6 million Active Members using its suite of products, with 67% of them relying on Chime to serve as their primary financial relationship as of March 31, 2025. The company believes this positions it as its members' central financial hub. In the first quarter of 2025, its Active Members used Chime for an average of 54 transactions per month, of which 75% were purchase transactions using Chime-branded debit and credit cards. The company had previously raised funding at a $25 billion market value. Chime’s revenue growth accelerated to 32% in the 1Q25, although the majority of its revenue comes from economically sensitive consumer spending. Chime finished the week up 29%.

Space and defense company Voyager Technologies (VOYG) priced its upsized IPO above the range to raise $383 million at a $1.9 billion market cap. The company’s business spans three segments: Defense & National Security, which provides communications technologies, guidance, navigation and controls, signals intelligence, and defense systems; Space Solutions, which delivers space infrastructure, advanced space technology, science systems, and mission services; and Starlab Space Stations, which is a commercial space station planned to succeed the ISS. Key partners and customers include Palantir, NASA, Lockheed Martin, the US Air Force, and Sierra Space. The company has a $900 million ceiling IDIQ contract with the U.S. Airforce, although it is significantly unprofitable, and its loss margin worsened in the 1Q25. Voyager finished the week up 75%.

SMB-focused insurer Ategrity Specialty Insurance (ASIC) also priced above its price range to raise $113 million at a $822 million market cap. Ategrity is a specialty insurance company dedicated to providing excess and surplus products to SMBs across the US. As of March 31, 2025, the company had a network of 512 distribution partners, providing increased transaction opportunities and diversified sources of business. It offers insurance solutions for property (40% of gross written premiums in 2024) and casualty (60%), It had total assets of $1.1 billion and equity of $398 million at year end. Its gross written premium increased 24% in 2024, although it depends on its largest shareholder for investment management. Ategrity finished the week up 39%.

Aerospace and defense company AIRO Group Holdings (AIRO) priced well below its range to raise $60 million at a $263 million market cap. AIRO’s business is organized into four operating segments: Drones, Avionics, Training, and Electric Air Mobility. The company saw strong growth and margin improvement in 2024, though it relies heavily on government customers for revenue. AIRO soared 140%.

Singapore-based shipbroker Vantage (VNTG) priced its US IPO at the bottom of the range to raise $13 million at a $125 million market cap. The company acts as an intermediary between oil companies, traders, shipowners and commercial managers. It helps facilitate contract negotiations and deliveries, provides consulting and operational services, and provides additional services related to demurrage and claims settlements. Vantage finished the week up 8%.

Hong Kong-based apparel supplier 707 Cayman Holdings (JEM) priced its US UPO at the bottom of the range to raise $10 million at an $88 million market cap. The company provides various solutions to apparel brands, including market trend analysis, design and product development, sourcing, production management, quality control, and logistics to customers. 707 Cayman finished the week up 41%.

Three SPACs also listed: Blue Water Acquisition III (BLUWU) raised $220 million to target healthcare, Blue Acquisition (BACCU) raised $175 million to target manufacturing and data centers, and BEST SPAC I Acquisition (BSAAU) raised $55 million to target the consumer goods sector. 

While not included below, leading global meat products producer JBS (JBS) began trading on the NYSE in a dual-listing in the US and Brazil, as part of a restructuring. It ticked up 2% from its opening price.

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Four IPOs submitted initial filings this week. China-based B2B e-commerce platform Yimutian (YMT) filed to raise $40 million. Singapore-based robot developer Otsaw (OTSA) filed to raise $28 million. Singapore-based sustainability services provider GEBE Environmental Tech (GEBE) filed to raise $13 million. Hong Kong-based mobile game developer DarkIris (DKI) filed to raise $6 million at a $70 million market cap.

Four SPACs also submitted initial filings. EQV Ventures Acquisition II (EVACU), the second blank check company backed by EQV Group, filed to raise $350 million to target energy. 1RT Acquisition (ONCHU) filed to raise $150 million to target digital assets and blockchain. Indigo Acquisition (INACU), led by the founders of Cassel Saltpeter, filed to raise $100 million. Starry Sea Acquisition (SSEAU), a blank check company led by Chinese executives, filed to raise $50 million.


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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/12/2025, the Renaissance IPO Index was up 1.3% year-to-date, while the S&P 500 was up 3.4%. 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 19.8% year-to-date, while the ACWX was up 17.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Amman Mineral.