A handful of IPOs and blank checks priced in the short holiday week, led by two sizable issuers.
Precision medicine platform Caris Life Sciences (CAI) priced above the upwardly revised range to raise $494 million at a $6.1 billion market cap. Caris is developing and commercializing a platform combining next-gen sequencing and AI/ML technologies for cancer diagnostics. Growing but highly unprofitable, the company is targeting a large opportunity in the dynamic but increasingly crowded oncology market. Caris finished the week up 30%.
Florida-based insurer Slide (SLDE) priced at the high end to raise $408 million at a $2.4 billion market cap. Led by the founder and former CEO of Heritage Insurance, Slide operates in the residential property insurance market. It focuses on single-family homeowners, condominium owners, and other commercial residential properties, primarily on the coasts of Florida and South Carolina, which are exposed to significant hurricane risk. Slide finished up 37%.
Two smaller IPOs also priced this past week. Taiwanese urology biotech Jyong Biotech (MENS) raised $20 million at a $570 million market cap, and finished up 7%. Singapore consultancy Enigmatig (EGG) raised $14 million at a $139 million market cap, and finished down 7%.
| 6 IPOs During the Week of June 16th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/20 |
| Slide (SLDE) | $408M | $2,388M | 6% | +19% | +37% |
| Home insurance provider focused on the coastal southern US. | |||||
| Caris Life Sciences (CAI) | $494M | $6,102M | 24% | +33% | +30% |
| Offers an AI-powered molecular diagnostics platform focused on oncology. | |||||
| Jyong Biotech (MENS) | $20M | $570M | -6% | +35% | +7% |
| Commercial-ready Taiwanese biotech developing therapies for urinary diseases. | |||||
| Axiom Intelligence Acq. 1 (AXINU) | $175M | $239M | 0% | +0% | +1% |
| Blank check company targeting the European infrastructure industry. | |||||
| Pioneer Acquisition I (PACHU) | $220M | $275M | 0% | +0% | +0% |
| Blank check company targeting the healthcare sector. | |||||
| Enigmatig (EGG) | $14M | $139M | 11% | +31% | -7% |
| Singapore-based provider of cross-border financial licensing solutions. | |||||
One sizable issuer joined the pipeline this week. Australia-based meat supplier Kilcoy Global Foods (KGF) filed to raise $100 million.
| 7 Filings During the Week of June 16th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| NeuroSpectrum Insights (NSI.RC) | $15M | Health Care | Network 1 |
| Developing a medical device for diagnosing neurological and neurodevelopmental disorders. | |||
| CSLM DA Acq. III (KOYNU) | $200M | SPAC | Cohen & Company |
| Blank check company targeting sectors related to the digitization of financial infrastructure. | |||
| BM Acquisition (BMOKU) | $60M | SPAC | D. Boral Capital |
| Blank check company targeting businesses in Southeast Asia. | |||
| Camerry NMTL (CNMT) | $6M | Materials | Cathay Securities |
| Chinese manufacturer of customized nylon filament products. | |||
| Kilcoy (KGF) | $100M | Consumer Staples | Citi |
| Australia-based meat products supplier. | |||
| RPM Interactive (RPMI) | $15M | Technology | Benchmark |
| Developing a generative AI platform for creating short-form videos. | |||
| Solarius Capital Acq. (SOCAU) | $150M | SPAC | Stifel |
| Blank check company targeting asset and wealth management businesses. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/18/2025, the Renaissance IPO Index was up 1.5% year-to-date, while the S&P 500 was up 2.3%. 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 17.0% year-to-date, while the ACWX was up 15.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Amman Mineral.
