Four IPOs and five SPACs debuted this week. Four IPOs and two SPACs submitted initial filings this week.
Consumer debt purchaser and collector Jefferson Capital (JCAP) priced at the low end to raise $150 million at a $972 million market cap. The company purchases and manages charged-off and insolvency consumer accounts with operations primarily in the US, Canada, the UK, and Latin America. In addition to its main offices, the company has a co-sourced operation in Mumbai, India. Jefferson purchases nonperforming consumer loans and receivables at a discount to their face value across a broad range of financial assets, managing the loans and receivables by working with the account holders as they repay their obligations and work toward financial recovery. Its investment activity is primarily concentrated in installment loans and credit cards, followed by auto and utilities, with a focus on distressed assets. It finished the week up 27%.
Cambodian leather goods manufacturer Kandal M Venture (FMFC) priced its US IPO at the low end to raise $8 million at a $72 million market cap. Through operating subsidiary FMF, Kandal M Venture provides contract manufacturing for leather goods, primarily handbags, though it also makes other smaller leather goods. Its customers include well-known US-based fashion brands. It finished the week up 23%.
Hong Kong hot pot restaurant chain Happy City Holdings (HCHL) priced its US IPO at the low end to raise $6 million at a $96 million market cap. Happy City Holdings operates three all-you-can-eat hotspot restaurants in Hong Kong, which specialize in Thai and Japanese-style hot pot. Its menu includes a variety of meat, seafood, vegetables, and noodle options, and it offers customers a range of set time limits for dining. Happy City Holdings finished the week up 2%.
Chinese engineering services provider Julong Holding (JLHL) priced its US IPO at the low end to raise $5 million at an $85 million market cap. Julong's business lines include engineering solutions of intelligent projects (93% of FY24 revenue), operation and maintenance of intelligent projects (6%), and sales of equipment and materials of intelligent systems (1%). The company customers include public utilities, commercial properties, and multifamily residential properties operating at scale in China. Julong Holding finished the week up 13%.
Five SPACs also listed. Cantor Equity III (CAEP), the twelfth blank check company formed by Cantor Fitzgerald, raised $240 million. Oxley Bridge Acquisition (OBAWU) raised $220 million to target the consumer and technology sectors. LightWave Acquisition (LWACU) raised $188 million to target the tech sector. Yorkville Acquisition (YORKU) raised $150 million to target the telecom, media, and technology sector. FIGX Capital Acquisition (FIGXU) raised $131 million to target the “financial industry group” sector.
| 9 IPOs During the Week of June 23rd, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 06/27 |
| Jefferson Capital (JCAP) | $150M | $972M | -6% | +24% | +27% |
| Consumer debt purchaser and collector. | |||||
| Kandal M Venture (FMFC) | $8M | $72M | -11% | +10% | +23% |
| Cambodia-based contract manufacturer of affordable luxury leather goods. | |||||
| Julong Holding (JLHL) | $5M | $85M | -20% | +6% | +13% |
| Provides engineering and related services in China. | |||||
| Yorkville Acquisition (YORKU) | $150M | $205M | 0% | +9% | +9% |
| Blank check company targeting the telecom, media, and technology sector. | |||||
| Cantor Equity III (CAEP) | $240M | $306M | 0% | +5% | +5% |
| Twelfth blank check company formed by Cantor Fitzgerald. | |||||
| Happy City Holdings (HCHL) | $6M | $96M | -17% | +0% | +2% |
| Operates a chain of hot pot restaurants in Hong Kong. | |||||
| LightWave Acquisition (LWACU) | $188M | $262M | 0% | +0% | +0% |
| Blank check company targeting the tech sector. | |||||
| Oxley Bridge Acquisition (OBAWU) | $220M | $275M | 0% | +0% | +0% |
| Blank check company targeting the global consumer and technology sectors. | |||||
| FIGX Capital Acquisition (FIGXU) | $131M | $169M | 0% | +0% | +0% |
| Blank check company targeting the "financial industry group" sector. | |||||
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Four IPOs submitted initial filings this week, two of which could raise $1 billion each. Educational publisher and digital learning tools provider McGraw Hill (MH) led the pack, filing for what could be a $1 billion IPO. Consumer intelligence provider NIQ Global Intelligence (NIQ) also filed for an IPO that could raise $1 billion. Spine surgery-focused medtech Carlsmed (CARL) filed for a $100 million IPO. Chinese digital marketing firm JuNeng Technology (JNT.RC) filed to raise $9 million at a $144 million market cap.
Additionally, two SPACs submitted initial filings this week. Pyrophyte Acquisition II (PAII.U) raised $175 million to target energy. Blueport Acquisition (BPAC), a blank check company led by a co-founder of law firm Ortoli Rosenstadt LLP, filed to raise $69 million.
| 6 Filings During the Week of June 23rd, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| JuNeng Technology (JNT.RC) | $9M | Technology | Pacific Century |
| Provides digital marketing solutions to advertisers in China. | |||
| McGraw Hill (MH) | $1,000M | Consumer Discretionary | Goldman |
| Educational publisher and provider of digital learning tools. | |||
| NIQ Global Intelligence (NIQ) | $1,000M | Industrials | JP Morgan |
| Leading provider of consumer research to enterprises. | |||
| Pyrophyte Acquisition II (PAII.U) | $175M | SPAC | UBS |
| Blank check company targeting the energy sector. | |||
| Blueport Acquisition (BPAC) | $69M | SPAC | A.G.P. |
| Blank check company led by a co-founder of law firm Ortoli Rosenstadt LLP. | |||
| Carlsmed (CARL) | $100M | Health Care | BofA |
| Provides custom equipment and AI-enabled software for personalized spine fusion surgery. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/26/2025, the Renaissance IPO Index was up 3.4% year-to-date, while the S&P 500 was up 5.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Reddit (RDDT). The Renaissance International IPO Index was up 19.3% year-to-date, while the ACWX was up 17.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
