Six issuers debuted in the US this past week, led by two mining companies. Three blank check companies also went public, and a handful of notable IPO candidates joined the pipeline.
Latin American miner Aura Minerals (AUGO) plans to raise $210 million at a $2.1 billion market cap. The company operates four wholly-owned operating mines in various countries in Latin America, as well as one mine in ramp-up phase. It primarily generates revenue from gold and to a lesser extent copper, with operations roughly evenly split between Brazil, Mexico, and Honduras. Aura Minerals finished down 1%.
Canada-listed Almonty Industries (ALM) plans to raise $75 million at a roughly $1.5 billion market cap. The company produces tungsten concentrate, primarily for the defense industry, with plans to vertically integrate into oxide production. Its flagship asset, the Sangdong Tungsten Mine in South Korea, is one of the world's largest tungsten deposits by Inferred Mineral Resource and is in soft commissioning. Almonty finished up 1%.
The week’s remaining deals came from small Asian issuers, led by Chinese supply chain management firm Majestic Ideal Holdings (MJID), which raised $15 million and finished down 45%.
| 9 IPOs During the Week of July 14th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/18 |
| Almonty Industries (ALM) | $90M | $1,195M | 0% | +6% | +1% |
| Canadian producer of tungsten concentrate for the defense industry. | |||||
| Solarius Capital Acq. (SOCAU) | $150M | $205M | 0% | +0% | +1% |
| Blank check company targeting asset and wealth management businesses. | |||||
| Silver Pegasus Acq. (SPEGU) | $100M | $133M | 0% | +0% | +1% |
| Blank check company targeting the semiconductor industry. | |||||
| Pyrophyte Acquisition II (PAII.U) | $175M | $238M | 0% | +0% | +0% |
| Blank check company targeting the energy sector. | |||||
| Aura Minerals (AUGO) | $196M | $2,004M | 0% | +0% | -1% |
| Gold and copper miner with operations throughout Latin America. | |||||
| Robot Consulting (LAWR) | $15M | $184M | -20% | -12% | -7% |
| Provides a cloud-based human resource management system. | |||||
| Mega Fortune (MGRT) | $15M | $55M | -11% | -5% | -13% |
| Provides Internet of Things solutions and services to businesses in the APAC region. | |||||
| KTech Solutions (KMRK) | $6M | $84M | -11% | +24% | -39% |
| Hong Kong-based toymaker specializing in educational toys and learning kits. | |||||
| Majestic Ideal Holdings (MJID) | $15M | $123M | 33% | -45% | -45% |
| Provides supply chain management services to apparel companies in China. | |||||
The week’s filings were led by three that plan to raise $100+ million: digital asset platform Bullish (BLSH), financial exchange operatorMiami International (MIAX), and medical imagining firm Heartflow (HTFL). Another notable addition, California-based bank Avidbank (AVBH) filed for a $70 million uplisting.
| 5 Filings During the Week of July 14th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Acco Group (ACCL) | $7M | Industrials | Revere Sec. |
| Hong Kong-based provider of secretarial and other corporate services. | |||
| Avidbank (AVBH) | $70M | Financials | Piper Sandler |
| California commercial bank focused on corporate banking and real estate in the Bay Area. | |||
| Bullish (BLSH) | $100M | Financials | JP Morgan |
| Operates a digital exchange for cryptocurrency. | |||
| Miami International (MIAX) | $100M | Financials | JP Morgan |
| Operates the MIAX Exchange marketplaces spanning a variety of asset classes. | |||
| Heartflow (HTFL) | $100M | Health Care | JP Morgan |
| Offers imaging and diagnostics software for evaluating coronary artery disease. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/17/2025, the Renaissance IPO Index was up 3.3% year-to-date, while the S&P 500 was up 7.8%. 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 24.7% year-to-date, while the ACWX was up 18.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
