Seven IPOs debuted this week, while one small IPO and five SPACs submitted initial filings.
Consumer intelligence provider NIQ Global Intelligence (NIQ) priced its IPO below the midpoint to raise $1.1 billion at a $6.2 billion market cap. The company is a leading global consumer intelligence company, and its global reach spans over 90 countries covering approximately 85% of the world's population, more than half the world's GDP, and more than $7.2 trillion in global consumer spend as of December 31, 2024. It has grown its revenue in recent years, aided by strong retention rates, although it remains loss-making, with a negative free cash flow. NIQ Global Intelligence fell 6%.
Specialty insurance marketplace Accelerant (ARX) priced its upsized IPO above the range to raise $724 million at a $4.7 billion market cap. Accelerant operates a data-driven risk exchange that connects selected specialty insurance underwriters (sellers) with risk capital partners (buyers). On the "supply side" of its Risk Exchange, the company delivers a full service offering to members, while on the "demand side," the company offers risk capital partners a portfolio of specialty insurance premium that may otherwise be difficult to access elsewhere. As of March 31, 2025, Accelerant had 232 members and 96 risk capital partners on its platform. It finished the week up 42%.
Leading educational publisher McGraw Hill (MH) priced its IPO below the range to raise $415 million at a $3.3 billion market cap. McGraw Hill is a leading global provider of information solutions for education across K-12 to higher education, and through professional learning. On an annual basis, the company serves approximately 60 million learners and educators. McGraw Hill is a top two provider in the K-12 market in the US, serving approximately 99% of public K-12 districts. It is also a top two provider of digital and print learning solutions in the US higher education market, serving approximately 82% of US higher education institutions, although it is highly leveraged at 3.8x net debt/EBITDA. It finished the week down 1%.
Spine surgery-focused medtech Carlsmed (CARL) priced at the midpoint to raise $101 million at a $430 million market cap. Its aprevo Technology Platform consists of AI-enabled software solutions, interbody implants custom designed for each patient's unique pathology and vertebral bone topography, and single-use surgical instruments. The company currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and it is further developing the Platform for use in cervical spine fusion surgeries, which it expects to commercialize in 2026. Carlsmed finished the week down 3%.
Hong Kong-based events management services provider Dreamland (TDIC) priced its US IPO at the bottom of the range to raise $8 million at a $124 million market cap. Dreamland provides event management services in Hong Kong for a range of public and private events, from trade shows, conferences, and concerts, to internal corporate events. Its activities include assisting with organizing, planning, promoting, selling merchandise, and managing events. Dreamland finished the week down 6%.
Hong Kong-based financial printing firm Cre8 Enterprise (CRE) priced its downsized US IPO at the bottom of the range to raise $6 million at a $96 million market cap. The company provides financial printing services for listed companies, IPO applicants and private companies in the finance and capital market in Hong Kong. Its services include concept creation and artwork design, typesetting, proofreading, printing, and stock exchange submission services. Cre8 Enterprise finished the week up 9%.
Real estate platform Linkhome Holdings (LHAI) priced its upsized IPO at the proposed price to raise $6 million at a $64 million market cap. Through its subsidiaries, Linkhome operates a real estate platform with the goal of providing customers with end-to-end solutions and services, initially comprising real estate brokerage services, Cash Offer, and other services like property rental management and home renovation. Linkhome finished the week up 158%.
| 7 IPOs During the Week of July 21st, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 07/25 |
| Linkhome (LHAI) | $6M | $64M | 0% | +41% | +158% |
| Operates a platform for buying and selling real estate. | |||||
| Accelerant (ARX) | $724M | $4,670M | 11% | +26% | +42% |
| Provides an insurance marketplace linking underwriters with capital partners. | |||||
| Cre8 Enterprise (CRE) | $6M | $96M | -11% | +10% | +9% |
| Hong Kong provider of printing and other services for financial reporting. | |||||
| McGraw Hill (MH) | $415M | $3,273M | -17% | +0% | -1% |
| Educational publisher and provider of digital learning tools. | |||||
| Carlsmed (CARL) | $101M | $430M | 0% | -3% | -3% |
| Provides custom equipment and AI-enabled software for spine fusion surgery. | |||||
| Dreamland (TDIC) | $8M | $124M | -11% | +10% | -6% |
| Hong Kong-based provider of event management services. | |||||
| NIQ Global Intelligence (NIQ) | $1,050M | $6,241M | -5% | -9% | -6% |
| Leading provider of market research on consumer goods and services. | |||||
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One small IPO submitted initial filings this week. Luxury vehicle exporter Hillhouse Frontier Holdings (HIFI) filed to raise $6 million at a $106 million market cap.
Five SPACs also submitted initial filings this week. Drugs in America Acquisition II (DMIIU) filed to raise $500 million to target the pharmaceutical industry. Highview Merger (HVMCU) filed to raise $200 million to target middle-market businesses in North America and Europe. Invest Green Acquisition (IGACU) filed to raise $200 million to target sustainable energy and finance. Caedryn Acquisition I (CAEAU) filed to raise $60 million to target AI and finance. Westin Acquisition (WSTNU) filed to raise $50 million to target APAC businesses.
| 6 Filings During the Week of July 21st, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Caedryn Acquisition I (CAEAU) | $60M | SPAC | Maxim |
| Blank check company targeting AI and fintech. | |||
| Highview Merger (HVMCU) | $200M | SPAC | Jefferies |
| Blank check company targeting middle-market businesses in North America or Europe. | |||
| Westin Acquisition (WSTNU) | $50M | SPAC | A.G.P. |
| Blank check company targeting businesses in the APAC region with significant growth prospects. | |||
| Invest Green Acquisition (IGACU) | $200M | SPAC | Cohen & Company |
| Blank check company targeting renewable energy, sustainable finance, and nuclear energy. | |||
| Drugs In America Acq. II (DMIIU) | $500M | SPAC | Cantor Fitz. |
| Blank check company targeting the pharmaceutical industry. | |||
| Hillhouse Frontier (HIFI) | $6M | Consumer Discretionary | Cathay Securities |
| Luxury vehicle exporter. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/24/2025, the Renaissance IPO Index was up 6.0% year-to-date, while the S&P 500 was up 9.0%. 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 29.8% year-to-date, while the ACWX was up 21.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
