A handful of IPOs and SPACs debuted this past week, led by software unicorn Figma (FIG). The company soared +250% in the best first day for a billion-dollar IPO ever, a record just set by cryptocurrency play Circle (CRCL) in June.
Increasing its range earlier in the week, Figma priced above the high end to raise $1.2 billion at a nearly $20 billion market cap. Originally a browser-based tool for designing user interfaces, Figma now offers eight products, including four that were launched in 2025. The company has delivered strong growth, and it has a sticky customer base, over three-quarters of which use multiple Figma products. Figma continued to climb after its historic first day, finishing the week up 270%.
Ambiq Micro (AMBQ) upsized and priced above the midpoint to raise $96 million at a $459 million market cap. The company provides ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute, especially at the edge. Ambiq shipped more than 42 million units in 2024, and it estimates that over 40% of them ran AI algorithms. The company was well received on day one and finished the week up 65%.
Medtech Shoulder Innovations (SI) priced well below the range to raise $75 million at a $327 million market cap. Shoulder Innovations is a commercial-stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty. Its "ecosystem" is comprised of these systems, as well as enabling technologies, efficient instrument systems, specialized support, and surgeon-to-surgeon collaboration. The company will have to spend heavily on sales and marketing to maintain its growth. Shoulder Innovations finished down 5%.
Taiwanese carbon fiber parts maker J-Star Holding (YMAT) priced at the low end to raise $5 million at a $68 million market cap. The company primarily produces bicycle and racket parts. J-Star finished up 12%.
| 7 IPOs During the Week of July 28th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/01 |
| Figma (FIG) | $1,219M | $19,822M | 25% | +250% | +270% |
| Provides browser-based design software. | |||||
| Ambiq Micro (AMBQ) | $96M | $459M | 2% | +61% | +65% |
| Designs ultra-low power chips for AI computing and other applications. | |||||
| J-Star Holding (YMAT) | $5M | $68M | 0% | +2% | +12% |
| Taiwan-based maker of carbon fiber parts for bicycles, rackets, and other goods. | |||||
| HCM III Acquisition (HCMAU) | $220M | $293M | 0% | +1% | +1% |
| Third blank check company formed by Hondius Capital Management. | |||||
| A Paradise Acquisition (APADU) | $200M | $273M | 0% | +0% | +0% |
| Blank check company targeting leisure and entertainment. | |||||
| D. Boral ARC Acq. I (BCARU) | $250M | $369M | 0% | +0% | +0% |
| Blank check company led by executives from D. Boral Capital and ARC Group. | |||||
| Shoulder Innovations (SI) | $75M | $327M | -25% | +0% | -5% |
| Offers advanced implant systems for shoulder arthroplasty. | |||||
| 3 Filings During the Week of July 28th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Evolution Global Acq. (EVOXU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the critical minerals sector. | |||
| GSR IV Acquisition (GSRFU) | $200M | SPAC | SPAC Partners |
| Blank check company led by SPAC veterans targeting "high potential" businesses in the US. | |||
| TechCreate Group (TCGL) | $11M | Technology | Revere Sec. |
| Distributor of software solutions in Southeast Asia. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/31/2025, the Renaissance IPO Index was up 5.9% year-to-date, while the S&P 500 was up 8.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) 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 J&T Global Express.
