Eight issuers listed in the US this past week, six of which were eligible for inclusion in our IPO stats, joined by two SPACs. Seven IPOs and eight SPACS submitted initial filings.
Crypto exchange Bullish (BLSH) priced above the upwardly revised range to raise $1.1 billion at a $5.8 billion market cap. The company provides trading and liquidity infrastructure under its “Bullish Exchange” brand, as well as information services under its “CoinDesk” brand, which spans indices, market data, and research reports. Bullish has grown trading volume substantially, and it should benefit from a clearer regulatory environment going forward. The company soared 84% on day one and after some volatile trading, ended the week up 88%.
Financial exchange operator Miami International Holdings (MIAX) priced above the range to raise $345 million at a $2.3 billion market cap. Miami International manages options, equities, and futures exchanges, primarily under the “MIAX” banner. For the six months ended 6/30/25, average daily volume in US options on the MIAX Exchanges was 8.7 million contracts. The company has captured a growing share of the US options industry and has numerous potential new products to drive growth, but it’s heavily exposed to fluctuating trading volume. Miami International ended the week up 35%.
Indonesian travel agency NusaTrip (NUTR) priced at the low end to raise $15 million at a $75 million market cap. NusaTrip states that it is the first Indonesian-based online travel agent (OTA) in Indonesia to receive International Air Transport Association (IATA) accreditation. The company ended the week down 2%.
Israeli biotech Nasus Pharma (NSRX) priced at the low end to raise $10 million at a $74 million market cap. The company is focused primarily on the development of intranasal drugs to treat emergency medical conditions. Nasus ended the week up 1%.
Singapore-based electrical installer Magnitude International (MAGH) priced at the low end to raise $9 million at a $140 million market cap. Under the brand name BNL, the company provides electrical installation for private and public housing, commercial and mixed-use developments, and other types of public facilities. Magnitude ended the week down 63%.
Hong Kong-based event services provider BUUU Group (BUUU) priced at the low end to raise $6 million at a $66 million market cap. The company provides Meetings, Incentives, Conferences, and Exhibitions (MICE) solutions to a variety of clients. BUUU Group ended the week up 3%.
While not included below, Japanese osteopathic health care provider rYojbaba (RYOJ) and Australian biotech Propanc Biopharma (PPCB) also listed in the US this past week, but were too small to be included in our IPO stats.
| 8 IPOs During the Week of August 11th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/15 |
| Bullish (BLSH) | $1,110M | $5,795M | 25% | +84% | +88% |
| Operates a digital exchange for cryptocurrency. | |||||
| Miami International (MIAX) | $345M | $2,255M | 15% | +34% | +35% |
| Operates four US options exchanges as well as equities and futures exchanges. | |||||
| BUUU Group (BUUU) | $6M | $66M | -20% | +0% | +3% |
| Hong Kong-based provider of event management and stage production services. | |||||
| Nasus Pharma (NSRX) | $10M | $74M | -27% | +3% | +1% |
| Phase 2 biotech developing an intranasal powder for severe allergies and anaphylaxis. | |||||
| Highview Merger (HVMCU) | $200M | $256M | 0% | +0% | +1% |
| Blank check company targeting middle-market businesses in North America or Europe. | |||||
| McKinley Acquisition (MKLYU) | $150M | $212M | 0% | +0% | +0% |
| Blank check company targeting technologically progressive industries. | |||||
| NusaTrip (NUTR) | $15M | $75M | -11% | -2% | -2% |
| Indonesia-based online travel agent spun out of Society Pass. | |||||
| Magnitude International (MAGH) | $9M | $140M | -11% | +2% | -63% |
| Provides electrical installation services in Singapore. | |||||
A few major issuers joined the pipeline this past week, led by cryptocurrency exchange Gemini (GEMI) and transport-tech Via Transportation (VIA).They were joined by systems services provider Legence (LGN), which is on file to raise $100 million.
| 15 Filings During the Week of August 11th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Cantor Equity Partners V (CEPV) | $200M | SPAC | Cantor Fitz. |
| Fourteenth blank check company formed by Cantor Fitzgerald. | |||
| Gemini (GEMI) | $400M | Financials | Goldman |
| Operates a cryptocurrency exchange. | |||
| Legence (LGN) | $100M | Industrials | Goldman |
| Provides services for mission-critical systems in technically demanding buildings. | |||
| Monkey Tree (MKTR) | $7M | Consumer Discretionary | Revere Sec. |
| Operates English learning centers for children in Hong Kong. | |||
| Talon Capital (TLNCU) | $225M | SPAC | Cohen & Company |
| Blank check company led by the founder of CSL Capital Management targeting the energy sector. | |||
| Via Transportation (VIA) | $500M | Technology | Goldman |
| Provides local governments with a platform for rideshare and transit services. | |||
| AI Infrastructure Acq. (AIIAU) | $100M | SPAC | Maxim |
| Blank check company targeting businesses advancing AI/ML capabilities. | |||
| ECST Holdings (ECST) | $8M | Technology | Eddid Securities |
| Hong Kong-based provider of a cloud-based enterprise management platform. | |||
| JM Group (JMGG.RC) | $17M | Consumer Discretionary | Prime Num. Cap. |
| Hong Kong-based merchandise sourcing provider. | |||
| Viking Acquisition I (VACIU) | $200M | SPAC | Cohen & Company |
| Blank check company led by executives from advisory firm KingsRock. | |||
| Dynamix III (DNMXU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the energy, power, and digital infrastructure industries. | |||
| Tailwind 2.0 Acquisition (TDWDU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the intelligence layer of energy and compute infrastructure. | |||
| Apex Treasury (APXTU) | $250M | SPAC | Cohen & Company |
| Blank check company targeting blockchain, crypto treasury, and other industries. | |||
| Fitness Fanatics (FIT) | $9M | Consumer Staples | Bancroft Capital |
| Hong Kong-based distributor of sports nutrition products. | |||
| GigCapital8 (GIWWU) | $220M | SPAC | D. Boral Capital |
| Blank check company led by semiconductor veteran Avi Katz. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/14/2025, the Renaissance IPO Index was up 14.7% year-to-date, while the S&P 500 was up 10.8%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Reddit (RDDT) and Astera Labs (ALAB). The Renaissance International IPO Index was up 31.3% year-to-date, while the ACWX was up 22.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
