Just two small issuers and one SPAC priced offerings this past week, but there was big news in the pipeline, as a few large names submitted initial filings.
Cybersecurity firm Netskope (NTSK) led the week’s additions, filing for an IPO we estimated could raise $500 million, followed by blockchain-powered lender Figure (FIGR), online reseller Pattern Group (PTRN), coffee chain Black Rock Coffee (BRCB), neuropsychiatry biotech LB Pharmaceuticals (LBRX), and E&P infrastructure services provider WaterBridge (WBI). They join more large issuers gearing up for potential fall IPOs, including both recent filers (GEMI, LGN, VIA) and older names in the pipeline (KLAR, STUB, HMH).
The week’s largest deal came from the sole blank check IPO, Cantor Equity Partners IV (CEPF), which raised $400 million in the year’s second largest SPAC offering. Two Cantor-backed SPACs (CEP and CEPO) recently announced mergers with cryptocurrency treasuries, a growing trend in the space.
Chinese B2B platform Yimutian (YMT) priced at the low end to raise $21 million at a $564 million market cap. Focused on agricultural products, the company provides a comprehensive set of digital solutions to facilitate transactions, ranging from searching and matching, to transaction facilitation and settlement. Yimutian plummeted -32% on day one and finished the week off -40%.
Last-mile delivery service provider Elite Express Holding (ETS) raised $15 million at a $67 million market cap in a downsized offering. Operating in California, the company’s core business focuses on the delivery of packages retrieved from distribution hubs. Elite Express also sold off, and finished the week down -63%.
| 3 IPOs During the Week of August 18th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/22 |
| Cantor Equity Partners IV (CEPF) | $400M | $509M | 0% | +1% | +1% |
| Thirteenth blank check company formed by Cantor Fitzgerald. | |||||
| Yimutian (YMT) | $21M | $564M | -10% | -32% | -40% |
| Operates a B2B e-commerce platform for the agriculture industry in China. | |||||
| Elite Express (ETS) | $15M | $67M | 0% | -13% | -63% |
| Provides last-mile delivery services in California. | |||||
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| 17 Filings During the Week of August 18th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| AA Mission Acq. II (YCY.U) | $100M | SPAC | Clear Street |
| Blank check company targeting the food and beverage industry. | |||
| LB Pharmaceuticals (LBRX) | $100M | Health Care | Leerink Partners |
| Phase 3 biotech developing therapies for neuropsychiatric diseases. | |||
| MEDI Group (MEDG) | $15M | Consumer Discretionary | ATIS |
| Provides medical and traditional cosmetic services in Hong Kong. | |||
| Netskope (NTSK) | $500M | Technology | Morgan Stanley |
| Provides cloud security solutions for enterprises. | |||
| Pattern Group (PTRN) | $400M | Technology | Goldman |
| Online reseller that partners with consumer brands to accelerate growth. | |||
| SilverBox V (SBXE.U) | $200M | SPAC | Santander |
| Blank check company formed by SilverBox Capital. | |||
| WaterBridge (WBI) | $100M | Energy | JP Morgan |
| Provides comprehensive water services and infrastructure for E&Ps. | |||
| Aigo Holding (AIGO) | $10M | Consumer Discretionary | Eddid Securities |
| Global consumer products provider based in China. | |||
| Altech Digital (ALD) | $6M | Technology | Pacific Century |
| Hong Kong-based provider of IT system development, maintenance, and consultancy services. | |||
| BAO Holding (BAO) | $7M | Technology | Pacific Century |
| Hong Kong-based provider of software development services. | |||
| Insight Digital Partners (INDPU.RC) | $150M | SPAC | Cohen & Company |
| Blank check company targeting the cryptocurrency industry. | |||
| APEX Global Solutions (APEX) | $9M | Industrials | US Tiger Securities |
| Singaporean provider of corrosion prevention and surface preparation services for shipyards. | |||
| BTC Development (BDCIU) | $220M | SPAC | Cohen & Company |
| Blank check company led by SPAC veteran Betsy Cohen targeting the Bitcoin ecosystem. | |||
| AM PM Group (AMPM) | $7M | Communication Services | Prime Num. Cap. |
| Hong Kong-based marketing firm providing event, content, and IP services. | |||
| American Acquisition A (AEXA) | $250M | SPAC | Santander |
| Blank check company led by Chamath Palihapitiya targeting energy, AI, DeFi, and defense. | |||
| Black Rock Coffee (BRCB) | $100M | Consumer Discretionary | JP Morgan |
| Drive-thru coffee chain with over 150 locations in the Western US. | |||
| Figure (FIGR) | $400M | Financials | Goldman |
| Operates a blockchain-based consumer lending platform. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/21/2025, the Renaissance IPO Index was up 11.7% year-to-date, while the S&P 500 was up 9.2%. 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 31.8% 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 J&T Global Express.
