Four small issuers and two SPACs priced offerings in the past week, and a few names joined the pipeline.
The IPO calendar should pick up in the coming weeks as more names ready fall listing plans. For more on what to expect, read our newly-released Fall 2025 US IPO Preview.
The largest deals of the week came from the pair of blank check IPOs. SPAC veteran Mohsin Meghji’s M3-Brigade Acquisition VI (MBVIU) raised $300 million to target crypto and blockchain technologies, and CSLM Digital Asset Acquisition II (KOYNU) raised $200 million.
Artificial heart maker Picard Medical (PMI) priced at the midpoint to raise $17 million at a $320 million market cap. Through SynCardia, the company manufactures and sells the only FDA and Health Canada approved implantable total artificial heart (TAH). Over 2,100 SynCardia TAHs have been implanted in patients spanning 27 countries. Picard Medical ended the week up 52%.
Preclinical biotech Curanex Pharmaceuticals (CURX) priced at the low end to raise $15 million at a $111 million market cap. The company’s lead candidate is a proprietary botanical extract being developed for a variety of diseases. Curanex ended the week up 30%.
Singapore-based The GrowHub (TGHL) priced at the low end to raise $15 million at a $101 million market cap. The company’s blockchain-based GrowHub Platform offers three key solutions: traceability, anti-counterfeit, and carbon management. The company ended the week up 16%.
Japan-based TryHard Holdings (THH) priced at the low end to raise $6 million at a $207 million market cap. The company provides event curation services, consultancy and management services, sub-leasing of entertainment venues, and also operates restaurants. TryHard Holdings ended the week up 51%.
| 6 IPOs During the Week of August 25th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 08/29 |
| Curanex Pharmaceuticals (CURX) | $15M | $111M | -20% | +1% | +40% |
| Preclinical biotech developing botanical-based treatments for various diseases. | |||||
| TryHard Holdings (THH) | $6M | $207M | -11% | +51% | +36% |
| Provides live event services and operates restaurants in Japan. | |||||
| Picard Medical (PMI) | $17M | $320M | 0% | +15% | +15% |
| Makes and sells implantable total artificial hearts under the brand SynCardia. | |||||
| CSLM DA Acq. III (KOYNU) | $200M | $274M | 0% | +0% | +1% |
| Blank check company targeting sectors related to the digitization of financial infrastructure. | |||||
| M3-Brigade Acquisition VI (MBVIU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company led by turnaround veteran Mohsin Meghji targeting cryptocurrency and blockchain. | |||||
| GrowHub (TGHL) | $15M | $101M | -11% | -16% | -14% |
| Singapore-based provider of a blockchain system for food supply chain traceability. | |||||
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There were two notable new filings this past week: Community bank Commercial Bancgroup (CBK) filed to raise $173 million, and Phoenix Education Partners (PXED) filed to raise $100 million.
| 15 Filings During the Week of August 25th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Billion Group (BGHL) | $8M | Consumer Staples | ATIS |
| Hong Kong-based distributor of high-end food products. | |||
| Elauwit Connection (ELWT) | $15M | Communication Services | Craig-Hallum |
| Provides broadband internet for the multifamily and student housing sector. | |||
| Farlong Holding (AFA) | n/aM | Health Care | US Tiger Securities |
| Sells dietary supplements and herbal products rooted in traditional Chinese medicine. | |||
| Newbridge Acquisition (NBRGU) | $50M | SPAC | Kingswood |
| Blank check company targeting small-cap businesses across a range of industries. | |||
| Phoenix Education (PXED) | $100M | Consumer Discretionary | Morgan Stanley |
| Provides post-secondary education services under the name University of Phoenix. | |||
| Rice Acquisition 3 (KRSP.U) | $250M | SPAC | Barclays |
| Blank check company backed by Rice Investment Group targeting the energy value chain. | |||
| TDE Group (TTEI) | $7M | Consumer Discretionary | WallachBeth |
| Hong Kong-based provider of education-related services and products. | |||
| Bitcoin Infra. Acq. (BIXIU) | $200M | SPAC | Cohen & Company |
| Blank check company targeting the digital asset industry. | |||
| Aptera Motors (SEV) | $0M | Consumer Discretionary | |
| Developing a three-wheeled solar electric vehicle. | |||
| Buda Juice (BDJC.RC) | $22M | Consumer Staples | MDB Capital |
| Makes branded and private label citrus drinks. | |||
| CCH Holdings (CCHH) | $7M | Consumer Discretionary | Cathay Securities |
| Malaysia-based chain of specialty hotpot restaurants. | |||
| Dbim Holdings (DBIM) | $7M | Technology | ATIS |
| Provides metaverse marketplace services focused on trading virtual goods. | |||
| Commercial Bancgroup (CBK) | $173M | Financials | Hovde Group |
| Community bank with branches in Kentucky, North Carolina, and Tennessee. | |||
| Galata Acquisition II (LATAU) | $150M | SPAC | BTIG |
| Blank check company formed by Callaway Capital Management. | |||
| OTG Acquisition I (OTGAU) | $200M | SPAC | B. Riley |
| Blank check company formed by XIP targeting digital infrastructure services. | |||
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The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/28/2025, the Renaissance IPO Index was up 15.8% year-to-date, while the S&P 500 was up 11.5%. 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 34.0% year-to-date, while the ACWX was up 22.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
