One small IPO and two SPACs debuted this week. Nine IPOs and four SPACs submitted initial filings.
Singapore-based swim lesson provider Fitness Champs Holdings (FCHL) priced its US IPO at the bottom of the range to raise $15 million at a $68 million market cap. Fitness Champs offers general swimming lessons to children and adults, as well as aquatic sports classes such as water polo, competitive swimming, and lifesaving. The company states that it has a market share of about 30%, based on the number of bookings of SwimSafer assessments, Singapore's mandatory national program for primary school students dedicated to water safety. Fitness Champs finished the week up 15%.
Two SPACs listed this week: Spring Valley Acquisition III (SVACU) raised $200 million to target natural resources and decarbonization, while GSR IV Acquisition (GSRFU) raised $200 million to target “high potential” businesses in the US.
| 3 IPOs During the Week of September 1st, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/05 |
| Fitness Champs (FCHL) | $15M | $68M | -11% | +6% | +15% |
| Leading provider of swim lessons in Singapore. | |||||
| GSR IV Acquisition (GSRFU) | $200M | $264M | 0% | +0% | +0% |
| Blank check company led by SPAC veterans targeting "high potential" businesses in the US. | |||||
| Spring Valley Acq. III (SVACU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company targeting the natural resources and decarbonization industries. | |||||
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Nine IPOs, mostly smaller issuers, submitted initial filings this past week. Flood insurance underwriter and distributor Neptune Insurance (NP) led the pack, filing to raise $100 million. The next largest issuers were Canada-based psychedelics maker Optimi Health (OPTH), which filed to raise $25 million, and dental services provider Park Dental Partners (PARK), which filed to raise $20 million. Two companies filed for direct listings: Taiwan-based blockchain services provider OBOOK Holdings (OWLS) and wound and dermatology-focused drug and medical products developer Turn Therapeutics (TTRX).
Four SPACs also submitted initial filings. AI and fintech-focused FutureCrest Acquisiution (FCRSU) filed to raise $250 million. Energy and infrastructure-focused Leapfrog Acquisition (LPFRU.RC) filed to raise $125 million. LaFayette Acquisition (LAFAU), led by Christophe Charlier, filed to raise $100 million to target US companies. Growth-focused Miluna Acquisition (MMXTU) filed to raise $60 million.
| 13 Filings During the Week of September 1st, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| FutureCrest Acquisition (FCRSU) | $250M | SPAC | Cantor Fitz. |
| Blank check company led by Fundstrat co-founder Tom Lee targeting AI, fintech, and other growth sectors. | |||
| LaFayette Acquisition (LAFAU) | $100M | SPAC | EarlyBird |
| Blank check company led by international financier Christophe Charlier targeting US companies. | |||
| Lorenzo Developments (LCDC) | $10M | Real Estate | ATIS |
| Toronto-based real estate development and consulting services provider. | |||
| Optimi Health (OPTH) | $25M | Health Care | Titan Partners |
| Canada-based pharmaceuticals maker specializing in MDMA and psilocybin. | |||
| SMJ International (SMJH.RC) | $11M | Industrials | US Tiger Securities |
| Singapore-based flooring materials distributor. | |||
| Leapfrog Acquisition (LPFRU.RC) | $125M | SPAC | BTIG |
| Blank check company targeting energy and infrastructure outside of the US. | |||
| Nihon Shintatsu (JSTT) | $6M | Real Estate | Spartan Capital |
| Real estate company focused on tourism-driven markets in Japan. | |||
| Kepler Group (KPL) | $7M | Financials | Cathay Securities |
| Hong Kong-based insurance broker focused on life insurance. | |||
| Neptune Insurance (NP) | $100M | Financials | Morgan Stanley |
| US underwriter and distributor of E&S flood insurance. | |||
| OBOOK Holdings (OWLS) | $0M | Technology | |
| Operates blockchain-powered service platforms for various industries. | |||
| Park Dental Partners (PARK) | $20M | Health Care | Northland |
| Diversified dental services provider with 85 locations in Minnesota and Wisconsin. | |||
| Miluna Acq (MMXTU) | $60M | SPAC | D. Boral Capital |
| Blank check company targeting businesses with growth potential. | |||
| Turn Therapeutics (TTRX) | $0M | Health Care | |
| Developing drugs and medical products for the wound and dermatology markets. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/4/2025, the Renaissance IPO Index was up 14.4% 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 Reddit (RDDT) and Astera Labs (ALAB). The Renaissance International IPO Index was up 33.0% year-to-date, while the ACWX was up 21.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
