7 sizable IPOs debuted this week, the most in nearly four years, joined by 3 SPACs. 10 IPOs and 6 SPACS submitting initial filings.
Buy-now-pay-later e-commerce platform Klarna (KLAR) priced above its range to raise $1.4 billion at a market cap of $15.3 billion, in the fourth largest US IPO of 2025 so far. Klarna is best known for its buy-now-pay-later plans, including its four-part interest-free payment plan. It also offers its own "Klarna Card" in partnership with Visa, and its own app offering cashback on e-commerce purchases made through it. Klarna finished the week up 7%.
Blockchain-powered lending platform Figure Technology (FIGR) priced above its upwardly revised range to raise $788 million at a market cap of $6.1 billion. The company offers a vertically integrated suite of blockchain-based solutions that powers its marketplaces across lending, trading, and investing, originating loans directly to borrowers while also enabling mortgage originators, servicers, banks, brokers, and credit unions to originate and distribute loans through its partner-branded technology platform. Figure finished the week up 30%.
Neuropsychiatry biotech LB Pharmaceuticals (LBRX) priced its upsized IPO at the midpoint to raise $285 million at a market cap of $338 million. The phase-3 ready biotech’s lead candidate is LB-102, an oral small molecule that it is developing to treat acute schizophrenia. After achieving its primary endpoint at week four in its 359-patient Phase 2 trial, LB Pharmaceuticals expects to begin a Phase 3 trial in the 1Q26. The listing was the first major biotech IPO since February. LB Pharmaceuticals finished the week up 12%.
Drive-thru coffee chain Black Rock Coffee Bar (BRCB) priced above its range to raise $294 million at a market cap of $956 million. The company is an operator of drive-thru and sit-in coffee bars offering various types of caffeinated beverages. It has 158 locations spanning seven states as of June 30, 2025. Black Rock Coffee Bar ended the week up 38%.
Crypto exchange Gemini (GEMI) priced above its upwardly revised range to raise $425 million at a market cap of $3.5 billion. The company is a regulated cryptocurrency exchange serving retail and institutional clients in over 60 countries, offering spot and derivatives trading, staking, OTC trading, custody, a stablecoin, and other crypto-related products. As of June 30, 2025, Gemini had 523,000 monthly transacting users, 10,000 institutions, $18 billion in crypto under custody, and $285 billion in lifetime trading volume. Gemini ended the week up 14%.
Systems services provider Legence (LGN) priced above the midpoint to raise $728 million at a market cap of $2.9 billion. The company provides engineering, installation, and maintenance services for mission-critical systems in buildings, specializing in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical, and plumbing systems for new facilities, and upgrading HVAC, lighting, and building controls in existing facilities. Legence ended the week up 9%.
Public transit services platform Via Transportation (VIA) priced above its range to raise $493 million at a market cap of $4.2 billion. The company develops technology for public transit agencies and operators to plan, manage, and optimize services such as microtransit, school transport, and paratransit. Its platform combines scheduling, dispatch, compliance, passenger booking, and data analytics, with optional services like fleet procurement and call center support. Via ended the week up 8%.
Three SPACs listed this week. Talon Capital (TLNCU), led by the founder of CSL Capital Management, raised $225 million to target the energy sector. Trailblazer Acquisition (BLZRU) raised $240 million to targe media, entertainment, tech, and retail. XIP-backed OTG Acquisition I (OTGAU) raised $200 million to target digital infrastructure.
While not included in the table below, Chinese fintech products provider Zenta Group (ZGM) priced its IPO at the bottom of the range to raise $6 million at a $46 million market cap. It ended the week up 2%.
| 10 IPOs During the Week of September 8th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/12 |
| Black Rock Coffee (BRCB) | $294M | $956M | 18% | +38% | +38% |
| Drive-thru coffee chain with over 150 locations in the Western US. | |||||
| Figure (FIGR) | $788M | $6,078M | 32% | +24% | +30% |
| Operates a blockchain-based consumer lending platform. | |||||
| Gemini (GEMI) | $425M | $3,456M | 56% | +14% | +14% |
| Operates a cryptocurrency exchange. | |||||
| LB Pharmaceuticals (LBRX) | $285M | $338M | 0% | +15% | +12% |
| Phase 3-ready biotech developing therapies for neuropsychiatric diseases. | |||||
| Legence (LGN) | $728M | $2,869M | 4% | +9% | +9% |
| Provides services for mission-critical systems in technically demanding buildings. | |||||
| Via Transportation (VIA) | $493M | $4,176M | 10% | +8% | +8% |
| Provides local governments with a platform for rideshare and transit services. | |||||
| Klarna (KLAR) | $1,372M | $15,308M | 11% | +15% | +7% |
| Provides a platform for e-commerce payment plans. | |||||
| Trailblazer Acquisition (BLZRU) | $240M | $300M | 0% | +0% | +1% |
| Blank check company targeting media, entertainment, tech, and retail. | |||||
| OTG Acquisition I (OTGAU) | $200M | $257M | 0% | +0% | +0% |
| Blank check company formed by XIP targeting digital infrastructure services. | |||||
| Talon Capital (TLNCU) | $225M | $319M | 0% | +0% | +0% |
| Blank check company led by the founder of CSL Capital Management targeting the energy sector. | |||||
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Ten IPOs, mostly small issuers, submitted initial filings this week. Leading the pack, commercial washing machine manufacturer Alliance Laundry Holdings (ALH) filed for an IPO that could raise an estimated $500 million. Two other sizable filings came from auto loan platform Lendbuzz (LBZZ), which filed for an IPO that could raise an estimated $250 million, and power and data center infrastructure REIT Fermi (FRMI), which filed to raise $150 million.
Six SPACS also submitted initial filings this week. Bain Capital GSS Investment (BCSS.U), backed by Bain Capital, filed to raise $400 million. Meshflow Acquisition (MFLWU.RC) filed to raise $300 million to target the blockchain and digital assets. QDRO Acquisition (QADRU) filed to raise $200 million to target financial services. Daedalus Special Acquisition (DSACU) filed to raise $200 million to target AI and technology. Range Capital Acquisition II (RNGTU) filed to raise $200 million to target capital-constrained sectors. Shreya Acquisition (SHRYU.RC) filed to raise $60 million, targeting the hospitality, wellness, and media sectors.
| 16 Filings During the Week of September 8th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Alliance Laundry Holdings (ALH) | $500M | Industrials | BofA |
| Makes commercial washing machines and dryers for use in laundromats. | |||
| Angie Holdings (AGHO.RC) | $8M | Consumer Discretionary | Cathay Securities |
| Hong Kong-based supplier of corporate uniforms. | |||
| Lendbuzz (LBZZ) | $250M | Financials | Goldman |
| Provides an online platform for auto loans. | |||
| QDRO Acquisition (QADRU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting the financial services sector. | |||
| Riku Dining Group (RIKU) | $16M | Consumer Discretionary | Eddid Securities |
| Operates and franchises Japanese-style restaurants in Canada and Hong Kong. | |||
| Shreya Acquisition (SHRYU.RC) | $60M | SPAC | D. Boral Capital |
| Blank check company targeting the hospitality, wellness, media, and other sectors. | |||
| SunHo BioTech Group (SHBT.RC) | $10M | Industrials | US Tiger Securities |
| Singaporean developer of a waste recycling system that generates fertilizer. | |||
| Daedalus Special Acq. (DSACU) | $200M | SPAC | BTIG |
| Blank check company based in the UK targeting consumer-facing AI and technology. | |||
| Meshflow Acquisition (MFLWU.RC) | $300M | SPAC | Cantor Fitz. |
| Blank check company targeting blockchain infrastructure and the digital asset ecosystem. | |||
| Bain Capital GSS (BCSS.U) | $400M | SPAC | Citi |
| Blank check company formed by Bain Capital targeting long-term growth. | |||
| HAMA Intelligence (HAMA) | $7M | Industrials | Pacific Century |
| Singaporean accounting and business consulting firm. | |||
| Barentsz Capital (BRKK) | $5M | Industrials | Cathay Securities |
| Hong Kong-based management and technology consulting firm. | |||
| EvoNexus Group (EVON) | $8M | Technology | Kingswood |
| Hong Kong-based developer of social and entertainment-focused mobile apps. | |||
| Fermi (FRMI) | $150M | Real Estate | UBS |
| Texas REIT developing power and data center infrastructure for AI uses. | |||
| Range Capital Acq II (RNGTU) | $200M | SPAC | BTIG |
| Blank check company targeting capital-constrained sectors. | |||
| Ultratrex (UTX) | $6M | Industrials | Craft Capital |
| Singaporean maker of marine environmental cleanup and dredging machinery. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/11/2025, the Renaissance IPO Index was up 21% year-to-date, while the S&P 500 was up 13%. 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 37% year-to-date, while the ACWX was up 25%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
