Six IPOs debuted this week, raising a combined $2.7 billion dollars. Two SPACs also listed. Ten IPOs and six SPACs submitted initial filings.
Cybersecurity provider Netskope (NTSK) priced its IPO at the top of its upwardly revised range to raise $908 million at a $9.0 billion market cap. It offers Netskope One, a unified, cloud-native platform supported by the company's NewEdge global private cloud network, comprised of 120+ full-compute edge data centers across 75+ regions. The company has delivered strong growth and has a sticky customer base, but it remains highly unprofitable with a large accumulated deficit. Netskope finished the week up 30%.
Online ticket marketplace StubHub (STUB) priced at the midpoint to raise $800 million at a $9.5 billion market cap. The company operates a global secondary ticketing marketplace for live events, using the brand StubHub in North America and viagogo internationally. StubHub has strong brand awareness, and expansion into original ticket sales is a large opportunity. However, it has faced legal and regulatory challenges, particularly related to pricing. StubHub finished the week down 21%.
Oilfield services provider WaterBridge (WBI) priced its upsized IPO at the top of the range to raise $634 million at a $2.4 billion market cap. The company operates the largest produced water infrastructure network in the US, serving customers such as Permian Resources and Chevron. Most of its revenue comes from long-term contracts, providing good visibility, though its business is capital-intensive and indirectly exposed to commodity price fluctuations. WaterBridge finished the week up 15%.
Online reseller Pattern Group (PTRN) priced at the midpoint to raise $300 million at a $2.6 billion market cap. Pattern calls itself "the pioneer of ecommerce acceleration" with its own proprietary technology platform powered by AI and machine learning. The company is pitching a combination of accelerating growth and profitability, with expanding margins and cash flow. Its sales model does subject it to consumer and inflation risks, though, and it faces significant competition for both tech and products. Pattern Group finished the week up 12%.
Hong Kong IT services firm ChowChow Cloud International (CHOW) priced its US IPO at the bottom of the range to raise $10 million at a $140 million market cap. ChowChow Cloud's business primarily comprises digital transformation consulting services, professional IT services, AI-powered proactive cloud managed services, and IT infrastructure solutions. The company primarily operates in the Asia-Pacific region. ChowChow Cloud International finished the week up 25%.
Singapore software firm Platinum Analytics (PLTS) priced its US IPO at the bottom of the range to raise $8 million at a $71 million market cap. The company specializes in the provision of FX trading software development solutions, data analytics solutions, and technology development solutions to financial institutions with a strategic focus on serving Asia and other emergent markets. It also operates a spot FX trading platform. Platinum Analytics finished the week up 78%.
Two SPACs also priced this week. Galata Acquisition II (LATAU), formed by Callaway Capital Management, raised $150 million. Chenghe Acquisition III (CHECU) raised $110 million to target businesses with a presence in Asia.
| 8 IPOs During the Week of September 15th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/19 |
| Platinum Analytics (PLTS) | $8M | $71M | -11% | +78% | +78% |
| Singapore-based provider of FX trading software solutions. | |||||
| Netskope (NTSK) | $908M | $8,968M | 19% | +18% | +30% |
| Provides cloud security and networking solutions for enterprises. | |||||
| ChowChow Cloud (CHOW) | $10M | $140M | -6% | +215% | +25% |
| Hong Kong-based provider of digital transformation consulting and other IT services. | |||||
| WaterBridge (WBI) | $634M | $2,393M | 8% | +14% | +15% |
| Provides comprehensive water services and infrastructure for E&Ps. | |||||
| Pattern Group (PTRN) | $300M | $2,569M | 0% | +12% | +12% |
| Online reseller that partners with consumer brands to accelerate their growth. | |||||
| Galata Acquisition II (LATAU) | $150M | $200M | 0% | +0% | +0% |
| Blank check company formed by Callaway Capital Management. | |||||
| Chenghe Acquisition III (CHECU) | $110M | $150M | 0% | +0% | +0% |
| Blank check company targeting businesses in or with a presence in Asia. | |||||
| StubHub (STUB) | $800M | $9,461M | 0% | -6% | -21% |
| Operates an online marketplace for event tickets. | |||||
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Ten IPOs submitted initial filings this past week, including four we estimate could raise $100 million or more. Leading the pack, business travel software provider Navan (NAVN) filed to raise an estimated $800 million. Digital asset custody platform BitGo (BTGO) filed to raise an estimated $300 million. Tax and advisory firm Andersen (ANDG), formed by former Arthur Andersen partners, filed to raise $100 million. CNS biotech MapLight Therapeutics (MPLT) filed to raise $100 million.
Six SPACs also submitted initial filings. Silicon Valley Acquisition (SVAQU) filed to raise $200 million to target sectors undergoing structural transformation. SPACSphere Acquisition (SSACU), led by SPAC veterans Padmakumar and Soumen Das, filed to raise $150 million. K2 Capital Acquisition (KIIU) filed to raise $100 million to target robotics and nuclear energy. Yuanxiang Acquisition (YXCA) filed to raise $100 million to target companies in the APAC region. QuasarEdge Acquisition (QREDU) filed to raise $60 million to target companies with long-term growth potential and defensible market positions.
| 16 Filings During the Week of September 15th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Andersen (ANDG) | $100M | Industrials | Morgan Stanley |
| Tax, valuation, and financial advisory firm formed by former Arthur Andersen partners. | |||
| BitGo (BTGO) | $300M | Technology | Goldman |
| Provides a digital asset custody, lending, and infrastructure platform. | |||
| Ga Sai Tong Enterprise (GST) | $8M | Consumer Discretionary | Bancroft Capital |
| Hong Kong-based operator of Japanese-style restaurants. | |||
| MapLight Therapeutics (MPLT) | $100M | Health Care | Morgan Stanley |
| Phase 2 biotech developing therapies for neuropsychiatric and CNS disorders. | |||
| Navan (NAVN) | $800M | Technology | Goldman |
| Provides software for corporate travel and expense management. | |||
| SPACSphere Acquisition (SSACU) | $150M | SPAC | D. Boral Capital |
| Blank check company led by SPAC veterans Bala Padmakumar and Soumen Das. | |||
| Guident (GDNT) | $17M | Technology | Prime Num. Cap. |
| Developing remote monitoring and teleoperation software for AVs and robots. | |||
| K2 Capital Acquisition (KIIU) | $100M | SPAC | D. Boral Capital |
| Blank check company targeting humanoid robotics and nuclear energy. | |||
| Silicon Valley Acq. (SVAQU) | $200M | SPAC | Clear Street |
| Blank check company targeting sectors undergoing structural transformation. | |||
| Yuanxiang Acquisition (YXCA) | $100M | SPAC | |
| Blank check company targeting companies in China and the APAC region. | |||
| Global Development (GDEL) | $17M | Industrials | Cathay Securities |
| Hong Kong-based construction service provider and contractor. | |||
| X3 Acquisition (XCBEU) | $200M | SPAC | Stifel |
| Blank check company led by X Cubed Capital Management executives targeting financial services. | |||
| Amatuhi Holdings (AMTU) | $5M | Health Care | Spartan Capital |
| Japanese operator of group homes for individuals with disabilities. | |||
| Encore Medical (EMI) | $17M | Health Care | Oak Ridge |
| Makes transcatheter implants to repair cardiac defects. | |||
| QuasarEdge Acquisition (QREDU) | $60M | SPAC | Polaris |
| Blank check company focused on long-term growth potential and defensible market positions. | |||
| WeShop Holdings (WSHP) | $0M | Technology | |
| UK-based social commerce platform that offers consumers shares in the company. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/18/2025, the Renaissance IPO Index was up 24.0% year-to-date, while the S&P 500 was up 13.8%. 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 41.6% year-to-date, while the ACWX was up 26.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
