One IPO and four SPACS debuted this week. Six IPOs and three SPACs submitted initial filings.
Malaysian aquaculture company Megan Holdings (MGN) priced its US IPO at the low end of its range, to raise $5 million at a $65 million market cap. The company provides services to aquaculture farms in Malaysia, primarily consisting of the construction of new farms and the upgrading of existing farms. Megan Holdings finished the week up 21%.
Drugs Made In America Acquisition II (DMIIU) raised $500 million in the biggest blank check IPO since 2022, targeting pharmaceuticals. American Exceptionalism Acquisition A (AEXA), led by Chamath Palihapitiya, raised $300 million in an upsized offering. Fundstrat co-founder Tom Lee’s FutureCrest Acquisition (FRCS.U) raised $250 million. Emmis Acquisition (EMISU) raised $100 million to target service, manufacturing, and distribution businesses.
| 5 IPOs During the Week of September 22nd, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/26 |
| Megan Holdings (MGN) | $5M | $65M | -20% | +21% | +21% |
| Provides construction and maintenance services for shrimp farms in Malaysia. | |||||
| American Acquisition A (AEXA) | $300M | $431M | 0% | +6% | +6% |
| Blank check company led by Chamath Palihapitiya targeting energy, AI, DeFi, and defense. | |||||
| FutureCrest Acquisition (FCRS.U) | $250M | $313M | 0% | +4% | +4% |
| Blank check company led by Fundstrat co-founder Tom Lee targeting AI, fintech, and other growth sectors. | |||||
| Emmis Acquisition (EMISU) | $100M | $138M | 0% | +0% | +0% |
| Blank check company targeting service, manufacturing, and distribution businesses. | |||||
| Drugs In America Acq. II (DMIIU) | $500M | $637M | 0% | +0% | +0% |
| Blank check company targeting the pharmaceutical industry. | |||||
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Six IPOs submitted initial filings. Leading the pack, insurtech carved out of HCI Group Exzeo (XZO) filed to raise $100 million. Online life insurance marketplace platform Ethos Technologies (LIFE) filed to raise $100 million. Singapore-based consulting frim YCS Group Holdings (YCSG.RC) filed to raise $14 million at a $104 million market cap. Hong Kong-based digital marketing firm PressLogic (PLAI) filed to raise $12 million. Japan-based paper and metal recycler Seahawk Recycling Holdings filed to raise $10 million at a $128 million market cap. Hong Kong-based restaurant operator CSC Collective Holdings (CSC) filed to raise $7 million at a $70 million market cap.
Three SPACs also submitted initial filings. Tech and finance-focused Lafayette Digital Acquisition I (ZKPU) filed to raise $250 million. Climate Transition Special Opportunities SPAC I (CLSOU) filed to raise $150 million to target renewable energy and specialty finance. Creative Future Acquisition (CFACU), led by Chinese executives, plans to raise $60 million.
| 9 Filings During the Week of September 22nd, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Ethos Technologies (LIFE) | $100M | Financials | Goldman |
| Provides an online life insurance marketplace and analytics platform. | |||
| YCS Group (YCSG.RC) | $14M | Industrials | Prime Num. Cap. |
| Provides corporate and consulting services to SMEs in Singapore. | |||
| Exzeo (XZO) | $100M | Technology | Truist Securities |
| Property and casualty underwriting and analytics platform being carved out of HCI Group. | |||
| Seahawk Recycling (SEAH) | $10M | Industrials | Cathay Securities |
| Japan-based provider of paper and scrap metal recycling services. | |||
| PressLogic (PLAI) | $12M | Communication Services | ATIS |
| Provider of digital marketing services in Hong Kong and Taiwan. | |||
| Climate Transition SPAC I (CLSOU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting renewable energy and specialty finance. | |||
| Lafayette Digital Acq. I (ZKPU) | $250M | SPAC | BTIG |
| Blank check company targeting the financial services and technology industries. | |||
| Creative Future Acq. (CFACU) | $60M | SPAC | Craft Capital |
| Blank check company led by Chinese executives. | |||
| CSC Collective (CSC) | $7M | Consumer Discretionary | Revere Sec. |
| Operates two high-end Japanese-style restaurants in Hong Kong. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/25/25, the Renaissance IPO Index was up 14.5% year-to-date, while the S&P 500 was up 13.4%. 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 42.8% year-to-date, while the ACWX was up 25.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
