Despite the government shutdown, there was a healthy amount of IPO activity this week. Six IPOs debuted this week, including two direct listings. Two IPOs and nine SPACs submitted filings.
Singapore-based software seller TechCreate Group (TCGL) priced its US IPO at the bottom of the range to raise $10 million at an $80 million market cap. The company states that it aims to redefine the digital payments landscape across Southeast Asia by focusing on real-time payment (RTP) systems, providing financial institutions, telecoms, and other businesses with payment technologies, cybersecurity software, cloud services, and related consultancy services. TechCreate Group finished the week up 7%.
Singapore-based tech services provider Republic Power Group (RPGL) priced its US IPO at the bottom of the range to raise $8 million at a $69 million market cap. Republic Power Group provides customized software development services, technology solutions, consulting and technical support services, and peripheral hardware to corporate clients and government agencies based in Singapore and Indonesia, such as airports, cruise terminals, technology companies, and law enforcement agencies. Republic Power Group finished the week down 61%.
Hong Kong professional services provider Acco Group Holdings (ACCL) priced its US IPO at the bottom of the range to raise $56 million at a $56 million market cap. The company provides corporate secretarial services and accounting services in Hong Kong, as well as intellectual property registration services in Singapore. The majority of its revenue during the six months ended December 31, 2024 came from its corporate secretarial services. At the end of 2024, Acco Group Holdings had 2,902 active client engagements in Hong Kong, and another 210 in Singapore. It finished the week up 1%.
Chinese logistics provider Smart Logistics Global (SLGB) priced its US IPO at the bottom of the range to raise $5 million at a $205 million market cap. Smart Logistics Global operates a business-to-business contract logistics solution provider in China, focusing on the transportation of industrial raw materials. It primarily offers land-only transportation services, with a significant portion of its clientele being large institutional customers who engage in yearly contracts. The company finished the week down 31%.
Aptera Motors (SEV) completed its direct listing on the Nasdaq this week. Aptera Motors is focused on developing and manufacturing highly efficient solar electric vehicles (SEVs). Its current focus is on completing the development and commencing production of its flagship vehicle, a three-wheeled, two-passenger vehicle called the Aptera. To date, the company has not commenced production of its SEVs or generated any revenues. It finished the week down 86% from its $40.85 reference price.
Taiwan-based business tech firm OBOOK Holdings (OWLS) completed its direct listing on the Nasdaq this week. Operating as the OwlTing Group, the company is focused on using blockchain technology to provide business solutions across various industries. Through its e-commerce, hospitality and payments offerings, OBOOK serves businesses and individuals whose commercial activities involve cross-border transactions. The company provides payment products and services under OwlPay, hospitality products and services under OwlNest and other names, and e-commerce platform and services under OwlTing Market. It finished the week up 295% from its $10 reference price.
| 6 IPOs During the Week of October 13th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/17 |
| OBOOK Holdings (OWLS) | $0M | $884M | 0% | +456% | +295% |
| Operates blockchain-powered service platforms for various industries. | |||||
| TechCreate Group (TCGL) | $10M | $80M | -11% | +23% | +7% |
| Distributor of software solutions in Southeast Asia. | |||||
| Acco Group (ACCL) | $6M | $56M | -20% | +1% | +1% |
| Hong Kong-based provider of secretarial and other corporate services. | |||||
| Smart Logistics Global (SLGB) | $5M | $205M | -9% | +6% | -31% |
| Chinese land-based logistics provider focused on industrial raw material. | |||||
| Republic Power Group (RPGL) | $8M | $69M | -11% | +25% | -61% |
| Provides software development services in Southeast Asia. | |||||
| Aptera Motors (SEV) | $0M | $1,297M | 0% | -80% | -86% |
| Developing a three-wheeled solar electric vehicle. | |||||
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Two IPOs submitted initial filings this week. Construction services provider Cardinal Infrastructure Group (CDNL) filed to raise $100 million. Faith-based organization management platform Gloo Holdings (GLOO) filed to raise $100 million.
Nine SPACs also submitted initial filings this week. Colombier Acquisition III (CLBR.U), the third blank check company led by Omeed Malik, filed to raise $260 million. Aeon Acquisition I (AESPU) filed to raise $250 millio to target sports in Europe. Bleichroeder Acquisition II (BBCQU) filed to raise $250 million to target technology. General Purpose Acquisition (GPACU) filed to raise $200 million to target maritime businesses. FG Imperii Acquisition (FGIMU.RC) filed to raise $200 million to target financial services. SC II Acquisition (SCIIU) filed to raise $150 million to target growing industries. RF Acquisition III (RFAMU) filed to raise $100 million to target technology in the APAC region. GalaxyEdge Acquisition (GLEDU) filed to raise $60 million to target long-term growth. White Pearl Acquisition (WPACU) filed to raise $50 million to target tech and fintech.
| 11 Filings During the Week of October 13th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aeon Acquisition I (AESPU) | $250M | SPAC | D. Boral Capital |
| Blank check company backed by The Aeon Group and Octagon Basketball Europe. | |||
| Colombier Acquisition III (CLBR.U) | $260M | SPAC | Roth Cap. |
| Third blank check company led by Omeed Malik and 1789 Capital executives. | |||
| Gloo Holdings (GLOO) | $100M | Technology | Roth Cap. |
| Provides management and marketing platforms for faith-based organizations. | |||
| RF Acquisition III (RFAMU) | $100M | SPAC | EarlyBird |
| Blank check company targeting deep technology in APAC. | |||
| SC II Acquisition (SCIIU) | $150M | SPAC | D. Boral Capital |
| Blank check company targeting well-established businesses in growing industries. | |||
| White Pearl Acquisition (WPACU) | $50M | SPAC | D. Boral Capital |
| Blank check company targeting fintech and infotech. | |||
| Bleichroeder Acq. II (BBCQU) | $250M | SPAC | Cohen & Company |
| Blank check company led by investment veterans targeting technology. | |||
| FG Imperii Acquisition (FGIMU.RC) | $200M | SPAC | ThinkEquity |
| Blank check company targeting the financial services sector. | |||
| GalaxyEdge Acquisition (GLEDU) | $60M | SPAC | |
| Blank check company targeting long-term growth. | |||
| Cardinal Infrastructure (CDNL) | $100M | Industrials | Stifel |
| Provides wet utility installations and other infrastructure services in North Carolina. | |||
| General Purpose Acq. (GPACU) | $200M | SPAC | Jefferies |
| Blank check company targeting maritime businesses and digital infrastructure. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/16/2025, the Renaissance IPO Index was up 12.2% year-to-date, while the S&P 500 was up 13.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm (ARM) and Reddit (RDDT). The Renaissance International IPO Index was up 41.0% year-to-date, while the ACWX was up 28.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
