Five small IPOs debuted and four SPACs listed this week as the government shutdown continues to complicate listings. Three IPOs and five SPACs submitted initial filings.
Singapore-based crypto mining equipment maker Bgin Blockchain (BGIN) priced its downsized US IPO at the midpoint of the range to raise $30 million at a $679 million market cap. Bgin is a digital asset technology company with proprietary cryptocurrency mining technologies, focused on alternative cryptocurrencies. The company designs and sells mining machines equipped with Bgin's proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, and RXD coins. Bgin finished the week down 22%.
Chinese chemicals distributor Texxon Holding (NPT) priced its downsized US IPO at the top of the range to raise $10 million at a $110 million market cap. Texxon offers product search and matching, recommendations, order management and payments, and delivery logistics for plastic and chemical products. Texxon finished the week down 2%.
Taiwan-based whiskey distributor Agencia Comercial Spirits (AGCC) priced its US IPO at the bottom of the range to raise $7 million at a $136 million market cap. Agencia offers imported whiskies to its clients, with its primary services including bottle whiskey sales, raw cask whiskey sales, and cask-to-bottle and distribution. Agencia finished the week up 12%.
Dubai-based travel agency Ambitions Enterprise Management (AHMA) priced its US IPO at the low end of the range to raise $6 million at a $118 million market cap. Ambitions operates as a tour operator, travel agency, and provider of event planning and management services, providing MICE (meetings, incentives, conferences, and exhibitions) management and one-stop tourism services. Ambitions Enterprise Management finished the week up 12%.
Hong Kong wellness center operator Charming Medical (MCTA) priced its US IPO at the bottom of the range to raise $6 million at a $68 million market cap. Charming Medical provides Traditional Chinese Medicine (TCM)-inspired therapies and products through its four wellness centers in Hong Kong. Charming Medical ended the week up 85%.
Four SPACs also listed. Harvard Ave Acquisition (HAVAU), led by executives from PE firm Plutus Partners in South Korea, raised $145 million. France-based Lafayette Acquisition (LAFAU) raised $100 million. Calisu Acquisition (ALISU) raised $60 million, targeting businesses in Asia. Growth-focused Miluna Acquisition (MMXTU) also raised $60 million.
| 9 IPOs During the Week of October 20th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/24 |
| Charming Medical (MCTA) | $6M | $68M | -20% | +75% | +85% |
| Operates four wellness centers in Hong Kong focused on traditional Chinese medicine. | |||||
| Agencia Comercial Spirits (AGCC) | $7M | $136M | -20% | +51% | +12% |
| Taiwan-based whiskey retailer and distributor. | |||||
| Ambitions Enterprise (AHMA) | $6M | $118M | -11% | +16% | +12% |
| Dubai-based tour operator and travel agency. | |||||
| LaFayette Acquisition (LAFAU) | $100M | $137M | 0% | +0% | +0% |
| Blank check company led by international financier Christophe Charlier targeting US companies. | |||||
| Miluna Acquisition (MMTXU) | $60M | $77M | 0% | +0% | +0% |
| Blank check company targeting businesses with growth potential. | |||||
| Harvard Ave Acquisition (HAVAU) | $145M | $196M | 0% | +0% | +0% |
| Blank check company led by executives from PE firm Plutus Partners in South Korea. | |||||
| Calisa Acquisition (ALISU) | $60M | $84M | 0% | +0% | +0% |
| Blank check company targeting businesses in Asia. | |||||
| Texxon (NPT) | $10M | $110M | 11% | -2% | -2% |
| Chinese distributor of plastics and chemicals. | |||||
| Bgin Blockchain (BGIN) | $30M | $679M | 8% | -17% | -22% |
| Makes equipment for cryptocurrency mining with a focus on alternative coins. | |||||
Five SPACs also submitting initial filings this week. AI-focused Idea Acquisition (IACOU) filed to raise $350 million. Armada Acquisition III (ARMDU.RC) filed to raise $225 million to target fintech, SaaS, and AI. Space Asset Acquisition (SAAQU) filed to raise $200 million to target the global space economy. pan-Africa (BLEUU) filed to raise $125 million to target businesses in Africa. Brava Acquisition (BRVAU) filed to raise $75 million to target agriculture in Latin America.
| 8 Filings During the Week of October 20th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Brava Acquisition (BRVAU) | $75M | SPAC | Clear Street |
| Blank check company targeting food and agriculture in Latin America. | |||
| Duke Holding (DUKL) | $6M | Industrials | US Tiger Securities |
| Provides shipping and third-party logistics services between East Asia and the US. | |||
| Gigabit (GBH) | $5M | Technology | D. Boral Capital |
| Malaysia-based provider of internet hosting and technology services. | |||
| pan-Africa (BLEUU) | $125M | SPAC | Santander |
| Blank check company led by the former CEO of Tapestry targeting businesses in Africa. | |||
| Space Asset Acquisition (SAAQU) | $200M | SPAC | BTIG |
| Blank check company targeting the global space economy. | |||
| CGL Logistics (CGL) | $15M | Industrials | Revere Sec. |
| Hong Kong-based provider of freight forwarding services. | |||
| Armada Acquisition III (ARMDU.RC) | $225M | SPAC | Cohen & Company |
| Third blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI. | |||
| Idea Acquisition (IACOU) | $350M | SPAC | Cantor Fitz. |
| Blank check company targeting businesses leveraging LLMs and other AI tools. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted buckets of newly public companies. As of 10/23/2025, the Renaissance IPO index was up 12.4% year-to-date, while S&P 500 was up 15.8%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 38.0% 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.
