Two small IPOs and three SPACs debuted this week, as the US government shutdown finally came to an end. Five IPOs and four SPACs submitted initial filings.
Yacht retailer Off The Hook YS (OTH) priced its downsized IPO at the bottom of the range to raise $15 million at a $95 million market cap. The company claims to be the largest marine wholesaler in the industry, with eight physical locations and an online presence. Off The Hook also offers financing solutions for clients, as well as complementary vessel services and repairs. It finished the week down 8%.
Singapore-based microscopy tech provider Phaos Technology (POAS) priced its US IPO at the bottom of the range to raise $14 million at a $114 million market cap. The company is focused on the assembly and commercialization of advanced microscopy-related solutions, technologies, and products for manufacturing, biomedical, and semiconductors, among other industries. With its patented microsphere-assisted technology, the company states that it provides the only commercially available advanced optical microscope that can see below the 200nm optical limit, within a commercially viable working distance. Phaos Technology finished the week flat.
Three SPACs also priced this week. Alussa Energy Acquisition II (ALUB.U) raised $250 million to target energy and power infrastructure. Evolution Global Acquisition (EVOXU) raised $210 million in an upsized listing to target critical minerals. Blueport Acquisition (BPACU), led by a co-founder of law form Ortoli Rosenstadt LLP, raised $50 million.
| 5 IPOs During the Week of November 10th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/14 |
| Evolution Global Acq. (EVOXU) | $210M | $280M | 0% | +1% | +1% |
| Blank check company targeting the critical minerals sector. | |||||
| Blueport Acquisition (BPACU) | $50M | $64M | 0% | +1% | +0% |
| Blank check company led by a co-founder of law firm Ortoli Rosenstadt LLP. | |||||
| Alussa Energy Acq. II (ALUB.U) | $250M | $313M | 0% | +0% | +0% |
| Blank check company targeting energy and power infrastructure. | |||||
| Phaos Technology (POAS) | $14M | $114M | -11% | -4% | +0% |
| Singapore-based provider of advanced microscopy technologies. | |||||
| Off The Hook (OTH) | $15M | $95M | -20% | -5% | -8% |
| Yacht and boat retailer and wholesaler. | |||||
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Five IPOs submitted initial filings this week. Asia-focused travel booking platform Klook (KLK) led the pack, filing to raise an estimated $400 million. Crypto investment products provider Grayscale (GRAY) filed to raise $100 million. Soft drink maker Reed’s (REED) filed to raise $10 million at a $77 million market cap in a NYSE American uplisting. Cannabis-focused telehealth platform Veri Medtech (VRHI) filed to raise $10 million. Australian agtech platform Braiin (BRAI) filed for a direct listing on the Nasdaq.
Four SPACs also submitted initial filings. Activate Energy Acquisition (AEAQU) filed to raise $200 million to target oil and gas. Launchpad Cadenza Acquisition I (LPCVU) filed to raise $200 million to target blockchain, fintech, and digital assets. Tribeca Strategic Acquisition (BIDWU) filed to raise $175 million to target technology. Subversive Bitcoin Acquisition (SBAQU) filed to raise $100 million to target crypto and blockchain.
| 9 Filings During the Week of November 10th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Veri Medtech (VRHI) | $10M | Health Care | Network 1 |
| Provides a telehealth platform for medical marijuana patients. | |||
| Grayscale (GRAY) | $100M | Financials | Morgan Stanley |
| Provides cryptocurrency-focused investment products and investment research. | |||
| Subversive Bitcoin Acq. (SBAQU) | $100M | SPAC | Jefferies |
| Blank check company led by the founder of Subversive Capital targeting crypto and blockchain. | |||
| Reed's (REED) | $10M | Consumer Staples | A.G.P. |
| Sells branded ginger-based beverages and other drinks. | |||
| Activate Energy Acq. (AEAQU) | $200M | SPAC | BTIG |
| Blank check company targeting the oil and gas industries. | |||
| Braiin (BRAI) | $0M | Technology | |
| Developing an AI platform and autonomous robotics for agriculture and other applications. | |||
| Klook (KLK) | $400M | Technology | Goldman (Asia) |
| Pan-Asian online travel booking platform. | |||
| Launchpad Cadenza Acq. I (LPCVU) | $200M | SPAC | Cantor Fitz. |
| Blank check company targeting blockchain, fintech, and digital assets. | |||
| Tribeca Strategic Acq. (BIDWU) | $175M | SPAC | BTIG |
| Blank check company targeting software, technology, and AI. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/13/2025, the Renaissance IPO Index was up 1.8% year-to-date, while the S&P 500 was up 15.8%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 41.8% year-to-date, while the ACWX was up 31.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
