Two blank check companies debuted this week, while two IPOs and three SPACs submitted initial filings. Also on the SPAC side, Soulpower Acquisition (SOUL) announced it would merge with SWB Holdings at a proposed $8.1 billion valuation, one of the largest contemplated combinations announced this year.
Two SPACs priced this week: Invest Green Acquisition (IGACU) raised $150 million to target renewable energy, while Nukkleus-backed SC II Acquisition (SCIIU) also raised $150 million.
| 2 IPOs During the Week of November 24th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 11/28 |
| SC II Acquisition (SCIIU) | $150M | $217M | 0% | +0% | +0% |
| Blank check company formed by Nukkleus and led by the company's CEO. | |||||
| Invest Green Acquisition (IGACU) | $150M | $208M | 0% | +0% | +0% |
| Blank check company targeting renewable energy, sustainable finance, and nuclear energy. | |||||
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Oncology biotech Edison Oncology Holding (EOHC) filed to raise $25 million at a $75 million market cap. IoT hardware and software provider Direct Communications Solutions (DCSX) filed to raise $15 million.
Three SPACs submitted initial filings this week. Mountain Lake Acquisition II (MLAAU), the second blank check company led by the Chairman of Axos Financial, filed to raise $261 million. Vine Hill Capital II (VHCPU) filed to raise $175 million to target industrials, transportation, and technology. Social Commerce Partners (SCPQU) filed to raise $100 million to target the direct selling industry.
| 5 Filings During the Week of November 24th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| DCS (DCSX) | $15M | Technology | Revere Sec. |
| Provides IoT hardware, software, and connectivity solutions. | |||
| Edison Oncology (EOHC) | $25M | Health Care | Konik Capital Partners |
| Phase 2 biotech developing targeted small-molecule oncology therapies. | |||
| Mountain Lake Acq. II (MLAAU) | $261M | SPAC | BTIG |
| Second blank check company led by the Chairman of Axos Financial. | |||
| Vine Hill Capital II (VHCPU) | $175M | SPAC | Stifel |
| Blank check company targeting industrials, transportation, and technology. | |||
| Social Commerce Partners (SCPQU) | $100M | SPAC | BTIG |
| Blank check company targeting the direct selling industry. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 11/26/2025, the Renaissance IPO Index was up 4.7% year-to-date, while the S&P was up 17.2%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Reddit (RDDT). The Renaissance International IPO Index was up 32.2% 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.
