The US IPO market entered the final stretch of the year with a few small listings, a wave of SPACs, and three notable deal launches on the calendar for the week ahead (CDNL, LMRI, WLTH). AI developer Anthropic, last valued at $183 billion, sent shockwaves when news broke that it hired a law firm to help prep for a possible IPO late next year.
Three micro-cap IPO pricings
Dental services provider Park Dental Partners (PARK) priced its IPO at the midpoint to raise $20 million at an $87 million market cap. The diversified dental services network partners with dentists and others to provide oral surgery, periodontics, pediatric dentistry, prosthodontic, and other services in the Midwest. Park Dental Partners finished the week up 2%.
Singapore-based flooring materials distributor SMJ International Holdings (SMJF) priced its US IPO at $4.00 to raise $10 million at a $110 million market cap. The company sells and distributes carpet tiles, broadloom carpets, vinyl tiles, and other flooring projects in Singapore and 20 other countries including Malaysia, Indonesia, and the Philippines. SMJ ended the week up 10%.
Israeli hydrogel implant developer Regentis Biomaterials (RGNT) also listed in the US this past week, raising $10 million at a $47 million market cap, as well as ginger-based soft drink maker Reed’s (REED), which completed its NYSE American uplisting, raising $10 million at a $46 million market cap; these valuations were too small to be included in our 2025 IPO stats, and are therefore excluded in the table below.
Seven new SPACs raise a combined $1.5 billion
New America Acquisition I (NWAXU) raised $300 million to target US tech, healthcare, and logistics companies; the SPAC is led by Kevin McGurn (T-Mobile, Vevo), and features advisory board members Donald Trump Jr. and Eric Trump. Silverbox Capital’s SilverBox V (SBXE.U) raised $240 million. Bitcoin Infrastructure Acquisition (BIXIU) raised $200 million, targeting digital assets. Maritime-focused General Purpose Acquisition (GPACU) raised $200 million. Activate Energy Acquisition (AEAQU) raised $200 million to target oil and gas. Safeguard Acquisition (SAC.U) raised $200 million to target aerospace and security. Leapfrog Acquisition (LFACU) raised $125 million to target energy and infrastructure outside of the US.
| 9 IPOs During the Week of December 1st, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/05 |
| SMJ International (SMJF) | $10M | $110M | -11% | +13% | +10% |
| Singapore-based flooring materials distributor. | |||||
| Park Dental Partners (PARK) | $20M | $87M | 0% | -21% | +2% |
| Diversified dental services provider with 85 locations in Minnesota and Wisconsin. | |||||
| Safeguard Acquisition (SAC.U) | $200M | $273M | 0% | +1% | +1% |
| Blank check company targeting aerospace, defense, government, and security. | |||||
| SilverBox V (SBXE.U) | $240M | $302M | 0% | +0% | +1% |
| Blank check company formed by SilverBox Capital. | |||||
| Leapfrog Acquisition (LFACU) | $125M | $171M | 0% | +0% | +0% |
| Blank check company targeting energy and infrastructure outside of the US. | |||||
| Activate Energy Acq. (AEAQU) | $200M | $273M | 0% | +0% | +0% |
| Blank check company targeting the oil and gas sector. | |||||
| New America Acquisition I (NWAXU) | $300M | $453M | 0% | n/a | +0% |
| Blank check company targeting US tech, healthcare, and logistics businesses. | |||||
| General Purpose Acq. (GPACU) | $200M | $256M | 0% | +0% | +0% |
| Blank check company targeting maritime businesses and digital infrastructure. | |||||
| Bitcoin Infra. Acq. (BIXIU) | $200M | $274M | 0% | +0% | +0% |
| Blank check company targeting the digital asset industry. | |||||
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Eight SPACs submitted initial filings. Avi Katz’s GigCapital9 (GIXXU) filed to raise $220 million. Art Technology Acquisition filed to raise $220 million, targeting tech and art. Hennessy Capital Investment VIII (HCICU) filed to raise $175 million, targeting industrials. Muzero Acquisition (MUZRU.RC) filed to raise $175 million, targeting technology-enabled businesses. Blue Water Acquisition IV filed to raise $125 million to target healthcare and tech. United Acquisition I (UACU) filed to raise $100 million, led by Globis Capital Advisors’ Paul Packer. Mammon Omicron Acquisition (OMICU.RC) filed to raise $60 million, led by Chinese executives. Also formed by Chinese executives, APEX Tech Acquisition (TRADU) filed to raise $60 million to target US companies.
| 10 Filings During the Week of December 1st, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Art Technology Acquisitio (ARTCU) | $220M | SPAC | Clear Street |
| Blank check company formed by SPAC veteran Daniel Cohen targeting tech, art, and financial services. | |||
| Blue Water Acq. IV (BWIV.U) | $125M | SPAC | BTIG |
| Fourth blank check company led by the founder of Blue Water Venture Partners targeting healthcare and tech. | |||
| APEX Tech Acquisition (TRADU) | $60M | SPAC | A.G.P. |
| Blank check company formed by Chinese manufacturing executives targeting US businesses. | |||
| Hennessy Capital VIII (HCICU) | $175M | SPAC | Barclays |
| Blank check company formed by Hennessy Capital targeting industrial innovation and energy. | |||
| MediaOn Group (MEON) | $20M | Communication Services | Joseph Stone |
| Provides digital marketing and advertising solutions to Hong Kong companies. | |||
| Muzero Acquisition (MUZRU.RC) | $175M | SPAC | BTIG |
| Blank check company targeting technology-enabled businesses. | |||
| ROC (ROC) | $23M | Technology | Benchmark |
| Provides AI-powered facial recognition and biometric verification software. | |||
| United Acquisition I (UACU) | $100M | SPAC | Chardan |
| Blank check company formed by Globis Capital Advisors founder Paul Packer. | |||
| Mammon Omicron Acq. (OMICU.RC) | $60M | SPAC | Chardan |
| Blank check company led by Chinese executives. | |||
| GigCapital9 (GIXXU) | $220M | SPAC | D. Boral Capital |
| Blank check company led by semiconductor veteran Avi Katz. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/4/2025, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 18.0%. 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 36.9% year-to-date, while the ACWX was up 30.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
