Four IPOs and six SPACs debuted this week. Eight IPOs and four SPACs submitted filings.
Digital investing platform Wealthfront (WLTH) priced at the top of the range to raise $485 million at a $2.6 billion market cap. Known as a “robo-advisor,” Wealthfront’s platform offers a suite of financial products that span a broad risk spectrum delivered through web and mobile channels, such as cash management, investment advisory, borrowing and lending, and financial planning. The company targets younger “digital-first” clients, including Millennials and Gen Z. As of July 31 2025, it had over 1.3 million funded clients and $88.2 billion in platform assets. Wealthfront boasts an above-average margin profile due to its low-cost model, although its top-line growth has been slowing. It finished the week up 1%.
Outpatient radiology network Lumexa (LMRI) priced at the midpoint to raise $463 million at a $1.8 billion market cap. The company is a national provider of outpatient diagnostic imaging services, operating 184 centers across 13 states through a mix of wholly owned sites and joint ventures with health systems. The company offers a range of advanced and routing imaging modalities, spanning MRIs, CTs, PET scans, X-rays, ultrasounds, and mammograms. Formed in 2018 by Charlotte Radiology and investor WCAS under the name US Radiology Specialists, Lumexa has made 20 acquisitions, giving it a leading position in a fragmented market, although it is levered at 3.7x pro forma debt/LTM EBITDA. It finished the week flat.
Construction services provider Cardinal Infrastructure (CDNL) priced at the midpoint to raise $242 million at a $769 million market cap. Cardinal provides wet utility installations, like water, sewer, and stormwater systems, as well as grading, paving, and other site development work for residential, commercial, industrial, municipal, and state projects. The company's business strategy is focused on the Southeastern US, and it primarily operates in the greater Charlotte, Raleigh, and Greensboro areas of North Carolina. As of December 31, 2024, Cardinal was in various stages of completion on approximately 100 projects. Its growing backlog was worth approximately $646 million as of September 30, 2025, although its margins have recently contracted slightly. Cardinal finished the week up 41%.
Hong Kong-based merchandise sourcing provider JM Group (JMG) priced its US IPO at the bottom of the range to raise $15 million at a $79 million market cap. JM Group sources and wholesales a wide range of merchandise for retailers, distributors, and brand owners, spanning categories such as sports and outdoors, toys and games, and clothing, among others. It finished the week up 24%.
Six SPACs also priced this week. Meshflow Acquisition (MESHU) raised $300 million to target blockchain infrastructure and the digital asset ecosystem. Karbon Capital Partners (KBONU) raised $300 million to target energy and energy infrastructure. Daedalus Special Acquisition (DSACU) raised $225 million to target consumer-facing AI and technology. ITHAX Acquisition III (ITHAU), formed by Ithaca Capital Partners, raised $200 million. Bluerock Acquisition (BLRKU), led by executives from alternative asset manager Bluerock, raised $150 million. Twelve Seas III (TWLVU) raised $150 million to target oil and gas companies located outside of the US.
| 10 IPOs During the Week of December 8th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/12 |
| Cardinal Infrastructure (CDNL) | $242M | $769M | 0% | +12% | +41% |
| Provides wet utility and other infrastructure services in North Carolina. | |||||
| JM Group (JMG) | $15M | $79M | -11% | +40% | +24% |
| Hong Kong-based merchandise sourcing provider. | |||||
| Wealthfront (WLTH) | $485M | $2,642M | 8% | +1% | +1% |
| Operates an automated investing platform. | |||||
| Karbon Capital Partners (KBONU) | $300M | $383M | 0% | +1% | +1% |
| Blank check company targeting energy and energy infrastructure. | |||||
| Daedalus Special Acq. (DSACU) | $225M | $307M | 0% | +1% | +0% |
| Blank check company based in the UK targeting consumer-facing AI and technology. | |||||
| Lumexa Imaging (LMRI) | $463M | $1,824M | 0% | +0% | +0% |
| Diagnostic imaging provider with 184 outpatient centers across the US. | |||||
| Twelve Seas III (TWLVU) | $150M | $200M | 0% | +0% | +0% |
| Blank check company targeting oil and gas companies located outside the US. | |||||
| Meshflow Acquisition (MESHU) | $300M | $375M | 0% | +0% | +0% |
| Blank check company targeting blockchain infrastructure and the digital asset ecosystem. | |||||
| Bluerock Acquisition (BLRKU) | $150M | $200M | 0% | +0% | +0% |
| Blank check company led by executives from alternative asset manager Bluerock. | |||||
| ITHAX Acquisition III (ITHAU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company formed by Ithaca Capital Partners. | |||||
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Eight IPOs submitted initial filings. EquipmentShare.com (EQPT), which rents and sells construction equipment from its digital platform and physical stores, led the pack, filing to raise an estimated $800 million. Phase 2 oncology drug developer Starton Holdings (STA) filed to raise $40 million at a $262 million market cap. Uranium exploration company Jaguar Uranium (JAGU) filed to raise $30 million. Web3 security software provider CyberScope Web3 Security (CYSC.RC) filed to raise $17 million. Singapore orthopedic care provider LYC Healthcare (LYCH.RC) filed to raise $15 million at a $155 million market cap. Singapore cybersecurity provider Evvolutions LeadTech (EVVO) filed to raise $11 million at a $158 million market cap. Payroll software provider Advasa Holdings (ADBT) filed to raise $10 million. Hong Kong-based medical equipment procurer Brand Meditech (AED) filed to raise $7 million at an $87 million market cap.
Four SPACs also submitted initial filings. Texas Ventures Acquisition IV (TVIVU), backed by Texas Ventures, filed to raise $150 million to target industrial tech. Helix Acquisition III (HLXC), formed by Cormorant Asset Management, filed to raise $125 million to target healthcare. AfterNext Acquisition I (AFNXU) filed to raise $100 million to target fintech in APAC. Future Money Acquisition (FMACU) filed to raise $100 million to target AI, Web3, and intelligent manufacturing.
| 12 Filings During the Week of December 8th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Brand Meditech (AED) | $7M | Health Care | Maxim |
| Hong Kong-based procurer of medical devices and software for distributors. | |||
| Starton (STA) | $40M | Health Care | Revere Sec. |
| Phase 2 developer of controlled release formulations for an approved cancer drug. | |||
| Evvolutions LeadTech (EVVO) | $11M | Technology | Network 1 |
| Singapore-based technology reseller and cybersecurity provider. | |||
| Advasa Holdings (ADBT) | $9M | Technology | Spartan Capital |
| Provides earned wage access software to employers in Japan. | |||
| EquipmentShare.com (EQPT) | $800M | Industrials | Goldman |
| Rents and sells construction equipment from its digital platform and over 300 stores. | |||
| Texas Ventures Acq. IV (TVIVU) | $150M | SPAC | Cohen & Company |
| Blank check company backed by Texas Ventures targeting industrial tech. | |||
| AfterNext Acquisition I (AFNXU) | $100M | SPAC | EarlyBird |
| Blank check company formed by AfterNext Capital Management targeting fintech in APAC. | |||
| CyberScope Web3 Security (CYSC.RC) | $17M | Technology | Maxim |
| Provides Web3 cybersecurity and compliance solutions for digital asset platforms. | |||
| Future Money Acq. (FMACU) | $100M | SPAC | D. Boral Capital |
| Blank check company targeting AI, Web3, and intelligent manufacturing. | |||
| Helix Acquisition III (HLXC) | $125M | SPAC | Leerink Partners |
| Blank check company formed by Cormorant Asset Management targeting healthcare. | |||
| Jaguar Uranium (JAGU) | $30M | Materials | Titan Partners |
| Developer of nuclear fuel uranium exploration projects in Colombia and Argentina. | |||
| LYC Healthcare (LYCH.RC) | $15M | Health Care | AC Sunshine Sec. |
| Operates healthcare clinics and orthopedic surgery centers in Singapore. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/11/2025, the Renaissance IPO Index was up 11.7% year-to-date, while the S&P 500 was up 18.8%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Reddit (RDDT) and Kenvue (KVUE). The Renaissance International IPO Index was up 37.1% 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.
