Two sizable IPOs priced this week, joined by seven SPACs. Ten IPOs and eight SPACs submitted initial filings.
Medical supplies giant Medline (MDLN) priced its upsized IPO above the midpoint to raise $6.3 billion at a $38.7 billion market cap. The company is a major distributor and manufacturer of medical-surgical products, supplying roughly 335,000 items across two segments: Medline Brand and Supply Chain solution. The company boasts a high retention rate, and multiyear prime vendor contracts, although recent tariffs have added to margin pressures, and it faces competition from other large providers. At pricing, the deal is the largest IPO since Rivian (RIVN) raised $11.9 billion in its 2021 listing. Medline finished the week up 44%.
Tax advisory firm Andersen Group (ANDG) priced at the midpoint to raise $176 million at a $1.9 million market cap. The company provides tax, valuation, and financial advisory services in the US to family offices, businesses, and institutional clients, performing services for over 11,900 client groups as of September 30, 2025. Andersen finished the week up 53%.
Seven SPACs also priced this week. Michael Klein’s Churchill Capital (CCXIU) raised $360 million. Crane Harbor Acquisition II (CRANU) raised $300 million to target technology, real assets, and energy. Iron Horse Acquisition (IRHOU) raised $200 to target media and entertainment. US-focused American Drive Acquisition (ADACU) raised $200 million to target defense, logistics, technology, and AI. Launchpad Cadenza Acquisition (LPCVU) raised $200 million to target fintech. Vine Hill Capital Investment II (VHPCU) raised $200 million to target industrials and tech. France-based TGE Value Creative Solutions (BEBEU) raised $150 million to target media, entertainment, high fashion, lifestyle, culture, and gaming industries.
| 9 IPOs During the Week of December 15th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 12/19 |
| Andersen Group (ANDG) | $176M | $1,858M | 7% | +47% | +53% |
| Tax, valuation, and advisory firm founded by former Arthur Andersen partners. | |||||
| Medline (MDLN) | $6,265M | $38,662M | 4% | +41% | +44% |
| Leading medical supplies manufacturer and distributor. | |||||
| Churchill Capital XI (CCXIU) | $360M | $486M | 0% | +2% | +2% |
| Blank check company founded by dealmaker and former Citi executive Michael Klein. | |||||
| Crane Harbor Acq. II (CRANU) | $300M | $410M | 0% | +1% | +1% |
| Blank check company targeting technology, real assets, and energy. | |||||
| Vine Hill Capital II (VHCPU) | $200M | $267M | 0% | +0% | +0% |
| Blank check company targeting industrials, transportation, and technology. | |||||
| TGE Value Creative Sol. (BEBEU) | $150M | $200M | 0% | n/a | +0% |
| Blank check company targeting media, entertainment, high fashion, lifestyle, culture, and gaming industries. | |||||
| Launchpad Cadenza Acq. I (LPCVU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company targeting blockchain, fintech, and digital assets. | |||||
| American Drive Acq. (ADACU) | $200M | $250M | 0% | +0% | -1% |
| Blank check company targeting the defense, logistics, technology, and AI sectors. | |||||
| Iron Horse Acq. II (IRHOU) | $200M | $256M | 0% | +0% | -1% |
| Blank check company targeting media and entertainment. | |||||
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Ten IPOs submitted initial filings. Leading the pack, a subsidiary of ARKO Parent, fuel distributor ARKO Petroleum (APC) filed to raise $100 million. Phase 1 solid tumor biotech Aktis Oncology (AKTS) filed to raise $100 million. Medtronic diabetes business carve-out MiniMed Group (MMED) filed to raise $100 million.
Eight SPACs also submitted initial filings. M Evo Global Acquisition (MEVOU) filed to raise $225 million to target US critical minerals. Technology-focused Cambridge Acquisition (CAQU) filed to raise $200 million. Formed by Proem Asset Management, Proem Acquisition I (PAACU) filed to raise $130 million to target global tech. Formed by Brookline Capital Markets, Brookline Capital Acquisition (BCACU) filed to raise $100 million. Maywood Acquisition 2 (MYXXU) filed to raise $100 million to target sectors with unmet demand. Led by a climate tech financial advisory executive, Pine Tree Acquisition (PAXGU) filed to raise $100 million. Led by Chinese executives, Spectre Acquisition (SPEXU) filed to raise $60 million. Also led by Chinese executives, One Universe Acquisition (ONEU) filed to raise $60 million.
| 18 Filings During the Week of December 15th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Aktis Oncology (AKTS) | $100M | Health Care | JP Morgan |
| Phase 1 biotech developing targeted radiopharmaceuticals to treat solid tumors. | |||
| ARKO Petroleum (APC) | $100M | Energy | UBS |
| Distributes fuel to gas stations, sub-wholesalers and other purchasers. | |||
| Brookline Capital II (BCACU) | $100M | SPAC | Brookline Cap. Mkts. |
| Blank check company formed by Brookline Capital Markets targeting healthcare and defense. | |||
| EUPEC International Group (EUPX) | $5M | Energy | R. F. Lafferty |
| France-based provider of coating solutions for onshore and offshore steel pipelines. | |||
| GreenVector Holdings (GRVT) | $10M | Materials | Craft Capital |
| Hong Kong developer of recycled construction materials. | |||
| Maywood Acquisition 2 (MYXXU) | $100M | SPAC | D. Boral Capital |
| Blank check company targeting areas with large unmet demand. | |||
| MiniMed (MMED) | $100M | Health Care | Goldman |
| Carve-out of Medtronic's diabetes management devices and technology business. | |||
| Neo Aeronautics (NEOA) | $11M | Industrials | Revere Sec. |
| Pre-revenue Singaporean developer of eVTOL and conventional aircraft. | |||
| Pine Tree Acquisition (PAXGU) | $100M | SPAC | Maxim |
| Blank check company led by a climate tech financial advisory executive. | |||
| TY AM Group (TYAM.RC) | $8M | Real Estate | D. Boral Capital |
| Provides marketing and sales services for residential properties in Japan. | |||
| HAMA Intelligence (HAMA) | $7M | Industrials | Pacific Century |
| Singaporean accounting and business consulting firm. | |||
| Proem Acquisition I (PAACU) | $130M | SPAC | Clear Street |
| Blank check company led by Proem Asset Management executives targeting global tech. | |||
| Spectre Acquisition (SPEXU) | $60M | SPAC | Arc Group Securities |
| Blank check company led by Chinese executives. | |||
| One Universe Acquisition (ONEU) | $60M | SPAC | ATIS |
| Blank check company formed by Chinese executives. | |||
| Cambridge Acquisition (CAQU) | $200M | SPAC | BTIG |
| Blank check company targeting the technology sector. | |||
| Cardiff Lexington (CDIX) | $7M | Health Care | R. F. Lafferty |
| Holding company focused on acquiring business primarily in the healthcare sector. | |||
| Invea Therapeutics (INAI) | $35M | Health Care | ThinkEquity |
| Clinical-stage biotech developing oral small molecules for inflammatory diseases. | |||
| M Evo Global II (MEVOU) | $225M | SPAC | Cohen & Company |
| Blank check company targeting the critical minerals sector in the US. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/18/2025, the Renaissance IPO Index was up 5.3% year-to-date, while the S&P 500 was up 16.6%. 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 36.0% 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.
