Seven IPOs and two SPACs submitted filings this week. There were no pricings this week.
All seven IPO filings came from microcap issuers, including two pursuing direct listings: VR-integrated treadmill maker Virtuix Holdings (VTIX) and cloud computing services provider QumulusAI (QMLS)
Two SPACs also submitted initial filings: Abony Acquisition I (AACOU) and Illumination Acquisition I (ILLUU.RC) each filed to raise $200 million apiece.
| 9 Filings During the Week of December 29th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| BW Industrial Holdings (BWGC) | $21M | Industrials | Eddid Securities |
| Provides facility construction services for energy, electronics, and other industries. | |||
| QumulusAI (QMLS) | $0M | Technology | |
| Provides cloud computing services through owned and colocated data centers. | |||
| I Bella Perfect (IBL) | $9M | Health Care | Cathay Securities |
| Operates three aesthetic medical clinics in Malaysia. | |||
| Optimal AI (OPAI.RC) | $11M | Technology | R. F. Lafferty |
| Singaporean provider of modeling and simulation software for enterprises. | |||
| Virtuix Holdings (VTIX) | $0M | Technology | |
| Develops treadmills for VR/AR gaming and fitness purposes. | |||
| Abony Acquisition I (AACOU) | $200M | SPAC | BTIG |
| Blank check company targeting defense, advanced computing, software, and media. | |||
| Cafe Deco Group (CFDE.RC) | $13M | Consumer Discretionary | Kingswood |
| Operates restaurants and bakeries in Hong Kong and Australia. | |||
| Illumination Acq. I (ILLUU.RC) | $200M | SPAC | BTIG |
| Blank check company formed by Lucid Capital Markets executives. | |||
| Riverstone (DNJF) | $15M | Consumer Discretionary | Joseph Gunnar |
| Hong Kong-based designer and producer of apparel for third-parties and under its own brand. | |||
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This week, we updated our 2025 US IPO Market Review.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/31/2025, the Renaissance IPO Index was up 5.4% year-to-date, while the S&P 500 was up 17.9%. 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 39.1% year-to-date, while the ACWX was up 33.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.
