Seven IPOs and six SPACs priced this week. Five IPOs and five SPACs submitted filings.
Hair loss biotech Veradermics (MANE), priced its upsized IPO above the range to raise $256 million at a $612 million market cap. The dermatologist-founded, late clinical-stage biopharmaceutical company is developing an oral, non-hormonal extended-release formulation of minoxidil for male and female pattern hair loss. Veradermics has fully enrolled its Phase 2/3 trial in men and has initiated two additional Phase 3 registration-directed trials in male and female patients to support an NDA, targeting a large, underserved population. Veradermics finished the week up 126%.
Electrical equipment maker Forgent Power Solutions (FPS) priced its IPO at the midpoint to raise $1.5 billion at an $8.2 billion market cap. At pricing, Forgent is coming public at 24x 2026 EBITDA, two turns above the median of a peer group of primarily larger, more well-established electrical distribution equipment providers. The designer and manufacturer of electrical distribution equipment serves data centers, power grids, and industrial facilities with a broad suite of products, including transformers and switchgear. Forgent finished the week up 25%.
Furniture retailer Bob’s Discount Furniture (BOBS) priced its IPO at the low end of the range to raise $331 million at a $2.3 billion market cap. Bob's is coming to market at roughly 8x 2027 EBITDA, a discount to the multiples of Arhaus (11x) and RH (10x) as well as a broader group of furniture and home goods retailers. Bob’s finished the week down 3%.
Jennifer Garner’s baby food brand Once Upon a Farm (OFRM) priced its IPO at the midpoint to raise $198 million at an $811 million market cap. While the company offers well-above average growth, it is amongst the smallest of its peers and remains unprofitable, unlike nearly all of its peers, though its margins are improving rapidly. Once Upon a Farm finished out the week up 17%.
Chronic eye condition biotech SpyGlass Pharma (SGP) priced its IPO at the midpoint to raise $150 million at a $549 million market cap. SpyGlass is a late-stage biopharmaceutical company focused on chronic eye conditions by developing durable drug delivery solutions that provide long-term disease control and vision preservation. It finished the week up 65%.
Belgian fibrotic disease biotech AgomAb Therapeutics (AGMB) priced its US IPO at the midpoint to raise $200 million at an $875 million market cap. AgomAb is advancing novel organ-restricted ALK5 inhibitors, targeting a well-established pathway for fibrosis while avoiding systemic toxicities. Both Crohn’s disease and IPF therapies are multi-billion-dollar markets, despite the limited efficacy of existing drugs, underscoring the blockbuster potential of AgomAb’s pipeline. AgomAb finished the week down 8%.
Eikon Therapeutics (EIKN) priced its upsized IPO at the top of the range to raise $381 million at a $1.0 billion market cap. Led by former Merck execs, Eikon raised over $1.1 billion as a private company, most recently raising $351 million in February 2025 at an as-converted price of $43.55 per share. According to media reports, Merck intended to invest $30 million on the IPO. It is important to note that the biotech has a high cash burn rate, and its original discovery platform, built around super-resolution microscopy, is relatively unproven. Eikon's appeal to investors primarily rests on CEO Roger Perlmutter and his team's earlier successes at Merck. Eikon finished the week down 20%.
Six SPACs also priced this week. Hennessy Capital VIII (HCICU) raised $210 million in an upsized IPO to target industrial innovation and energy. Cantor Equity Partners VI (CEPS), the fifteenth blank check company formed by Cantor Fitzgerald, raised $100 million. Colombier Acquisition III (CLBR.U), led by Omeed Malik and 1789 Capital Executives, raised $260 million. SPACSphere Acquisition (SSACU), led by veterans Bala Padmakumar and Soumen Das, raised $150 million. Iris Acquisition II (IRABU), led by executives from Arrow Capital, raised $150 million. Cambridge Acquisition (CAQUU) raised $200 million to target the tech sector.
| 13 IPOs During the Week of February 2nd, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/06 |
| Veradermics (MANE) | $256M | $612M | 13% | +122% | +126% |
| Phase 3-ready biotech developing treatments for hair loss. | |||||
| SpyGlass Pharma (SGP) | $150M | $549M | 0% | +65% | +65% |
| Phase 3 biotech developing implanted drug-devices for chronic eye conditions. | |||||
| Forgent Power Solutions (FPS) | $1,512M | $8,220M | 0% | +7% | +25% |
| Manufactures electrical distribution equipment for data centers and industrial facilities. | |||||
| Once Upon a Farm (OFRM) | $198M | $811M | 0% | +17% | +17% |
| Produces organic baby food. | |||||
| Cantor Equity Partners VI (CEPS) | $100M | $128M | 0% | +2% | +2% |
| Fifteenth blank check company formed by Cantor Fitzgerald. | |||||
| Colombier Acquisition III (CLBR.U) | $260M | $348M | 0% | +1% | +1% |
| Third blank check company led by Omeed Malik and 1789 Capital executives. | |||||
| Hennessy Capital VIII (HCICU) | $210M | $310M | 0% | +0% | +0% |
| Blank check company formed by Hennessy Capital targeting industrial innovation and energy. | |||||
| SPACSphere Acquisition (SSACU) | $150M | $210M | 0% | +0% | +0% |
| Blank check company led by SPAC veteran Bala Padmakumar targeting digital assets, healthcare, and tech. | |||||
| Iris Acquisition II (IRABU) | $150M | $204M | 0% | n/a | +0% |
| Blank check company led by executives from Arrow Capital targeting small to mid-market businesses. | |||||
| Cambridge Acquisition (CAQUU) | $200M | $271M | 0% | -1% | -1% |
| Blank check company targeting the technology sector. | |||||
| Bob's Discount Furniture (BOBS) | $331M | $2,302M | -6% | +0% | -3% |
| Budget retailer of furniture and bedding. | |||||
| AgomAb Therapeutics (AGMB) | $200M | $875M | 0% | -8% | -8% |
| Belgian Phase 2 biotech developing novel therapies for chronic fibrotic disorders. | |||||
| Eikon Therapeutics (EIKN) | $381M | $1,020M | 6% | -17% | -19% |
| Phase 2 biotech developing in-licensed therapies for immuno-responsive cancers. | |||||
Five IPOs submitted initial filings. Generate Biomedicines (GENB), a Phase 3 biotech using an AI drug discovery platform to develop severe asthma therapies, filed to raise $100 million. Salspera (TKVA), a clinical-stage cancer biotech developing live biopharmaceuticals that stimulate an immune response, filed to raise an estimated $50 million. Feline Culture Holdings (FCH.RC), a digital marketing firm creating AI-powered brand campaigns, filed to raise $18 million. Gravity AI (GTAI.RC), an APAC-focused digital supply chain platform provider, files to raise $17 million. Bao Holding (BAO), a Hong Kong-based provider of software development services, refiled to raise $17 million after previously withdrawing its F-1 in December 2025.
Five SPACs also submitted initial filings. MOZAYYX Acquisition (MZYX.U) filed to raise $250 million, targeting tech, fintech, and high growth areas. Kensington Capital VI (KCAC.U) filed to raise $200 million, targeting the auto industry. Metals Acquisition II (MTAL.U) also filed to raise $200 million, targeting mining. Pono Capital Four (PONOU) filed to raise $150 million, targeting disruptive technology. Apeiron Acquisition I (APNU) filed to raise $70 million, targeting international operations.
| 10 Filings During the Week of February 2nd, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| BAO Holding (BAO) | $17M | Technology | Pacific Century |
| Hong Kong-based provider of software development services. | |||
| Feline Culture Holdings (FCH.RC) | $18M | Communication Services | Kingswood |
| Hong Kong-based digital marketing firm creating AI-powered brand campaigns. | |||
| Gravity AI (GTAI.RC) | $17M | Technology | Dominari Sec. |
| APAC-focused digital supply chain platform provider. | |||
| Kensington Capital VI (KCAC.U) | $200M | SPAC | Cohen & Company |
| Blank check company led by the founder of Kensington Capital targeting the auto industry. | |||
| Apeiron Acquisition I (APNU) | $70M | SPAC | Berenberg |
| Blank check company backed by Apeiron Investment Group targeting cross-border and international operations. | |||
| Generate Biomedicines (GENB) | $100M | Health Care | Goldman |
| Phase 3 biotech using an AI drug discovery platform to develop severe asthma therapies. | |||
| Metals Acquisition II (MTAL.U) | $200M | SPAC | Cohen & Company |
| Blank-check company targeting metals and mining. | |||
| MOZAYYX Acquisition (MZYX.U) | $250M | SPAC | Cantor Fitz. |
| Blank check company targeting AI, digital assets, fintech, and other high-growth areas. | |||
| Pono Capital Four (PONOU) | $150M | SPAC | D. Boral Capital |
| Blank check company targeting disruptive technology. | |||
| Salspera (TKVA) | $50M | Health Care | Kingswood |
| Clinical-stage cancer biotech developing live biopharmaceuticals to stimulate an immune response. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/5/2026, the Renaissance IPO Index was down 8.7% year-to-date, while the S&P 500 was down 0.6%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include CoreWeave (CRWV) and Kenvue (KVUE). The Renaissance International IPO Index was up 10.7% year-to-date, while the ACWX was up 5.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and Galderma.
