The March IPO market started off with a quiet week. MiniMed Group (MMED) completed the week’s sole IPO, joined by two SPACs, and just one small issuer joined the pipeline.
Medtronic carve-out MiniMed priced below the range to raise $560 million at a $5.6 billion market cap. The company focuses on integrated diabetes management, including insulin delivery devices, continuous glucose monitors (CGMs), infusion sets, reservoirs, pen systems, and related software and services. MiniMed has delivered solid growth, and has a significant share of both the pump and CGM markets, though it has lost some ground to competitors. MiniMed finished down 8%.
While not included below, trading platform Robinhood’s closed-end fund Robinhood Ventures Fund I (RVI) completed its listing after raising $315 million in a pared-down offering. The fund holds investments in a portfolio of private growth companies. RVI finished down 16%.
| 3 IPOs During the Week of March 2nd, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/06 |
| Kensington Capital VI (KCAC.U) | $200M | $286M | 0% | +0% | +0% |
| Blank check company led by the founder of Kensington Capital targeting the auto industry. | |||||
| GalaxyEdge Acquisition (GLEDU) | $100M | $139M | 0% | +0% | +0% |
| Blank check company backed by a Chinese sponsor targeting long-term growth. | |||||
| MiniMed (MMED) | $560M | $5,616M | -25% | -8% | -8% |
| Carve-out of Medtronic's diabetes management devices and technology business. | |||||
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| 7 Filings During the Week of March 2nd, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| ACP Holdings Acquisition (ACGCU) | $200M | SPAC | Roth Cap. |
| Blank check company backed by Atlas Credit Partners. | |||
| Apogee Acquisition (AACPU) | $250M | SPAC | Arc Group Securities |
| Blank check company targeting advanced technologies. | |||
| Micware (MWC) | $30M | Technology | A.G.P. |
| Japan-based developer of automotive infotainment and navigation software. | |||
| Patriot Acquisition (PTACU) | $200M | SPAC | KBW |
| Blank check company targeting financial services, fintech, and community banking. | |||
| Hyperides Holdings (HYRD) | $15M | Technology | Maxim |
| Hong Kong-based provider of IT infrastructure, cloud, and cybersecurity services. | |||
| KPET Ultra Paceline (KPET.U) | $200M | SPAC | Deutsche Bank |
| Blank check company led by former TPG Pace Group executives. | |||
| Mercator Acquisition (MRCOU) | $250M | SPAC | Clear Street |
| Fifth blank check company formed by Hondius Capital Management. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/5/2026, the Renaissance IPO Index was down 5.2% year-to-date, while the S&P 500 was about flat. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and CoreWeave (CRWV). The Renaissance International IPO Index was up 10.8% year-to-date, while the ACWX was up 4.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and JX Advanced Metals.
