Two IPOs, one direct listing, and three SPACs came to the market this past week, and one major issuer joined the pipeline.
PayPay (PAYP) priced its IPO below the range to raise $880 million at a $10.8 billion diluted market cap. Backed by SoftBank, PayPay is a Japanese financial technology company that operates a digital payments platform connecting users and merchants. It also offers app-based banking services and investment and brokerage services. Together, these services allow users to make payments, access credit, manage bank accounts, and invest through an integrated mobile platform. PayPay rose 14% on its first day, and after strong trading on day two, finished the week up 32%.
Canada-listed MDA Space (MDA) priced below the as-converted last close of its shares on the Toronto Stock Exchange to raise $300 million at a $3.9 billion market cap. The company develops and provides technologies and services used in space missions, including satellite systems, robotics, and geospatial intelligence solutions. MDA finished down 2%.
Video streaming platform FreeCast (CAST) completed its direct listing on the Nasdaq by offering 19.8 million shares, commanding a fully diluted market value of about $1.6 billion at opening price. The entertainment-based content company that provides SmartGuide digital interactive technology for consumers to organize online media, similar to a traditional on-screen TV guide. Like many recent direct listings, FreeCast delivered volatile trading.
The week’s three blank check IPOs were led by Metals Acquisition II (MTAL.U), which raised $200 million to target metals and mining.
| 6 IPOs During the Week of March 9th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/13 |
| PayPay (PAYP) | $880M | $10,799M | -14% | +14% | +32% |
| Japan-based mobile payment app and digital wallet. | |||||
| Metals Acquisition II (MTAL.U) | $200M | $267M | 0% | +1% | +1% |
| Blank-check company targeting metals and mining. | |||||
| SUMA Acquisition (SUMAU) | $150M | $204M | 0% | +0% | +0% |
| Blank check company targeting technology in North America. | |||||
| Pono Capital Four (PONOU) | $120M | $181M | 0% | +0% | +0% |
| Blank check company targeting disruptive technology. | |||||
| MDA Space (MDA) | $300M | $3,865M | 0% | +1% | -2% |
| Canadian provider of satellite systems, space robotics, and geospatial intelligence. | |||||
| FreeCast (CAST) | $0M | $389M | 0% | +14% | -40% |
| Integrated platform for video streaming services. | |||||
Three IPOs submitted initial filings this week, led by indoor air systems provider Madison Air Solutions (MAIR), which we estimate could raise up to $2 billion. They were joined by a direct listing, Israeli developer of microturbine-based CHP energy systems TurboGen (TRBG).
Four SPACs also submitted initial filings. Voyager Acquisition II (VAIIU) plans to raise $220 million, targeting technology, fintech, and healthcare. BEST SPAC II Acquisition (BSABU) plans to raise $100 million, targeting the consumer goods sector. West Enclave Merger (WENC.U) plans to raise $100 million, targeting Mexico and Latin America-focused businesses. JATT II Acquisition (JATT.RC) plans to raise $60 million, targeting biotechs and life sciences businesses.
| 7 Filings During the Week of March 9th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| JATT II Acquisition (JATT.RC) | $60M | SPAC | Guggenheim |
| Blank check company targeting biotechs and life sciences businesses. | |||
| Voyager Acquisition II (VAIIU) | $220M | SPAC | Cantor Fitz. |
| Blank check company targeting technology, fintech, and healthcare. | |||
| TurboGen (TRBG) | $0M | Industrials | |
| Israeli developer of microturbine-based CHP energy systems. | |||
| BEST SPAC II Acquisition (BSABU) | $100M | SPAC | Maxim |
| Blank check company targeting the consumer goods sector. | |||
| Yesil Global Enerji (PWRU) | $86M | Utilities | D. Boral Capital |
| Operates renewable waste-to-energy power plants in Turkey. | |||
| Madison Air (MAIR) | $2,000M | Industrials | Goldman |
| Owns a portfolio of brands that make residential and commercial airflow products. | |||
| West Enclave Merger (WENC.U) | $100M | SPAC | EarlyBird |
| Blank check company targeting Mexico and Latin America-focused businesses. | |||
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 6.9% year-to-date, while the S&P 500 was down 2.3%. 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 11.0% year-to-date, while the ACWX was up 3.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and JX Advanced Metals.
