While there were no traditional IPOs this past week, three blank check companies priced, and several sizable deals joined the pipeline.
The week’s three blank check IPOs were led by Inflection Point Acquisition VI (IPFXU), which raised $220 million to target technology-enabled businesses.
| 3 IPOs During the Week of March 23rd, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/27 |
| Inflection Point Acq. VI (IPFXU) | $220M | $293M | 0% | +1% | +1% |
| Blank check company led by Michael Blitzer targeting technology-enabled businesses. | |||||
| Future Money Acq. (FMACU) | $100M | $141M | 0% | +0% | +0% |
| Blank check company targeting AI, Web3, and intelligent manufacturing. | |||||
| QDRO Acquisition (QADRU) | $200M | $250M | 0% | -1% | -1% |
| Blank check company targeting the financial services sector. | |||||
Six IPOs submitted initial filings this week, led by aerospace and defense electronics and components manufacturer Arxis (ARXS), which we estimate could raise up to $400 million, followed by convenience store chain Yesway (YSWY), which we estimate could raise up to $300 million.
Three SPACs also submitted initial filings. Collective Acquisition II (CAIIU) plans to raise $220 million, targeting finance, defense technology, and AI. Oceanhawk Acquisition (OHACU) plans to raise $200 million, backed by investment firm OceanHawk. Research Alliance III (RACC) plans to raise $50 million, formed by RA Capital.
| 9 Filings During the Week of March 23rd, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Alamar Biosciences (ALMR) | $100M | Health Care | JP Morgan |
| Provides a protein biomarker detection platform for disease detection research. | |||
| Collective Acquisition II (CAIIU) | $220M | SPAC | Clear Street |
| Blank check company targeting finance, defense technology, and AI. | |||
| Kailera Therapeutics (KLRA) | $100M | Health Care | JP Morgan |
| Phase 3 biotech developing injectable and oral GLP-1s for obesity. | |||
| Yesway (YSWY) | $300M | Consumer Staples | Morgan Stanley |
| Convenience store chain with over 400 locations throughout seven states. | |||
| AsiaPac AdTechinno Group (APAT) | $25M | Technology | Maxim |
| Hong Kong-based adtech platform provider. | |||
| Arxis (ARXS) | $400M | Industrials | Goldman |
| Aerospace and defense electronics and components manufacturer. | |||
| Research Alliance III (RACC) | $50M | SPAC | Leerink Partners |
| Blank check company formed by RA Capital targeting drug development and healthtech. | |||
| Aevex (AVEX) | $200M | Industrials | Goldman |
| Provides military unmanned aircraft systems and services. | |||
| Oceanhawk Acquisition (OHACU) | $200M | SPAC | Benchmark |
| Blank check company backed by investment firm OceanHawk. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/26/2026, the Renaissance IPO Index was down 7.9% year-to-date, while the S&P 500 was down 5.1%. 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 6.9% year-to-date, while the ACWX was up 0.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and JX Advanced Metals.
