One IPO priced this past week, joined by one SPAC, and one major deal joined the pipeline.
The biggest news of the week came from the backlog, though: Elon Musk’s SpaceX has reportedly submitted a confidential filing ahead of its mammoth IPO. Reports from the prior week indicated that the offering could raise $75 billion.
HMH Holding (HMH) priced slightly below the midpoint to raise $210 million at an $880 million market cap. HMH provides equipment and services for the oil and gas industry, with a focus on offshore operations. The company has a presence in 16 countries and sales in over 60 countries, and emphasizes a more asset-light business model compared to its peers. The energy industry is cyclical, though, and HMH partly depends on new builds and equipment wear and tear. Despite launching alongside surging energy prices, HMH broke issue on its first day; it finished the week down 6%.
| 2 IPOs During the Week of March 30th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/03 |
| KPET Ultra Paceline (KPET.U) | $200M | $252M | 0% | +0% | +0% |
| Blank check company led by former TPG Pace Group executives. | |||||
| HMH Holding (HMH) | $210M | $880M | -2% | -4% | -6% |
| Provider of drilling equipment and services. | |||||
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One major issuer joined the pipeline this past week. The Elmet Group (ELMT), which makes specialized products for the aerospace, defense, and other industries, filed to raise $115 million.
| 2 Filings During the Week of March 30th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Churchill Capital XII (CXIIU) | $300M | SPAC | Citi |
| Blank check company founded by dealmaker and former Citi executive Michael Klein. | |||
| The Elmet Group (ELMT) | $115M | Industrials | Cantor Fitz. |
| Makes critical materials and high-power microwave products for aerospace and defense. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/1/2026, the Renaissance IPO Index was down 7.8% year-to-date, while the S&P 500 was down 3.6%. 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 3.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.
