One IPO priced this past week, joined by two SPACs, and twelve deals joined the pipeline.
Canadian royalty acquirer The Metals Royalty Co. (TMCR) completed its direct listing on the Nasdaq and opened for trading at $15, where it commanded a market cap of about $877 million. The Metals Royalty Co. is engaged in the acquisition and management of critical metals and mineral royalties, streams, and other similar interests. The company's core and only asset is the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, which is a polymetallic nodule project being developed by The Metals Company in the Clarion-Clipperton Zone of the north-east Pacific Ocean that is not currently permitted for commercial production. From its opening trade, The Metals Royalty Co. finished the up 2%.
The week’s two blank check IPOs were led by ACP Holdings Acquisition (ACGCU), which raised $200 million.
| 3 IPOs During the Week of April 6th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/10 |
| The Metals Royalty Co. (TMCR) | $0M | $292M | 0% | +180% | +207% |
| Canadian critical metals and mineral royalty acquirer with one asset in the Pacific Ocean. | |||||
| Apogee Acquisition (AACPU) | $150M | $205M | 0% | +0% | +0% |
| Blank check company targeting advanced technologies. | |||||
| ACP Holdings Acquisition (ACGCU) | $200M | $272M | 0% | -1% | -1% |
| Blank check company backed by Atlas Credit Partners. | |||||
Twelve IPOs submitted initial filings this week, led by live event production and venue services provider Encore (ECR), which we estimate could raise up to $500 million, followed by Healthcare REIT National Healthcare Properties (NHP), which we estimate could raise up to $200 million. Other notable filings came from defense play HawkEye 360 (HAWK), Blackstone’s data center REIT (BXDC), beverage brand Suja (SUJA), and a handful of biotechs (AVLN, COAG, SPTX).
Four SPACs also submitted initial filings, led by RRE Ventures Acquisition (RREVU), which plans to raise $250 million.
| 16 Filings During the Week of April 6th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Alpex Acquisition (ALPXU.RC) | $100M | SPAC | D. Boral Capital |
| Blank check company led by Chinese executives targeting next-gen technologies. | |||
| BX Digital Infrastructure (BXDC) | $100M | Real Estate | Goldman |
| Newly-formed REIT by Blackstone targeting data centers leased to hyperscalers. | |||
| C2 Capital Group (CCLV) | $17M | Technology | Dominari Sec. |
| Operates a livestreaming platform with built-in gifting tools. | |||
| Capstone 72 (CAPI) | $15M | Real Estate | Arc Group Securities |
| Renovates and sells single-family homes in Ohio and Washington. | |||
| Encore (ECR) | $500M | Industrials | BofA |
| Provides audiovisual and other production and venue services for B2B live events. | |||
| HawkEye 360 (HAWK) | $100M | Industrials | Goldman |
| Provides space-based radio signals intelligence for defense applications. | |||
| Hemab Therapeutics (COAG) | $100M | Health Care | Goldman |
| Phase 3-ready biotech developing blood coagulation disorder treatments. | |||
| Irenic Acquisition (IACQU) | $220M | SPAC | Jefferies |
| Blank check company formed by Irenic Capital Management targeting aerospace and defense. | |||
| Seaport Therapeutics (SPTX) | $100M | Health Care | Goldman |
| Phase 2 biotech developing therapies for neuropsychiatric indications. | |||
| Suja Life (SUJA) | $100M | Consumer Staples | Goldman |
| Producer of branded cold-pressed juices and other soft drinks. | |||
| AMASS Brands (AMSS) | $0M | Consumer Staples | |
| Manages a portfolio of alcoholic and zero-proof beverage brands. | |||
| Avalyn Pharma (AVLN) | $100M | Health Care | Morgan Stanley |
| Phase 2 biotech developing inhaled medicines for rare respiratory diseases. | |||
| RRE Ventures Acquisition (RREVU) | $250M | SPAC | Cohen & Company |
| Blank check company affiliated with RRE Ventures targeting transformative sectors. | |||
| Mountain Crest Acq. 6 (MCAHU) | $60M | SPAC | D. Boral Capital |
| Sixth blank check company formed by Suying Liu targeting businesses in North America and Asia Pacific. | |||
| National Healthcare Prop. (NHP) | $200M | Real Estate | Wells Fargo |
| Healthcare REIT focused on outpatient medical and senior housing properties. | |||
| VIDA Global (VIDA) | $16M | Technology | Benchmark |
| Developing an AI agent operating system for enterprise workflow automation. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/9/2026, the Renaissance IPO Index was down 4.5% year-to-date, while the S&P 500 traded 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 17.1% year-to-date, while the ACWX was up 6.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.
