One sizable US IPO is currently scheduled for the week ahead, along with a notable closed-end fund. In a typical year, companies would have just one more week to launch their offerings before the IPO market breaks for the summer.
China-based Londian Wason New Energy Tech (FOIL) aims to raise $75 million at a market cap of $1.6 billion ($3.1 billion enterprise value) by offering 3.6 million ADSs at a range of $20 to $22. Londian Wason calls itself the world’s largest supplier of copper foil for lithium-ion batteries in terms of sales volumes in 2025, and is a major supplier of PCB-grade copper foil. Its products are found in electric vehicles, energy storage systems, and a variety of downstream applications such as consumer electronics. Investors led by China’s Harvest Fund Management have together indicated on $87 million worth of ADSs, or about 115% of the offering at the midpoint.
We do not count closed-end funds in our IPO stats, but Robinhood’s second private tech fund, Robinhood Ventures Fund II (RVII), is a notable listing nonetheless. The fund plans to raise $200 million in a deal led by Goldman. While its earlier closed-end fund (RVI) held a handful of larger tech unicorns, RVII holds dozens of smaller tech startups.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Londian Wason (FOIL) Shenzhen, China | $75M $1,626M | $20 - $22 3,571,429 | Cantor Fitz. Huatai |
| China-based producer of copper foils mainly used for lithium-ion batteries. | |||
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Two recent IPOs will see Street research in the week ahead, including data center operator Csquare (CSQR; 2.5% from offer) and nuclear fuel manufacturer Standard Nuclear (STDN; -43.7%). We count six IPO lock-up releases. View Street research and lock-up expiration dates on the Master Calendar (IPO Pro only).
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 8/6/2026, the Renaissance IPO Index was up 18.6% year-to-date, while the S&P 500 was up 13.4%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and CoreWeave (CRWV). The Renaissance International IPO Index was up 40.0% year-to-date, while the ACWX was up 15.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
