Three IPOs and two SPACs priced this week, while five IPOs and three SPACs submitted filings. Those filings included a potential multibillion dollar offering from neocloud Nscale (NSCL). But perhaps the week’s biggest headline was that Holtec Nuclear (HNUC) postponed its proposed $825 million IPO ahead of a planned Friday listing.
Antibody biotech Electra Therapeutics (ETRA) priced its upsized IPO at the midpoint to raise $350 million at a $1.0 billion market cap. Electra Therapeutics is developing a class of precision medicines directed at signal regulatory proteins (SIRP) expressed on specific immune cell populations. Lead candidate ipsoprubart is a pan-SIRP monoclonal antibody designed to selectively deplete pathological myeloid cells and T cells. Electra Therapeutics finished the week down 11.7%, a rare disappointment for a biotech IPO.
Catastrophe-focused E&S home insurer Orion180 Insurance Group (OIG) priced below the range to raise $240 million at a $1.2 billion market cap. Orion180 Insurance Group states it is the second largest excess and surplus lines homeowners’ insurance provider in the United States by direct written premiums with a presence in 14 states, approximately $601 million in managed premiums written for the last twelve months ended June 30, 2026, and over 670,000 policies sold since inception. It finished the week down 2.8%.
Hawaii community bank American Savings Bank (ASBH) priced its upsized IPO at the midpoint to raise $129 million at a $1.0 billion market cap. American Savings Bank provides a full suite of financial products and services, including deposits, loans, insurance, cash management, merchant services, and investment services to personal, small business, and commercial customers across Hawaii. The bank operates a statewide network of 35 branches and over 120 ATMs, complemented by a digital banking platform. The bank finished the week up 9.8%.
Two SPACs priced this week. Haymaker Acquisition V (HYACU) raised $250 million to target industrial and consumer products and services. Leader’s Advantage Acquisition (LEDRU) raised $150 million to target the chemical and healthcare sectors.
| 5 IPOs During the Week of September 14th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/18 |
| American Savings Bank (ASBH) | $129M | $1,044M | 0% | +6% | +10% |
| Hawaii community bank with 35 branches across the state. | |||||
| Haymaker Acquisition V (HYACU) | $250M | $313M | 0% | n/a | +0% |
| Fifth Haymaker blank check company targeting industrial and consumer products and services. | |||||
| Leader's Advantage Acq. (LEDRU) | $150M | $189M | 0% | +0% | +0% |
| Blank check company targeting chemical and healthcare sectors. | |||||
| Orion180 Insurance (OIG) | $240M | $1,213M | -25% | -3% | -3% |
| Provides E&S home insurance concentrated in the US Southeast. | |||||
| Electra Therapeutics (ETRA) | $350M | $1,001M | 0% | -12% | -12% |
| Phase 2/3 biotech developing SIRP-targeted antibodies for immune diseases and cancer. | |||||
To get our IPO calendar in your inbox, register here. Five IPOs submitted an initial filing this week. Most notable of the group is UK-based global data center and AI development services provider Nscale (NSCL), which filed to raise an estimated $2.0 billion. Two biotechs, Retension Pharmaceuticals (RTSN) and TRex Bio (TRXB) also filed, seeking to take advantage of a receptive market for clinical-stage drug developers, Electra notwithstanding. Two smaller deals and three SPACs also submitted initial filings this week.
| 8 Filings During the Week of September 14th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Nscale (NSCL) | $2,000M | Technology | Goldman |
| UK-based global data center and AI development services provider. | |||
| Retension Pharmaceuticals (RTSN) | $58M | Health Care | Leerink Partners |
| Phase 2b biotech developing an in-licensed treatment for hypertension. | |||
| Santa Ana Global (STNF) | $16M | Real Estate | ThinkEquity |
| Developer of real estate projects in Latin America. | |||
| TRex Bio (TRXB) | $100M | Health Care | JP Morgan |
| Phase 1 biotech developing medicines for autoimmune and inflammatory diseases. | |||
| VME Companies (VME) | $30M | Energy | Kingswood |
| Provider of process modules and separation equipment for offshore oil and gas facilities. | |||
| Lower Cross Acquisitions (LCACU) | $200M | SPAC | BTIG |
| Blank check company targeting healthcare and insurance businesses. | |||
| Oceanhawk Acquisition II (OHIIU) | $150M | SPAC | StoneX |
| Second blank check company backed by investment firm OceanHawk. | |||
| SPACCircle Acquisition (SCQCU) | $150M | SPAC | D. Boral Capital |
| Blank check company targeting digital asset, technology, and healthcare businesses. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/17/2026, the Renaissance IPO Index was up 14.7% year-to-date, while the S&P 500 was up 12.5%. 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 31.6% year-to-date, while the ACWX was up 15.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and CATL.
