One IPO and two SPACs debuted this week, although more deals were originally on the calendar. Five IPOs and three SPACs submitted initial filings.
The biggest story in the IPO market this week may be the deals that didn’t get done. Homeowners insurance MGU Bamboo Insurance Services (BMB) was set to raise $665 million in the largest insurance IPO in over a year. However, the deal was postponed at the eleventh hour. This follows a poor reception from peer Orion180 (OIG) which has now fallen 20% from its IPO. Another listing, metal powders producer Amaero (AMRO), also postponed its debut, citing market conditions.
siRNA biotech ADARx Pharmaceuticals (ADRX) priced its upsized IPO at the top of the range to raise $446 million at a $2.0 billion market cap. The company is focused on developing next-generation small interfering RNA (siRNA) therapeutics designed to treat a broad spectrum of diseases. Its pipeline includes three clinical-stage programs, each of which target hepatic tissues. Its most advanced candidate is being developed to prevent hereditary angioedema attacks and is currently in a Phase 3 trial. Topline data is expected by the end of 2027, and if positive, ADARx anticipates a potential NDA submission in 2028. ADARx Pharmaceuticals finished the week up 14%.
Two SPACs also priced this week. Live Oak Acquisition VI (LOVIU), formed by Live Oak Merchant Partners, raised $200 million. Bluerock Acquisition II (BRRKU), backed by Bluerock, raised $150 million to target Web3 businesses.
| 3 IPOs During the Week of September 21st, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 09/25 |
| ADARx Pharmaceuticals (ADRX) | $446M | $1,972M | 6% | +14% | +14% |
| Phase 3 biotech developing siRNA therapies for various diseases. | |||||
| Live Oak Acquisition VI (LOVIU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Live Oak Merchant Partners. | |||||
| Bluerock Acquisition II (BRRKU) | $150M | $203M | 0% | +0% | +0% |
| Blank check company backed by Bluerock targeting Web3 businesses. | |||||
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Five IPOs submitted initial filings this week. Speciality insurance MGA TFP Group (TFP) filed for an estimated $350 million IPO. RNA interference biotech City Therapeutics (CTY) filed to raise $100 million. Small molecule biotech Iambic Therapeutics (IAM) filed to raise $100 million. Regenerative medicine device provider RegenLab USA (RGNA) filed to raise $35 million. Thyroid cancer diagnostics provider Interspace Biosciences (IDXG) filed to raise $20 million at a $58 million market cap in a Nasdaq uplisting.
Three SPACs also submitted initial filings. Silicon Valley Acquisition II (SVATU) filed to raise $220 million to target sectors undergoing structural transformation. TCGX Acquisition II (TCXB), formed by TCGX executives, filed to raise $100 million to target healthcare in Asia. Frazier Life Sciences II (FLSC), the second blank check company formed by Frazier targeting biotech, filed to raise $75 million.
| 8 Filings During the Week of September 21st, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Interspace Biosciences (IDXG) | $20M | Health Care | Lake Street Cap. |
| Provides molecular diagnostic tests for thyroid cancer. | |||
| RegenLab USA (RGNA) | $35M | Health Care | StoneX |
| Provides medical devices for tissue repair and other regenerative medicinal uses. | |||
| TCGX Acquisition II (TCXB) | $100M | SPAC | Guggenheim |
| Blank check company formed by TCGX executives targeting healthcare in Asia. | |||
| TFP Group (TFP) | $350M | Financials | Morgan Stanley |
| Global managing general agent of specialty insurance and reinsurance. | |||
| City Therapeutics (CTY) | $100M | Health Care | Goldman |
| Phase 1 biotech developing RNA interference therapies for thromboembolic diseases. | |||
| Frazier Life Sciences II (FLSC) | $75M | SPAC | Jefferies |
| Second blank check company formed by Frazier targeting biotech. | |||
| Iambic Therapeutics (IAM) | $100M | Health Care | JP Morgan |
| Phase 1 biotech using its AI platform to develop small molecule cancer therapies. | |||
| Silicon Valley Acq. II (SVATU) | $220M | SPAC | Cohen & Company |
| Blank check company targeting sectors undergoing structural transformation. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/24/2026, the Renaissance IPO Index was up 17.9% year-to-date, while the S&P 500 was up 13.5%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and SK hynix (SKHY). The Renaissance International IPO Index was up 28.0% year-to-date, while the ACWX was up 15.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia (Toshiba Memory).
