One sizable IPO, one direct listing, and one SPAC debuted this week. Three small IPOs, one direct listing, and six SPACs submitted initial filings. However, maybe the biggest news of the week came from Oura, which postponed its planned multibillion dollar IPO.
Smart ring maker Oura (OURA) postponed its $2.1 billion IPO, which was scheduled to begin trading on Wednesday. The company stated in a press release that, despite strong demand, it was postponing due to market uncertainty. Some investors were reportedly pushing back against the company’s proposed $14.9 billion valuation. It had filed to offer 50 million shares (73% secondary) at a price range of $40 to $44.
Power distribution products manufacturer Accelevation (ACCV) priced below the range to raise $540 million at a $4.1 billion market cap. The company manufactures and installs the power distribution and white space infrastructure that sits inside data centers. Its products and services include branch circuit whips, remote power panels, PDUs and related monitoring, thermal management and field installation into factory-built packages. Serving hyperscale, colocation, AI and cloud operators, it grew revenue 147% in 2025, and held a backlog of approximately $1.1 billion as of June 30, 2026. Accelevation finished the week down 2%.
South Korean disaster prevention software provider Roze AI (RZAI) completed its direct listing on the Nadaq. The company develops AI-based fire-safety technologies that combine IoT technology, wireless sensors, data analytics, and digital twin technology to support risk assessment, monitoring, and response. Roze AI has no connection to SoftBank backed AI company Roze, which is reportedly exploring an IPO. It finished the week up 149%.
The sole SPAC to price this week was Southport Acquisition II (PORT.U), which raise $200 million to target the AI industry.
| 3 IPOs During the Week of September 28th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/02 |
| Roze AI (RZAI) | $0M | $933M | 0% | +174% | +149% |
| South Korean provider of AI-powered fire detection and disaster prevention products. | |||||
| Southport Acquisition II (PORT.U) | $200M | $274M | 0% | +0% | +0% |
| Blank check company led by TVC Capital's Jeb Spencer targeting the AI industry. | |||||
| Accelevation (ACCV) | $540M | $4,095M | -18% | +0% | -2% |
| Manufacturer of power distribution and infrastructure products for data centers. | |||||
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Three IPOs submitted initial filings this week. Hong-Kong based custom software and smart office solutions provider Primagrove (YHTE) filed to raise $31 million at a $131 million market cap. Malaysia-based electrical equipment provider LPC (LPCI) filed to raise $19 million at a $94 million market value. Source Agriventures (SRAV), which seeks to own farmland for agriculture and energy purposes, filed to raise $15 million. They were joined by a direct listing, commercial and retail bank Georgia Banking Company (GBC).
Five SPACs also submitted initial filings this week. Calm Seas Acquisition (CSEA.U) filed to raise $300 million to target the energy and shipping industries. BHAV Acquisition II (BHAIU) filed to raise $150 million, targeting advanced technologies. Pop Global Acquisition (PGA) filed to raise $150 million to target tech. Arca Nova Acquisition (ANACU) filed to raise $100 million, targeting the digital asset and AI sectors. MNBS Acquisition (MNBS) filed to raise $75 million, targeting North America, Europe and Asia. Orange Street Acquisition (OSACU) filed to raise $65 million to target businesses with defensible market positions.
| 10 Filings During the Week of September 28th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Arca Nova Acquisition (ANACU) | $100M | SPAC | Maxim |
| Blank check company targeting agentic AI, stablecoin payments, and digital yield platforms. | |||
| Georgia Banking Company (GBC) | $0M | Financials | |
| Commercial and retail bank with 10 branches in the Atlanta metro area. | |||
| LPC (LPCI) | $19M | Industrials | Sutter Securities |
| Malaysia-based distributor of transformers, switchgear, and related electrical equipment. | |||
| Pop Global Acquisition (PGA) | $100M | SPAC | Kingswood |
| Blank check company targeting advanced software, hardware, materials and energy technologies. | |||
| BHAV Acquisition II (BHAIU) | $150M | SPAC | Maxim |
| Blank check company targeting robotics, EVs, fintech, advanced computing and energy tech. | |||
| Primagrove (YHTE) | $31M | Technology | Eddid Securities |
| Hong Kong-based provider of custom software development and smart office solutions. | |||
| MNBS Acquisition (MNBSU) | $75M | SPAC | Maxim |
| Blank check company targeting cross-border businesses in North America, Europe and Asia. | |||
| Calm Seas Acquisition (CSEA.U) | $300M | SPAC | Cohen & Company |
| Blank check company targeting the energy and shipping industries. | |||
| Orange Street Acquisition (OSACU) | $65M | SPAC | Polaris |
| Blank check company targeting established businesses with defensible market positions. | |||
| Source Agriventures (SRAV) | $15M | Real Estate | Aegis Cap. |
| Seeks to own farmland to lease for agriculture and energy purposes. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/1/2026, the Renaissance IPO Index was up 16.4% year-to-date, while the S&P 500 was up 13.0%. 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 28.5% year-to-date, while the ACWX was up 13.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia (Toshiba Memory) and Galderma.
