Three IPOs and two SPACs priced this week, and two SPACs submitted filings.
City Therapeutics (CTY) priced its upsized IPO at the midpoint to raise $200 million at a $1.0 billion market cap. City Therapeutics is a Phase 1 biotech developing RNA interference therapeutics for indications with significant unmet medical need, including thromboembolic diseases, Stargardt disease type 1, and anemia of chronic disease. Its lead candidate, CITY-FXI, is a City-engineered GalNAc-conjugated small interfering RNA therapeutic targeting Factor XI. It finished the week up 24.4%.
Iambic Therapeutics (IAM) priced at the midpoint to raise $150 million at an $809 million market cap. Iambic Therapeutics is a Phase 1 biotech that pairs proprietary AI models with automated, high-throughput chemistry and biology to design small molecule drugs for cancer. The platform has yielded six partnerships, including major deals with AbbVie and Takeda. It finished the week up 48.8%.
After postponing in September, metal powder producer Amaero (AMRO) revived its US listing, pricing a downsized offering slightly below the converted last-close of its shares on the ASX to raise $20 million at a $121 million market cap. Amaero produces refractory and titanium alloy spherical metal powders for additive manufacturing. The company's powders are engineered for 3D printing of components used in hypersonic weapons systems, satellite propulsion, strategic missiles, aerospace, and medical applications. It finished the week up 5.9%.
Two SPACs priced this week. TCGX Acquisition (TCXB) raised $130 million to target healthcare in Asia, and Frazier Life Sciences II (FLSC) raised $75 million to target biotech.
| 5 IPOs During the Week of October 12th, 2026 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 10/16 |
| Iambic Therapeutics (IAM) | $150M | $809M | 0% | +18% | +49% |
| Phase 1 biotech using its AI platform to develop small molecule cancer therapies. | |||||
| City Therapeutics (CTY) | $200M | $1,027M | 0% | +24% | +24% |
| Phase 1 biotech developing RNA interference therapies for thromboembolic diseases. | |||||
| TCGX Acquisition II (TCXB) | $100M | $130M | 0% | +9% | +9% |
| Blank check company formed by TCGX executives targeting healthcare in Asia. | |||||
| Amaero (AMRO) | $20M | $121M | -40% | +4% | +6% |
| Producer of titanium and refractory metal powders for defense and aerospace 3D printing. | |||||
| Frazier Life Sciences II (FLSC) | $75M | $97M | 0% | +3% | +4% |
| Second blank check company formed by Frazier targeting biotech. | |||||
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It was a quiet week for the pipeline, with no IPOs submitting initial filings, though two SPACs filed.
| 2 Filings During the Week of October 12th, 2026 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Apex Treasury II (APTTU) | $250M | SPAC | Cohen & Company |
| Blank check company targeting AI infrastructure, energy, defense, space, and fintech. | |||
| EuroSPAC Acquisition (ESPCU.RC) | $125M | SPAC | Cohen & Company |
| Blank check company led by the CEO of shipping company Euroseas targeting the industrials sector. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/15/2026, the Renaissance IPO Index was up 12.1% year-to-date, while the S&P 500 was up 14.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and SpaceX (SPCX). The Renaissance International IPO Index was up 14.3% year-to-date, while the ACWX was up 11.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia (Toshiba Memory).
