Seven IPOs and three SPACs listed this week. Seven IPOs and four SPACs submitted initial filings.
Identity governance software provider SailPoint (SAIL) priced it upsized IPO at the top of the upwardly revised range to raise $1.4 billion at a $13.2 billion market cap. The company offers a range of products, including Identity Security Cloud, its SaaS-based cloud solution built on its unified platform Atlas, and IdentityIQ, its customer-hosted identity security solution. As of October 31, 2024, SailPoint generated $813 million in ARR, a 30% increase year-over-year. At its pricing, SailPoint was valued near the top of its enterprise cybersecurity peers. It finished the week up 7%.
Space and defense contractor Karman Holdings (KRMN) priced its upsized IPO above the range to raise $506 million at a $2.9 billion market cap. Currently doing business as Karman Space and Defense, the company specializes in mission-critical systems for existing and emerging missile & defense and space programs. It has posted strong growth in recent years, driven by geopolitical tensions and the growing space market, though it is heavily dependent on government spending. Karman finished the week up 45%.
Michigan-based bank Northpointe Bancshares (NPB) offered more shares and priced below the range to raise $151 million at a $511 million market cap. The bank offers a nationwide mortgage purchase program, residential mortgage loans, digital deposit banking to retail customers, and custodial deposit services to loan servicing clients. Its delivery systems are primarily digital, enabling a nationwide presence with clients in all 50 states and the District of Columbia. It finished the week flat.
Metabolic disease biotech Aardvark Therapeutics (AARD) priced at the low end to raise $94 million at a $342 million market cap. Aardvark's wholly-owned lead candidate, ARD-101, is an oral gut-restricted small-molecule agonist of certain Bitter Taste Receptors expressed in the gut lumen. The company has initiated a potentially pivotal Phase 3 trial of ARD-101 for hyperphagia associated with Prader-Willi Syndrome, with topline data expected in early 2026. It finished down 17%.
OTC-listed Odysight.ai (ODYS) raised $21 million at a $112 million market cap in its uplisting to the Nasdaq. The company’s Odysight TruVision solution streams visual information from small cameras to an in-platform AI/ML computer, allowing for visibility into hard-to-access areas. Odysight solutions are already deployed in the aviation and medical sectors. It finished down 12%.
Golf country club operator Aureus Greenway Holdings (AGH) raised $15 million at a $96 million market cap. Aureus Greenway owns and operates two public golf country clubs in Florida, each of which consists of over 289 acres of multi-service recreational property featuring over 13,000 yards of combined fairways, clubhouses serving food and beverage options, aquatic golf ranges, and pro shops. It finished down 21%.
Corporate event planner TEN Holdings (XHLD) raised $10 million at a $162 million market cap. TEN Holdings' parent company is V-Cube, a Japanese corporate communications platform that provides software and services for remote workforces. TEN Holdings has supported approximately 3,000 events that have collectively attracted roughly 4.5 million attendees to date. It finished down 65%.
Three SPACs also priced this week. Archimedes Tech SPAC II (ATIIU) raised $200 million to target AI, cloud services, and automotive tech. Artius II Acquisition (AACBU), the second blank check company backed by Artius Capital, raised $200 million to target the tech sector. Maywood Acquisition (MAYAU) raised $75 million to target areas with large unmet demand.
| 10 IPOs During the Week of February 10th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/14 |
| Karman Space & Defense (KRMN) | $506M | $2,908M | 16% | +37% | +45% |
| Makes mission-critical systems for defense and space programs. | |||||
| SailPoint (SAIL) | $1,380M | $13,169M | 15% | -4% | +7% |
| Provides identity governance software to enterprises. | |||||
| Maywood Acquisition (MAYAU) | $75M | $104M | 0% | +0% | +0% |
| Blank check company targeting areas with large unmet demand. | |||||
| Archimedes Tech SPAC II (ATIIU) | $200M | $257M | 0% | +0% | +0% |
| Blank check company targeting AI, cloud services, and automotive tech. | |||||
| Northpointe Bancshares (NPB) | $151M | $511M | -15% | +0% | +0% |
| Michigan-based bank that offers loan and deposit services across the US. | |||||
| Artius II Acquisition (AACBU) | $200M | $252M | 0% | +0% | +0% |
| Second blank check company backed by Artius Capital targeting the tech sector. | |||||
| Odysight.ai (ODYS) | $21M | $112M | -24% | +0% | -12% |
| Makes vision-based sensor systems for machine and infrastructure monitoring. | |||||
| Aardvark Therapeutics (AARD) | $94M | $342M | -6% | -11% | -17% |
| Phase 3 biotech developing novel small molecule therapies for metabolic diseases. | |||||
| Aureus Greenway (AGH) | $15M | $96M | -20% | -3% | -21% |
| Owns and operates two public golf country clubs in Florida. | |||||
| TEN Holdings (XHLD) | $10M | $164M | 20% | +13% | -65% |
| Provides event planning and production for virtual, hybrid, and physical events. | |||||
Seven IPOs submitted initial filings, led by one issuer that filed to raise $100+ million: wearable cardiac device maker Kestra Medical Tech (KMTS).
| 11 Filings During the Week of February 10th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| AI Unlimited Group (AIUG) | $6M | Technology | Benchmark |
| Developing platforms for consumer finance and travel. | |||
| Pitanium (PTNM) | $8M | Consumer Staples | Cathay Securities |
| Sells branded beauty and consumer products in Hong Kong. | |||
| Rainbow Capital (RNBW) | $6M | Financials | Cathay Securities |
| Provides underwriting and other corporate finance services in Hong Kong. | |||
| Crane Harbor Acquisition (CHACU) | $175M | SPAC | Cohen & Company |
| Blank check company targeting the technology, real assets, and energy sectors. | |||
| Robot Consulting (LAWR) | $13M | Technology | D. Boral Capital |
| Provides a cloud-based human resource management system. | |||
| Envoy Technologies (EVOY) | $12M | Technology | Roth Cap. |
| Operates an electric car-sharing platform. | |||
| Harvard Ave Acquisition (HAVAU) | $250M | SPAC | D. Boral Capital |
| Blank check company led by executives from PE firm Plutus Partners. | |||
| Qinhui Technology (QHT) | $7M | Industrials | Kingswood |
| Makes and sells auto and train components in China. | |||
| UY Scuti Acquisition (UYSCU) | $50M | SPAC | Maxim |
| Blank check company targeting middle-market growth businesses. | |||
| Kestra Medical Tech (KMTS) | $100M | Health Care | BofA |
| Makes a wearable cardioverter defibrillator for higher-risk cardiac arrest patients. | |||
| Texas Ventures Acq. III (TVACU) | $200M | SPAC | Cohen & Company |
| Blank check company backed by Texas Ventures targeting industrial tech. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/13/2025, the Renaissance IPO Index was up 7.0% year-to-date, while the S&P 500 was up 4.1%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Kenvue (KVUE). The Renaissance International IPO Index was up 5.8% year-to-date, while the ACWX was up 6.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
