Four IPOs and four SPACs listed this week. Four IPOs and two SPACs submitted initial filings.
Chinese steel fittings manufacturer Luda Technology Group (LUD) priced its US IPO at the proposed price to raise $10 million at a $90 million market cap. The company manufactures stainless steel and carbon steel flanges and fittings products, and trades steel pipes, valves, and other steel tubing products. The company's sales network spans China and other parts of Asia, South America, Australia, Europe, and North America, with customers comprising manufacturers and traders from the chemical, petrochemical, maritime, and manufacturing industries. Luda Technology Group finished the week up 2%.
Basel Medical Group (BMGL), which operates two medical clinics in Singapore, priced its US IPO at the bottom of the range to raise $9 million at a $74 million market cap. The company provides a range of general and subspecialized orthopedic, trauma and sports medicine services such as knee/hip replacements, sports medicine/surgery, spine surgery, foot/ankle surgery and minimally invasive orthopedic procedures, as well as neurosurgical treatments. Basel Medical Group finished the week up 4%.
Chinese charter bus company Webus International (WETO) priced its US IPO at the bottom of the range to raise $8 million at an $88 million market cap. Webus offers packaged tour services, customized chartered bus services, and commuter shuttle services in China. It finished the week down 6%.
Chinese ad services provider LZ Technology (LZMH) priced its US IPO at the bottom of the range to raise $7 million at a $607 million market cap. LZ Technology places advertisements on monitors and within its SaaS software across approximately 120 cities in China. The company also connects local businesses with consumers via online promotions and transactions, and provides building access and safety management systems. LZ Technology finished the week up 41%.
Four SPACs priced this week. Fifth Era Acquisition I (FERAU), formed by Fifth Era and Blockchain Coinvestors, raised $200 million to target technology. Rithm Capital-backed Rithm Acquisition (RAC.U) raised $200 million to target financial services and real estate. Live Oak Acquisition V (LOKVU), formed by Live Oak Merchant Partners, raised $200 million. NewHold Investment III (NHICU), formed by NewHold Enterprises, raised $175 million to target industrial technology.
| 8 IPOs During the Week of February 24th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 02/28 |
| LZ Technology (LZMH) | $7M | $607M | -20% | +25% | +41% |
| Provides advertising services via a network of monitors across China. | |||||
| Basel Medical (BMGL) | $9M | $74M | -11% | +11% | +4% |
| Operates two medical clinics in Singapore. | |||||
| Luda Technology Group (LUD) | $10M | $90M | 14% | +0% | +2% |
| Chinese manufacturer of stainless and carbon steel flanges and fittings products. | |||||
| Rithm Acquisition (RAC.U) | $200M | $256M | 0% | +1% | +0% |
| Blank check company formed by Rithm Capital targeting financial services and real estate. | |||||
| NewHold Investment III (NHICU) | $175M | $240M | 0% | +0% | +0% |
| Blank check company formed by NewHold Enterprises targeting industrial technology. | |||||
| Live Oak Acquisition V (LOKVU) | $200M | $250M | 0% | +0% | +0% |
| Blank check company formed by Live Oak Merchant Partners. | |||||
| Fifth Era Acquisition I (FERAU) | $200M | $273M | 0% | +0% | +0% |
| Blank check company formed by investors Fifth Era and Blockchain Coinvestors targeting tech. | |||||
| Webus International (WETO) | $8M | $88M | -20% | -10% | -6% |
| Provides charter bus services and guided tours in China. | |||||
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Four IPOs submitted initial filings, led by TV-based advertising software platform MNTN (MNTN), which filed to raise $100 million. Canada-based hydroponic growing systems provider Pinnacle Food (PFAI) filed to raise $10 million. China-based property management services provider Dalu International (DLHZ) filed to raise $8 million at a $98 million market cap. Hong Kong-based digital marketing firm Everbright Digital (EDHL) filed to raise $7 million at a $119 million market cap.
Two SPACs submitted initial filings this week. Republic Digital Acquisition (RDAGU) filed to raise $220 million to target fintech, software, and cryptocurrency. Quartzsea Acquisition (QSEAU) filed to raise $60 million to target businesses in underpenetrated markets.
| 6 Filings During the Week of February 24th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| MNTN (MNTN) | $100M | Technology | Morgan Stanley |
| Provides a TV-based advertising software platform. | |||
| Republic Digital Acq. (RDAGU) | $220M | SPAC | Cantor Fitz. |
| Blank check company targeting fintech, software, and cryptocurrency. | |||
| Pinnacle Food (PFAI) | $10M | Consumer Staples | Craft Capital |
| Canada-based provider of small-scale hydroponic growing systems. | |||
| Dalu International (DLHZ) | $8M | Real Estate | Revere Sec. |
| Provides property management services and real estate leasing in China. | |||
| Everbright Digital (EDHL) | $7M | Technology | Dominari Sec. |
| Hong Kong-based digital marketing firm with a focus on the metaverse. | |||
| Quartzsea Acquisition (QSEAU) | $60M | SPAC | SPAC Partners |
| Blank check company targeting businesses in large underpenetrated markets. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 2/27/2025, the Renaissance IPO Index was down 4.6% year-to-date, while the S&P 500 was down 0.2%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Arm Holdings (ARM). The Renaissance International IPO Index was up 10.0% year-to-date, while the ACWX was up 6.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
