Only one IPO listed this week. Five IPOs and five SPACs submitted initial filings.
Home improvement products distributor Marwynn (MWYN) priced its IPO at the bottom of the range to raise $8 million at a $68 million market cap. Operating through its subsidiaries, Marwynn mainly distributes indoor home improvement products in the US. It provides kitchen cabinets, flooring, and home improvement products sourced from international suppliers to customers primarily in the San Francisco Bay Area. The company also sources and distributes Asian food throughout the US. Marwynn finished the week up 6%.
| 1 IPO During the Week of March 10th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/14 |
| Marwynn (MWYN) | $8M | $68M | -11% | +8% | +6% |
| Distributor of home improvement products and Asian food in the US. | |||||
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Five IPOs submitted initial filings this week. E-commerce payment plans provider Klarna (KLAR), a long-time IPO candidate, led the pack. It filed to raise an estimated $1 billion. Wearable device maker Hinge Health (HNGE) filed to raise an estimated $500 million. Chinese medical device distributor Shenni Holdings (SNI) filed to raise $15 million at a $165 million market cap. Chinese online medical platform PomDoctor (POM) filed to raise $15 million. Israeli hydrogel implant developer Regentis Biomaterials (RGNT) filed to raise $10 million at a $61 million market cap.
Five SPACs submitted initial filings this week. Titan Acquisition (TACHU) filed to raise $240 million to target finance and tech-enables services. Cantor Equity Partners II (CEPT), the eleventh blank check company formed by Cantor Fitzgerald, filed to raise $200 million. Sizzle Acquisition II (SZZL) filed to raise $200 million to target restaurants and hospitality. Thayer Ventures Acquisition (TVAIU) filed to raise $175 million to target travel and transportation. Renatus Tactical Acquisition I (RTAC.RC), led by the former CEO of Digital World Acquisition, filed to raise $175 million to target technology.
| 10 Filings During the Week of March 10th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Klarna (KLAR) | $1,000M | Financials | Goldman |
| Provides a platform for e-commerce payment plans. | |||
| Renatus Tactical Acq. (RTAC.RC) | $175M | SPAC | Clear Street |
| Blank check company led by the former CEO of Digital World Acquisition targeting tech businesses. | |||
| Shenni Holdings (SNI) | $15M | Health Care | D. Boral Capital |
| Makes and sells urology medical devices and products in China. | |||
| Sizzle Acquisition II (SZZL) | $200M | SPAC | Cantor Fitz. |
| Second blank check company formed by Salis Holdings targeting restaurant and hospitality. | |||
| Thayer Ventures Acq. II (TVAIU) | $175M | SPAC | Stifel |
| Second blank check company formed by Thayer Ventures targeting travel and transportation. | |||
| PomDoctor (POM) | $15M | Health Care | Revere Sec. |
| Online platform in China offering chronic disease management services. | |||
| Regentis Biomaterials (RGNT) | $10M | Health Care | ThinkEquity |
| Israeli regenerative medicine company developing orthopedic hydrogel implants. | |||
| Cantor Equity Partners II (CEPT) | $200M | SPAC | Cantor Fitz. |
| Eleventh blank check company formed by Cantor Fitzgerald. | |||
| Hinge Health (HNGE) | $500M | Health Care | Morgan Stanley |
| Provides wearable devices that reduce pain and improve musculoskeletal health. | |||
| Titan Acquisition (TACHU) | $240M | SPAC | Cantor Fitz. |
| Blank check company targeting finance and tech-enabled services. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/13/2025, the Renaissance IPO Index was down 13.8% year-to-date, while the S&P 500 was down 5.9%. 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 7.2% year-to-date, while the ACWX was up 6.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
