Two small issuers listed in the US, joined by two SPACs.
The biggest news on the calendar came from CoreWeave (CRWV), which launched its $2.5 billion IPO. It’s scheduled to list in the week ahead.
In the pipeline, online ticket marketplace StubHub (STUB) grabbed headlines, filing for an estimated $1 billion IPO.
International B2B inventory platform RedCloud Holdings (RCT) priced within the range to raise $20 million at a $203 million market cap. Based in the UK, the company operates a platform that facilitates the trading of everyday consumer supplies. Its platform operates in Argentina, Brazil, Nigeria, and South Africa. RedCloud finished flat.
Chinese recruitment services provider Baiya International Group (BIYA) priced at the low end to raise $10 million at a $50 million market cap. Through its operating subsidiary Gongwuyuan, the company focuses on providing various staffing services. It covers over 5 provinces and 30 cities. Baiya International finished up 5%.
| 4 IPOs During the Week of March 17th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/21 |
| Baiya International (BIYA) | $10M | $50M | -20% | +5% | +5% |
| Chinese HR platform that connects companies and blue-collar staffing agencies. | |||||
| Quartzsea Acquisition (QSEAU) | $72M | $100M | 0% | +0% | +1% |
| Blank check company targeting businesses in large underpenetrated markets. | |||||
| Gesher Acquisition II (GSHRU) | $125M | $179M | 0% | +0% | +0% |
| Blank check company targeting Israeli businesses with international operations. | |||||
| RedCloud (RCT) | $20M | $203M | -10% | +0% | +0% |
| Operates a B2B platform for sellers of consumer goods in emerging markets. | |||||
| 7 Filings During the Week of March 17th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Berto Acquisition (TACOU) | $250M | SPAC | Cohen & Company |
| Blank check company led by SPAC veteran Harry You targeting AI and wellness. | |||
| StubHub (STUB) | $1,000M | Technology | JP Morgan |
| Provides an online marketplace for event tickets. | |||
| Perimeter Acquisition I (PMTRU) | $150M | SPAC | Citi |
| Blank check company targeting the defense and national security sectors. | |||
| Xinzi (XZ) | $8M | Industrials | Revere Sec. |
| Chinese maker of solar photovoltaic module encapsulation films. | |||
| Jingrui Wang Pu (JRWP) | $6M | Consumer Discretionary | Eddid Securities |
| Electric appliance wholesaler and retailer in China. | |||
| Bluemount Holdings (BMHL) | $6M | Financials | Pacific Century |
| Hong Kong-based consulting firm and trader of luxury timepieces. | |||
| Happy City Holdings (HCHL) | $6M | Consumer Discretionary | Pacific Century |
| Operates a chain of hot pot restaurants in Hong Kong. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/20/2025, the Renaissance IPO Index was down 10.0% year-to-date, while the S&P 500 was down 3.4%. 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 9.9% year-to-date, while the ACWX was up 9.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
