Six IPOs and one direct listing debuted this week. Seven IPOs and two SPACs submitted initial filings.
AI-focused cloud computing provider CoreWeave (CRWV) priced its downsized IPO well below the range to raise $1.5 billion at a $22.4 billion market cap. The company rents out cloud-based computing hardware for enterprises, with a particular focus on AI. It claims its CoreWeave Cloud Platform is purpose-built for AI applications, and offers a uniquely efficient solution AI model training. At the end of 2024, the company boasted 32 data centers running more than 250,000 GPUs. CoreWeave counts Cohere, IBM, Meta, Microsoft, Mistral, and NVIDIA among its customers. The company grew revenue more than 8-fold from a year earlier to $1.9 billion in 2024, and has signed multi-year multi-billion dollar contracts with leading names such as Microsoft and OpenAI. However, Microsoft accounted for 62% of its 2024 revenue, and the company has a large negative free cash flow due to capital-intensive infrastructure investments. CoreWeave finished flat.
Semiconductor company Aeluma (ALMU) priced its Nasdaq uplisting at the bottom of the range to raise $12 million at an $81 million market cap. The company is focused on developing novel optoelectronic and electronic devices for various applications, including mobile, automotive, AI, defense & aerospace, communication, AR/VR, HPC, and quantum computing. Aeluma finished the week up 34%.
Hong Kong-based shipping company Intercont (NCT) priced its downsized US IPO at the bottom of the range to raise $11 million at a $186 million market cap. Intercont operates a global maritime shipping business through a range of subsidiaries which are divided into two business segments: time chartering and vessel management services. Its fleet currently consists of one self-owned vessel and three leased vessels, with a total cargo carrying capacity of 217,191 dwt. Intercont finished the week down 2%.
Japanese real estate company LogProstyle (LGPS) priced its downsized US IPO at the midpoint to raise $10 million at a $118 million market cap. Through its subsidiaries, LogProstyle owns and operates a real estate renovation and resale company, a real estate development company, a hotel management company, and a restaurant management company. It finished the week down 47%.
Malaysia-based plastics producer WF Holding (WFF) priced its US IPO at the bottom of the range to raise $8 million at a $100 million market cap. The company produces fiberglass reinforced plastic (FRP) products to various industries, such as chemical processing, water and wastewater treatment, and power generation. WF Holding finished the week down 5%.
Macau-based liquor importer Epsium Enterprise (EPSM) priced its US IPO at the bottom of the range to raise $5 million at a $53 million market cap. The company imports and wholesales alcoholic beverages in Macau, primarily Chinese liquors, French cognac, and Scottish whiskey. Epsium Enterprise finished the week up 31%.
Brain cancer biotech NeOnc Technologies Holdings (NTHI) completed a direct listing on the Nasdaq. The company is currently enrolling patients with recurrent malignant glioma in a Phase 2a trial for NEO100, a purified form of perillyl acid which is administered to brain cancer patients via intranasal delivery. NeOnc Technologies Holdings finished up 3% from the $16 share price of its pre-listing funding round.
| 7 IPOs During the Week of March 24th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 03/28 |
| Aeluma (ALMU) | $12M | $81M | -9% | +24% | +34% |
| Semiconductor company focused on optoelectronic and electronic devices. | |||||
| Epsium (EPSM) | $5M | $53M | -33% | +21% | +31% |
| Macau-based liquor importer and retailer. | |||||
| NeOnc Technologies (NTHI) | $0M | $342M | 0% | -24% | +3% |
| Phase 2 biotech developing intranasal and oral therapies for brain cancer. | |||||
| CoreWeave (CRWV) | $1,500M | $22,444M | -22% | +0% | +0% |
| Provides cloud computing services with data centers optimized for AI workloads. | |||||
| Intercont (NCT) | $11M | $186M | -13% | -2% | -2% |
| Provides maritime shipping and seaborn pulping services. | |||||
| WF Holding (WFF) | $8M | $100M | -20% | -6% | -5% |
| Malaysia-based producer of fiberglass reinforced plastic. | |||||
| LogProstyle (LGPS) | $10M | $118M | 0% | -26% | -47% |
| Real estate developer and property manager in Japan. | |||||
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Seven IPOs submitted initial filings this week. Retail investor-focused trading platform eToro (ETOR) filed to raise an estimated $750 million. SMB-focused insurer Ategrity Specialty Insurance (ASIC) filed to raise $100 million. China-based teahouse chain Chagee Holdings (CHA) filed to raise $100 million. Singapore consultancy firm Enigmatig (EGG) filed to raise $17 million at a $129 million market cap. Hong Kong event services provider BUUU Group (BUUU) filed to raise $8 million at an $83 million market cap. Pre-revenue video game developer Gameverse Interactive (GVSE) filed to raise $8 million at a $55 million market cap. China-based engineering services provider Julong Holding (JLHL) filed to raise $6 million.
Two SPAC submitted initial filings this week. Armada Acquisition II (ARMAU.RC) filed to raise $200 million to target fintech, SaaS, and AI. BEST SPAC I Acquisition (BSAAU) filed to raise $55 million to target consumer goods.
| 9 Filings During the Week of March 24th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| BEST SPAC I Acquisition (BSAAU) | $55M | SPAC | Maxim |
| Blank check company targeting the consumer goods sector. | |||
| BUUU Group (BUUU) | $8M | Communication Services | Pacific Century |
| Hong Kong-based provider of event management and stage production services. | |||
| Enigmatig (EGG) | $17M | Industrials | Prime Num. Cap. |
| Singapore-based provider of cross-border financial licensing solutions. | |||
| Julong Holding (JLHL) | $6M | Industrials | Tiger Brokers |
| Provides engineering and related services in China. | |||
| Armada Acquisition II (ARMAU.RC) | $200M | SPAC | Cohen & Company |
| Blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI. | |||
| Chagee (CHA) | $100M | Consumer Discretionary | Citi |
| Owns and franchises teahouses in China and internationally. | |||
| Ategrity (ASIC) | $100M | Financials | JP Morgan |
| Provides excess and surplus insurance to small and medium-sized businesses. | |||
| eToro (ETOR) | $750M | Financials | Goldman |
| Global trading platform for retail investors. | |||
| Gameverse Interactive (GVSE) | $8M | Communication Services | R. F. Lafferty |
| Pre-revenue video game developer. | |||
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This past week, we released our review of the 1Q US IPO market. Get a free preview here.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/27/2025, the Renaissance IPO Index was down 11.1% year-to-date, while the S&P 500 was down 2.9%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Corebridge Financial (CRBG). The Renaissance International IPO Index was up 6.0% year-to-date, while the ACWX was up 8.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
