Five companies eligible for inclusion in our IPO stats went public this week, joined by four SPACs and a nano-cap.
Global markets were shaken in the latter half of the week after the Trump administration announced sweeping tariffs. Both the IPO Index and the S&P 500 posted their worst weeks since March 2020.
There was one major new filing. Stablecoin issuer Circle Internet Group (CRCL) filed for an IPO we estimate could raise $750 million.
REIT SmartStop Self Storage (SMA) priced within the range to raise $810 million at a $1.7 billion market cap. The company plans to make monthly distributions (5.3% annualized yield). SmarStop owns and operates a portfolio 208 self storage properties in the US and Canada. It is the tenth largest owner and operator of self storage properties in the US, according to the Inside Self Storage Top-Operators List for 2024. SmartStop finished up 10%.
Five small foreign issuers also listed in the US this week, four of which are included in our stats. The group was led by Hong Kong-based brokerage Waton Financial (WTF), which raised $18 million. The company popped nearly 400% on day one, but finished the week up 62%.
While not included below, conservative news channel Newsmax Media (NMAX) began trading on the NYSE after completing its $75 million Regulation A+ offering. The company soared more than 700% on day one and delivered volatile trading from there. It finished the week up 350%.
| 9 IPOs During the Week of March 31st, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/04 |
| Waton Financial (WTF) | $18M | $190M | -20% | +396% | +62% |
| Hong Kong-based securities brokerage and financial services firm. | |||||
| SmartStop Self Storage (SMA) | $810M | $1,659M | -6% | +9% | +10% |
| Self-storage REIT with 208 owned and managed properties in the US and Canada. | |||||
| UY Scuti Acquisition (UYSCU) | $50M | $67M | 0% | +1% | +1% |
| Blank check company targeting middle-market growth businesses in Asia. | |||||
| Siddhi Acquisition (SDHIU) | $240M | $304M | 0% | +0% | +0% |
| Blank check company formed by Siddhi Holdings targeting high-growth businesses. | |||||
| Energys Group (ENGS) | $10M | $64M | -10% | +10% | +0% |
| UK-based provider of energy-saving products and services. | |||||
| Soulpower Acquisition (SOULU) | $220M | $300M | 0% | n/a | +0% |
| Blank check company targeting businesses in insurance services and retirement savings. | |||||
| Sizzle Acquisition II (SZZLU) | $200M | $273M | 0% | +0% | +0% |
| Second blank check company formed by Salis Holdings targeting restaurant and hospitality. | |||||
| Lianhe Sowell (LHSW) | $8M | $208M | -11% | +7% | -27% |
| Provides machine vision products and solutions in China. | |||||
| Top Win (TOPW) | $11M | $99M | -20% | -4% | -41% |
| Hong Kong-based luxury watch wholesaler. | |||||
| 6 Filings During the Week of March 31st, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Lakeshore Acquisition III (LCCCU) | $60M | SPAC | A.G.P. |
| Third blank check company formed by the CEO of Shanghai Renaissance Investment Management. | |||
| Vickers Vantage II (VCKBU) | $180M | SPAC | Cohen & Company |
| Second blank check company formed by Singapore-based Vickers Venture Partners. | |||
| ChowChow Cloud (CHOW.RC) | $11M | Technology | Maxim |
| Hong Kong-based provider of digital transformation consulting and other IT services. | |||
| Circle (CRCL) | $750M | Technology | JP Morgan |
| Cryptocurrency issuer behind the USDC stablecoin. | |||
| Picard Medical (PMI) | $12M | Health Care | Benchmark |
| Makes and sells implantable total artificial hearts under the brand SynCardia. | |||
| Sea Forrest (SFI.RC) | $20M | Industrials | Maxim |
| Provides green energy and engineering solutions for ships and other marine equipment. | |||
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/3/2025, the Renaissance IPO Index was down 17.4% year-to-date, while the S&P 500 was down 7.9%. 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 3.1% year-to-date, while the ACWX was up 5.8%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
