Two small IPOs are tentatively scheduled to list in the week ahead, although some small deals may move around the calendar at the last minute.
Chinese education software provider Ruanyun Edai Technology (RYET) is tentatively set to raise $17 million at a $152 million market cap. Focusing on K-12 education in China, Ruanyun Edai Technology has created a platform where teachers can use collected data to adjust instructions for students based on their specific needs. The company's SmartExam solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format.
Network software firm FatPipe (FATN) is tentatively scheduled to raise $5 million at a $93 million market cap. Its core offerings include SD-WAN, secure access service edge, and network monitoring service software solutions, each of which is typically offered as a subscription service. FatPipe primarily serves customers in the US and India.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| FatPipe (FATN) Salt Lake City, UT | $5M $93M | $5.75 - $7.75 740,740 | D. Boral Capital |
| Provides network software solutions for enterprises. | |||
| Ruanyun Edai Technology (RYET) Nanchang, China | $17M $152M | $4 - $5 3,750,000 | AC Sunshine Sec. |
| Chinese provider of AI-driven learning and testing solutions for K-12 education. | |||
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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.
