Seven IPOs and one SPAC debuted this week. One IPO and three SPACs submitted initial filings.
Chinese education software provider Ruanyun Edai Technology (RYET) priced its US IPO at the low end to raise $15 million at a $135 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. Ruanyun Edtai Technology finished the week up 19%.
Singapore-based wound care product maker Cuprina Holdings (CUPR) priced its downsized US IPO at the bottom of the range to raise is tentatively scheduled to raise $12 million at a $84 million market cap. Cuprina is focused on the development and commercialization of products for the management of chronic wounds. The company currently manufactures and distributes a line of medical grade sterile blowfly larvae bio-dressing products, as well as two lines of chronic wound care products in its pipeline. Cuprina Holdings finished the week up 12%.
Singapore-based maritime connectivity firm iOThree (IOTR) priced its downsized US IPO at the bottom of the range to raise $8 million at a $103 million market cap. The company operates through two segments: satellite connectivity solutions, and digitalization and other solutions. It offers satellite connectivity services and satellite network equipment and devices for shipboard network management. Additionally, iOThree designs digital solutions and provides various support services for IT and OT applications enablement. It finished the week down 15%.
Hong Kong restaurant group MasterBeef Group (MB) priced its US IPO at the bottom of the range to raise $8 million at a $68 million market cap. MasterBeef is a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. Through its operating aubsidiaries, the company operates 12 restaurant outlets under the brands "Master Beef" and "Anping Grill." It finished the week down 20%.
Investment research platform Aether Holdings (ATHR) priced its IPO slightly below the midpoint to raise $8 million at a $51 million market cap. Aether Holdings provides research data, tools, and analytics for retail and institutional equity trades through its online platform SentimenTrader. The company utilizes API calls, web scraping, and other data collection from third parties, and provides an array of proprietary indicators for its users. Aether Holdings finished the week up 28%.
Hong Kong freight forwarder Tianci International (CIIT) priced its Nasdaq uplisting at the bottom of the range to raise $7 million at a $66 million market cap. Operating as Roshing International, the company charters cargo space from shipping suppliers and provides customized logistics services. While primarily focused on the APAC region, Roshing also facilitates shipments to African countries. The company's services encompass the entire shipping process. Tianci International finished the week down 31%.
While not included in the table below, Network software firm FatPipe (FATN) priced its IPO at the bottom of the range to raise $4 million at a $79 million market cap. It finished the week up 11%.
One SPAC priced this week: Titan Acquisition (TACHU) raised $240 million to target finance and tech-enabled services.
| 7 IPOs During the Week of April 7th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business | Deal Size | Market Cap at IPO | Price vs. Midpoint | First Day Return | Return at 04/11 |
| Aether (ATHR) | $8M | $51M | -4% | +34% | +28% |
| Provides an online platform for investment data analytics and research. | |||||
| Ruanyun Edai Technology (RYET) | $15M | $135M | -27% | +13% | +19% |
| Chinese provider of AI-driven learning and testing solutions for K-12 education. | |||||
| Cuprina Holdings (CUPR) | $12M | $84M | -6% | +4% | +12% |
| Singapore-based provider of skincare and chronic wound care products. | |||||
| Titan Acquisition (TACHU) | $240M | $300M | 0% | +0% | +0% |
| Blank check company targeting finance and tech-enabled services. | |||||
| iOThree (IOTR) | $8M | $103M | -20% | -11% | -15% |
| Singapore-based provider of maritime connectivity and digitalization solutions. | |||||
| MasterBeef (MB) | $8M | $68M | -11% | +3% | -20% |
| Operates 12 Taiwanese hotpot and barbecue restaurants in Hong Kong. | |||||
| Tianci International (CIIT) | $7M | $66M | -11% | -35% | -31% |
| Global logistics company specializing in ocean freight forwarding services. | |||||
Sign up for a free trial of our premium platform, IPO Pro. To get our IPO calendar in your inbox, register here.
One small IPO submitted initial filings this week: Hong Kong-based event management services provider Dreamland (TDIC) filed to raise $9 million at a $140 million market cap.
Four SPACs submitted initial filings this week. New Providence Acquisition III (NPACU) filed to raise $261 million to target the consumer sector. Gores Holdings X (GTENU), formed by The Gores Group, filed to raise $260 million. Twelve Seas III (TWLVU) filed to raise $150 million to target global companies located outside the US. Pelican Acquisition (PELIU) filed to raise $75 million to target technology.
| 5 Filings During the Week of April 7th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| Dreamland (TDIC) | $9M | Communication Services | Bancroft Capital |
| Hong Kong-based provider of event management services. | |||
| Gores Holdings X (GTENU) | $260M | SPAC | Santander |
| Blank check company formed by The Gores Group. | |||
| Pelican Acquisition (PELIU) | $75M | SPAC | EarlyBird |
| Blank check company targeting the global tech industry. | |||
| New Providence Acq. III (NPACU) | $261M | SPAC | Cantor Fitz. |
| Third blank check company led by former soda executives targeting the consumer sector. | |||
| Twelve Seas III (TWLVU) | $150M | SPAC | Cohen & Company |
| Blank check company targeting global companies located outside the US. | |||
Sign up for a free trial of our premium platform, IPO Pro. To get our IPO calendar in your inbox, register here.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/10/2025, the Renaissance IPO Index was down 19.4% year-to-date, while the S&P 500 was down 10.1%. 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 down 3.2% year-to-date, while the ACWX was up 0.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Porsche.
