IPO News – US IPO Weekly Recap: Navan slips, and Medline joins the pipeline to close out October
Three sizable IPOs and four SPACs debuted this week to wrap up October. Three IPOs submitted initial filings.
Corporate travel software provider Navan (NAVN) priced its IPO at the midpoint to raise $923 million at a $6.9 billion market cap. The company provides a platform for business travel and expense management, with over 10,000 active customers as of January 31, 2025. Navan has delivered solid growth and turned profitable on an EBITDA basis in the 1H FY26. Leveraging AI support agents has also allowed it to expand its margins, though it still has a very large accumulated deficit. Navan fell on its debut, and finished the week down 19%.
Filing and pricing in the same week, Toronto-listed auto repair chain Boyd Group Services (BGSI) priced its US IPO at $141, as expected, to raise $780 million at a $3.8 billion market cap. The company is a leading provider in the North American collision industry, and operates full-service repair centers. Its offerings include collision repair, glass repair, replacement services, and calibration services, operating over 1,000 locations across 34 US states and five Canadian provinces. Boyd is pending an acquisition of US auto repair shop chain Joe Hudson’s Collision Center. It finished the week up 12%.
CNS disorder biotech MapLight Therapeutics (MPLT) priced its IPO at $17, as expected, to raise $251 million at an $820 million market cap. MapLight’s lead candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist co-formulated with a peripherally acting anticholinergic initially being developed for the treatment of schizophrenia and Alzheimer’s disease psychosis (ADP). The company is currently conducting two Phase 2 trials of ML-007C-MA. MapLight Therapeutics finished the week flat.
Four SPACs also priced. Apex Treasury (APXTU) raised $300 million to target blockchain and crypto. Viking Acquisition I (VACI.U), led by executives from advisory firm KingsRock, raised $200 million. Dynamix III (DNMXU) raised $175 million to target the energy and power industries. Insight Digital Partners (DYORU) raised $150 million to target the crypto industry.
| 7 IPOs During the Week of October 27th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 10/31 |
| Boyd Group Services (BGSI) | $780M | $3,807M | 0% | +12% | +12% |
| Operator of collision repair and auto glass centers across North America. | |||||
| Dynamix III (DNMXU) | $175M | $233M | 0% | +1% | +1% |
| Blank check company targeting the energy, power, and digital infrastructure industries. | |||||
| Insight Digital Partners (DYORU) | $150M | $200M | 0% | +1% | +1% |
| Blank check company targeting the cryptocurrency industry. | |||||
| Apex Treasury (APXTU) | $300M | $400M | 0% | +1% | +1% |
| Blank check company targeting blockchain, crypto treasury, and other industries. | |||||
| Viking Acquisition I (VACI.U) | $200M | $273M | 0% | +0% | +0% |
| Blank check company led by executives from advisory firm KingsRock. | |||||
| MapLight Therapeutics (MPLT) | $251M | $820M | 0% | +8% | +0% |
| Phase 2 biotech developing therapies for neuropsychiatric and CNS disorders. | |||||
| Navan (NAVN) | $923M | $6,891M | 0% | -20% | -19% |
| Provides software for corporate travel and expense management. | |||||
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In addition to Boyd, two other companies submitted initial filings. Medical products supplier Medline (MDLN) submitted initial filings for an IPO that could raise an estimated $5 billion. Medline is a major distributor and manufacturer of medical-surgical products, supplying roughly 335,000 items across two segments: Medline Brand, which includes the company’s own manufactured and private-label products, and Supply Chain Solutions, which distributes third-party medical supplies and provides logistics and procurement services to healthcare organizations. Singapore-based aesthetic procedures provider Regenique Group (RGGG) filed to raise $9 million at a $167 million market cap.
| 2 Filings During the Week of October 27th, 2025 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Regenique Group (RGGG) | $9M | Health Care | Network 1 |
| Offers non-surgical aesthetic procedures in Singapore. | |||
| Medline (MDLN) | $5,000M | Health Care | Goldman |
| Leading medical supplies manufacturer and distributor. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/30/2025, the Renaissance IPO Index was up 10.0% year-to-date, while the S&P 500 was up 17.2%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Arm Holdings (ARM) and Reddit (RDDT). The Renaissance International IPO Index was up 43.6% year-to-date, while the ACWX was up 29.7%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
