IPO News – US IPO Weekly Recap: 6 IPOs debut, pipeline grows, despite government shutdown
The US IPO market saw plenty of activity this week, as issuers move to adapt to the ongoing government shutdown. Six IPOs debuted this week, while two SPACs listed. Thirteen IPOs and Five SPACs also submitted initial filings.
Commercial washing machine manufacturer Alliance Laundry Holdings (ALH) priced its upsized IPO at the high end of the range to raise $826 million at a $4.5 billion market cap. Acquired by BDT Capital Partners in 2015, the company makes commercial laundry systems used in healthcare facilities, hotels, laundromats, fire stations, and other institutional settings, holding an estimated 40% share of the North American commercial laundry market. Alliance Laundry finished the week up 14%.
Post-secondary education provider Phoenix Education Partners (PXED) priced its IPO at the midpoint to raise $136 million at a $1.3 billion market cap. Through the University of Phoenix, the company provides post-secondary education, primarily to working adults seeking to advance their careers, offering 72 degree-granting and 33 non-degree certificate programs across a wide range of disciplines. Phoenix Education finished the week up 13%.
Chinese online medical platform PomDoctor (POM) priced its US IPO at the low end of the range to raise $20 million at a $474 million market cap. The company is an online medical services platform for chronic diseases in China. PomDoctor finished the week up 9%.
Philippines-based recycling firm One and one Green Tech (YDDL) prices its downsized US IPO at the midpoint to raise $10 million at a $270 market cap. One and one is a waste materials and scrap metal recycling company processing raw materials and generating final products that include copper alloy ingot, aluminum scrapes, and plastic beads, among others. One and one Green Tech finished the week up 31%.
Japanese sports class provider Leifras (LFS) priced its US IPO at the low end of the range to raise $5 million at a $105 million market cap. Its core business is its children’s sports schools, which refers to a series of courses and programs that the company offers to teach a sport, instead of a physical location. Leifras finished the week down 5%.
Wound and dermatology-focused Turn Therapeutics (TTRX) completed its direct listing this week. Turn Therapeutics develops products using its proprietary PermaFusion mixing process, which stabilizes water-soluble pharmaceutical ingredients in oil without emulsifiers, and is advancing its FDA-cleared Hexagen formulation for new indications including eczema and onychomycosis. It finished the week down 26% from its $10 opening price.
Two SPACS also debuted. While not listed below Avi Katz’s GigCapital8 (GIWWU) raised $220 million last Friday, and began trading this week. Lake Superior Acquisition (LKSPU) raised $100 million to target the energy storage, social media, and consumer staples sectors.
| 7 IPOs During the Week of October 6th, 2025 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market Cap at IPO |
Price vs. Midpoint |
First Day Return |
Return at 10/10 |
| One and one Green Tech (YDDL) | $10M | $270M | 0% | +8% | +31% |
| Waste materials and scrap metal recycling company in the Philippines. | |||||
| Turn Therapeutics (TTRX) | $0M | $170M | 0% | +20% | +28% |
| Developing drugs and medical products for the wound and dermatology markets. | |||||
| Alliance Laundry (ALH) | $826M | $4,485M | 7% | +13% | +14% |
| World’s leading producer of commercial washing machines and dryers. | |||||
| Phoenix Education (PXED) | $136M | $1,319M | 0% | +19% | +13% |
| Provides post-secondary education services under the name University of Phoenix. | |||||
| PomDoctor (POM) | $20M | $474M | -20% | +1% | +9% |
| Online platform in China offering chronic disease management services. | |||||
| Leifras (LFS) | $5M | $105M | -11% | -22% | +5% |
| Offers sports classes for children in Japan. | |||||
| Lake Superior Acquisition (LKSPU) | $100M | $137M | 0% | +0% | +0% |
| Blank check company targeting the energy storage, social media, and consumer staples industries. | |||||
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Thirteen IPOs submitted initial filings, including three sizable issuers. Molecular diagnostics company BillionToOne (BLLN) filed to raise $100 million. Inflammatory disease biotech Evommune (EVMN) filed to raise $100 million. Missouri-based bank Central Bancompany (CBC) filed to raise $100 million. Government relations service provider Public Policy Holding Company (PPHC) filed to raise $60 million. Autonomous lawn care equipment manufacturer Firefly Automatix (FFLY) filed to raise $25 million. Pet biotech Akston Biosciences (AXTN) filed to raise $20 million at a $100 million market cap. Chinese optical module developer Boundless Group (BLTG) filed to raise $18 million at a $198 million market cap. Automotive part distributor Sonic Lighting (SONC) filed to raise $11 million at a $74 million market cap. Malaysian fiber-optic infrastructure provider Neutrans (NEUT) filed to raise $9 million at a $119 million market cap. Hong Kong consulting firm Law’s Business Group Holding (LSBA) filed to raise $8 million at a $121 million market cap. Asset manager Keystone Global Financial Group (KCG) filed to raise $6 million at a $63 million market cap. Mineral exploration companies Idaho Copper (COPR) filed to raise $5 million at a $123 million market cap in an uplisting. Personal security platform TG-17 (OBAI) filed for a direct listing.
Five SPACs also submitted initial filings. Led by executives from fintech Xsolla, Xsolla SPAC 1 (XSOLU.RC) filed to raise $250 million. Alussa Energy Acquisition II (ALUBU) filed to raise $250 million to target energy and power infrastructure. Soren Acquisition (SORNU) filed to raise $220 million to target healthcare. BOA Acquisition II (THEOU) filed to raise $200 million to target real estate and infrastructure. Asia-focused Peace Acquisition (PECEU) filed to raise $60 million.
| 18 Filings During the Week of October 6th, 2025 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Alussa Energy Acq. II (ALUBU) | $250M | SPAC | Santander |
| Blank check company targeting energy and power infrastructure. | |||
| Boundless Group (BLTG) | $18M | Technology | Tiger Brokers |
| China-based developer of optical display modules for VR and other electronic applications. | |||
| Central Bancompany (CBC) | $100M | Financials | Morgan Stanley |
| Missouri-based bank with 156 locations across five states. | |||
| PPHC (PPHC) | $60M | Industrials | Oppenheimer |
| Provides government relations and communications services for corporations and non-profits. | |||
| Sonic Lighting (SONC) | $11M | Industrials | D. Boral Capital |
| Wholesale distributor of automotive lighting products. | |||
| Evommune (EVMN) | $100M | Health Care | Morgan Stanley |
| Phase 2 biotech developing therapies for chronic inflammatory diseases. | |||
| Keystone Global Financial (KCG) | $6M | Financials | Pacific Century |
| Hong Kong-based boutique asset management firm. | |||
| Xsolla SPAC 1 (XSOLU.RC) | $250M | SPAC | D. Boral Capital |
| Blank check company led by executives from fintech Xsolla. | |||
| Akston Biosciences (AXTN) | $20M | Health Care | ThinkEquity |
| Biotech developing antibody and protein therapies for pets. | |||
| Soren Acquisition (SORNU) | $220M | SPAC | BTIG |
| Blank check company targeting the healthcare sector. | |||
| BillionToOne (BLLN) | $100M | Health Care | JP Morgan |
| Develops prenatal and oncology diagnostics using a single molecule sequencing platform. | |||
| Idaho Copper (COPR) | $5M | Materials | ThinkEquity |
| Mineral exploration company focused on a copper-molybdenum-silver project in Idaho. | |||
| Neutrans (NEUT) | $9M | Communication Services | Blue Diamond |
| Provides fiber-optic internet infrastructure in Malaysia. | |||
| Peace Acquisition (PECEU) | $60M | SPAC | EarlyBird |
| Blank check company targeting businesses in Asia. | |||
| TG-17 (OBAI) | $0M | Industrials | |
| Provides personal security services via a tech-enabled platform. | |||
| BOA Acquisition II (THEOU) | $200M | SPAC | Cohen & Company |
| Blank check company targeting real estate and infrastructure. | |||
| Firefly Automatix (FFLY) | $25M | Industrials | Roth Cap. |
| Manufacturer of autonomous lawn mowing and agricultural machinery. | |||
| Law’s Business Group (LSBA) | $8M | Industrials | Cathay Securities |
| Hong Kong-based provider of financing, accounting, and corporate services. | |||
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/9/2025, the Renaissance IPO Index was up 20.5% year-to-date, while the S&P was up 15.7%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Astera Labs (ALAB) and Arm Holdings (ARM). The Renaissance International IPO Index was up 44.1% year-to-date, while the ACWX was up 28.2%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.
