IPO News – US IPO Weekly Recap: Data infrastructure, flood insurance, and banking debut in 6 IPO week

Six IPOs debuted this week, while seven SPACs listed. Eight IPOs submitted initial filings, including a handful of sizable issuers. Five SPACs also submitted initial filings.

Dual listing in the US and London, newly-formed REIT Fermi (FRMI) priced its IPO above the midpoint to raise $683 million at a $13.9 billion market cap. Fermi is planning to develop a 15 million square foot integrated power plant and data center in Texas, with a focus on AI hyperscalers. The project is expected to ultimately support 11 GW of generation capacity, with 1 GW of capacity anticipated to be online by the end of 2026. The project build-out will be very expensive and require substantial additional capital, and Fermi is still early stage, with no revenue to date. Fermi finished the week up 36%.

Flood insurance distributor Neptune Insurance (NP) priced its IPO at the top of the range to raise $368 million at a $3.0 billion market cap. As a data-driven managing general agent for homeowners and businesses, the company offers a range of residential and commercial insurance products, distributed through a nationwide network of agencies. Neptune does not take any balance sheet insurance risk, and has delivered solid growth with a stellar lifetime written loss ratio. It will be leveraged post-IPO. It finished the week up 52%.

Tennessee-based community bank Commercial Bancgroup (CBK) priced its upsized IPO below the range to raise $172 million at a $342 million market cap. Through its subsidiary Commercial Bank, the company operates as a full-service community bank with 34 banking offices and one loan production office across Kentucky, North Carolina, and Tennessee. Its primary service areas include the Nashville, Knoxville, and Tri-Cities MSAs and certain other counties in Tennessee, certain communities in Southeast Kentucky, and the Charlotte MSA in North Carolina. As of June 30, 2025, Commercial Bank had total consolidated assets of $2.3 billion, loans of $1.8 billion (net of allowance for credit losses), deposits of $1.9 billion, and total shareholders’ equity of $235 million. It finished the week up 1%.

Singapore adtech firm Knorex (KNRX) priced its US IPO at the bottom of the range to raise $12 million at a $12 million market cap. Knorex is a B2B technology company specializing in providing programmatic advertising software to marketers to streamline and automate their advertising and marketing workflows. It finished the week down 25%.

Malaysian vertical farming company Agroz (AGRZ) priced its US IPO at the expected price to raise $5 million at a $91 million market cap. Agroz is a fully vertically-integrated agricultural technology company focused on designing, building, managing, and operating indoor controlled environment agriculture vertical farms. It finished the week down 31%.

Malaysia-based hotpot chain CCH Holdings (CCHH) priced its US IPO at the bottom of the range to raise $5 million at a $77 million market cap. The company currently operates or franchises a total of 32 restaurant outlets, primarily located in Malaysia, with three located in Thailand, Indonesia, and China. CCH Holdings finished the week up 11%.

Seven SPACs also debuted. Bain Capital GSS (BCSS.U), formed by Bain Capital, raised $400 million. Rice Acquisition 3 (KRSP.U), backed by Rice Investment Group, raised $300 million to target energy. Betsy Cohen-backed BTC Development (BDCIU) raised $220 million to target the Bitcoin ecosystem. Range Capital Acquisition II (RNGTU) raised $200 million to target capital-constrained sectors. AI Infrastructure Acquisition (AIIAU) raised $120 million to target AI. AA Mission Acquisition II (YCY.U) raised $100 million to target the food and beverage industry. StoneBridge Acquisition II (APACU) raised $50 million to target the APAC and EMEA regions.

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Eight IPOs submitted initial filings. Leading the pack, automated investing platform Wealthfront (WLTH) filed to raise an estimated $300 million. Electric aircraft maker BETA Technologies (BETA) filed to raise $100 million. Organic baby food producer Once Upon a Farm (OFRM) filed to raise $100 million. China-based photography services provider Sharewow (SUWA) filed to raise $30 million. Hong Kong-based digital marketing firm Cansince Innvocations (CNSI.RC) filed to raise $25 million. Singapore financial data platform Wealth Management System (GIVE) filed to raise $10 million at a $73 million market cap. Hong Kong-based advisory firm Pyrostone Holdings (PYST) filed to raise $6 million at a $118 million market cap. Robotic-operated store developer Venhub (VNHB) filed for a direct listing.

Five SPACs also submitted initial filings. Karbon Capital Partners (KBONU) filed to raise $300 million to target energy. American Dynamism Acquisition (ADACU) filed to raise $200 million to target domestic companies. Black Spade Acquisition III (BIIIU) filed to raise $150 million to target entertainment and digital assets. Vernal Capital Acquisition (VECAU) filed to raise $60 million to target the APAC region. XFLH Capital (XFLHU), led by Chinese executives, filed to raise $60 million.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 10/2/2025, the Renaissance IPO Index was up 16.4% year-to-date, while the S&P was up 15.3%. 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 46.9% year-to-date, while the ACWX was up 27.9%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Horizon Robotics.