Six IPOs and one SPAC debuted this week. Nine IPOs and two SPACs submitted initial filings this week.
Singapore-based heavy equipment provider Ten-League International Holdings (TLIH) priced its US IPO at the bottom of the range to raise $9 million at a $118 million market cap. Ten-League International’s business primarily consists of sales of heavy equipment and parts (76% of 1H23 revenue), heavy equipment rental (18%), and provision of engineering consultancy services (6%) to port, construction, civil engineering, and underground foundation industries. The equipment it provides can be categorized into foundation equipment, hoist equipment, excavation equipment, and port machinery. Ten-League finished the week up 22%.
Singapore-based oil products trader Delixy Holdings (DLXY) priced its US IPO at the bottom of the range to raise $8 million at a $65 million market cap. Delixy is engaged in the trading of oil related products, namely crude oil (50% of 1H24 revenue) and oil-based products (50%), such as fuel oils, motor gasoline, and additives, among others. The company trades its products across Southeast and East Asia. In the six months ended June 30, 2024, its total trading volume was 1,643 kBBLs (+9% y/y). Delixy finished the week up 3%.
Chinese custom consumer goods producer MaxsMaking (MAMK) priced its downsized US IPO at the bottom of the range to raise $7 million at a $67 million market cap. MaxsMaking manufactures customized consumer goods, such as bags, aprons, throw pillows, flags, chair covers, tablecloths, luggage, and other consumer goods. MaxsMaking finished the week down 16%.
Hong Kong consulting firm Bluemount Holdings (BMHL) priced its US IPO at the bottom of the range to raise $6 million at a $102 million market cap. Through subsidiary Bluemount Capital, the company provides consulting and advisory services, focusing on corporate finance and strategic communications. Through Bluemount Commodities, the company trades luxury branded timepieces, sourcing them from individuals or corporate entities and subsequently reselling them to consumers in Hong Kong. Additionally, Bluemount Holdings provides underwriting, placing, and brokerage services through Bluemount Securities, and asset management through Bluemount Asset Management. It finished the week flat.
Hong Kong-based subcontractor Masonglory (MSGY) priced its US IPO at the bottom of the range to raise $6 million at a $56 million market cap. Through its operating subsidiary, Masonglory operates as a subcontractor in Hong Kong, providing wet trades services, such as plastering and tile laying, as well as other ancillary services. Its major customers are primarily main contractors of property development and civil engineering projects. It finished the week up 13%.
Hong Kong-based corporate services provider Rich Sparkle Holdings (ANPA) priced its US IPO at the bottom of the range to raise $5 million at a $50 million market cap. Rich Sparkle designs and prints financial materials in Hong Kong, including listing documents, financial reports, fund documents, circulars, and announcements. It offers customers a range of financial printing services, including typesetting, proofreading, translation, design, and printing. Rich Sparkle finished the week down 12%.
The sole SPAC to debut this week was Globa Terra Acquisition (GTERU), which raised $152 million to target the agribusiness and water sectors. Â
BusinessDeal
SizeMarket Cap
at IPOPrice vs.
MidpointFirst Day
ReturnReturn
at 07/11Ten-League International (TLIH)$9M$118M-11%-7%+22%Singapore-based provider of heavy equipment and engineering consultancy services.Masonglory (MSGY)$6M$56M-20%+7%+13%Hong Kong-based subcontractor providing wet trades and other services.Delixy Holdings (DLXY)$8M$65M-11%+24%+3%Trades crude oil and oil-based products in Southeast and East Asia.Globa Terra Acquisition (GTERU)$152M$208M0%+0%+1%Blank check company targeting the agribusiness and water sectors.Bluemount Holdings (BMHL)$6M$102M-11%+0%+0%Hong Kong-based consulting firm and trader of luxury timepieces.Rich Sparkle (ANPA)$5M$50M-20%-12%-12%Financial printing and corporate services provider in Hong Kong.MaxsMaking (MAMK)$7M$67M-11%-8%-16%Chinese manufacturer of customized consumer goods.
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Nine IPOs submitted initial filings this week. Shoulder surgery-focused medtech Shoulder Innovations (SI) filed to raise $100 million. Space tech developer Firefly Aerospace (FLY) filed to raise $100 million. WhiteFiber (WYFI), a data center carve-out of Bit Digital, also filed to raise $100 million. Canada-based tungsten concentrate producer Almonty Industries (ALM) filed and set terms for a $75 million listing, which was supposed to price and begin trading this week, although it was delayed.
Yacht retailer Off The Hook YS (OFT.RC) filed to raise $29 million. China-based packaging machine maker KBAT Group (KBAT) filed to raise $17 million at a $96 million market cap. Israel-based allergy biotech Nasus Pharma (NSRX) filed to raise $11 million at a $99 million market cap. China-based cleaning robot maker Kokobots (KOKO) filed to raise $11 million at a $72 million market cap. Taiwan-based whiskey distributor Agencie Comercial Spirits (AGCC) filed to raise $9 million at a $171 million market cap.
Two SPACs also submitted initial filings this week. Trailblazer Acquisition (BLZRU) filed to raise $200 million to target media, entertainment, and retail. Thunderstone Acquisition (THUNU.RC), led by Chinese executives, filed to raise $100 million.
BusinessDeal
SizeSectorLead
UnderwriterFirefly Aerospace (FLY)$100MIndustrialsGoldmanProvides space and defense technology with launch vehicles and spacecraft.KBAT Group (KBAT)$17MIndustrialsNetwork 1Chinese maker of customized food packaging machines.Kokobots (KOKO)$11MTechnologyAC Sunshine Sec.Chinese provider of intelligent commercial cleaning robots and IoT products.Trailblazer Acquisition (BLZRU)$200MSPACCantor Fitz.Blank check company targeting media, entertainment, and retail.WhiteFiber (WYFI)$100MTechnologyB. RileyCarve-out of Bit Digital that operates data centers to provide cloud services.Agencia Comercial Spirits (AGCC)$9MConsumer StaplesRevere Sec.Taiwan-based whiskey retailer and distributor.Nasus Pharma (NSRX)$11MHealth CareLaidlaw (UK)Phase 2 biotech developing an intranasal powder for severe allergies and anaphylaxis.Thunderstone Acquisition (THUNU.RC)$50MSPACD. Boral CapitalBlank check company led by Chinese executives.Almonty Industries (ALM)$75MMaterialsOppenheimerCanadian producer of tungsten concentrate for the defense industry.Off The Hook (OFT.RC)$29MConsumer DiscretionaryThinkEquityYacht and boat retailer and wholesaler.Shoulder Innovations (SI)$100MHealth CareMorgan StanleyOffers advanced implant systems for shoulder arthroplasty.
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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/10/2025, the Renaissance IPO Index was up 2.3% year-to-date, while the S&P 500 was up 7.5%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Reddit (RDDT) and Arm (ARM). The Renaissance International IPO Index was up 25.0% year-to-date, while the ACWX was up 19.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Lottomatica Group.
