The IPO Week
Six IPOs
SPACs Continue 2025 IPO Market Dominance, Claim Four of Week's Six New Issues
Cohen & Co. Leads Apex Treasury, Insight Digital Partners II, Dynamix III, and Viking Acquisition I to Market
AI-Powered Business Travel Platform Operator Navan Raises $923 Million In Public Market Debut
Tech Sector Now Claims Half of Year's Ten Largest IPOs
MapLight Therapeutics, California-Based Maker of Therapies for Neurological Disorders, Is Publicly Traded
California Is Headquarter Location of 30 New Issuers In 2025, Second Only to New York's 47
New Issues Slow to 29 In October After 38 In September; 32 Companies Priced In October 2024
Through October 31st, 296 Deals Have Been Completed This Year; 2024's Ten-Month Tally Was 180
Three Initial IPO Filings
Medline, Illinois-Based Provider of Medical and Surgical Products, Enlists Goldman Sachs to Lead Planned IPO
Company Distributes Surgical and Procedural Kits, Gloves and Protective Apparel, Wound Care, and Consumable Lab and Diagnostics Products
Medline Will Reorganize Into an Up-C Structure In Connection with the Offering
China's JJH INTERNATIONAL HOLDINGS Publicly Registers without Naming an Underwriter
Through a Subsidiary, JJH Is a Trader and Wholesaler of Alcoholic Beverages In China
Company's Form F-1 Registration Statement Includes No Financial Statements or Legal Opinion, and Does Not Identify an Independent Auditor
Aesthetics Services Provider Regenique Group Is Latest U.S. Preliminary Registrant Based In Singapore
Company Offers Bio-Regenerative Treatments and Medical Treatments That Include Use of Botox and Other Chemical Ingredients
Under License Agreement with Supergenics Berhad, Regenique Has Regional Right to Develop Products from Supergenics’ s Cell and Gene Therapies
October Sees 42 Preliminary Filings, 17 Fewer Than In September, But 13 More Than Last October
Number of 2025 New Public Registrants Rises to 409; January Through October 2024 Total Was 263
No IPO Withdrawals
October Matches Last Month with One Withdrawal; Five Forms RW Were Filed Last October
2025's Number of Withdrawals Through Ten Months Is 39 Compared to 55 In Same Period Last Year
| IPO Offerings | Form Type | 1st Lead Manager Listed |
Initial Filing Date | Offer Date |
|---|---|---|---|---|
| MapLight Therapeutics, Inc. | 424B4 | Morgan Stanley & Co. LLC | 9/19/25 | 10/26/25 |
| Apex Treasury Corporation | 424B4 | Cohen & Company Capital Markets | 8/11/25 | 10/27/25 |
| Insight Digital Partners II | 424B4 | Cohen & Company Capital Markets | 8/20/25 | 10/28/25 |
| Dynamix Corporation III | 424B4 | Cohen & Company Capital Markets | 8/11/25 | 10/29/25 |
| Navan, Inc. | 424B4 | Goldman Sachs & Co. LLC | 9/19/25 | 10/29/25 |
| Viking Acquisition Corp. I | 424B4 | Cohen & Company Capital Markets | 8/13/25 | 10/30/25 |
| Initial IPO Filings | Form Type |
1st Lead Manager
Listed |
Initial Filing Date | |
|---|---|---|---|---|
| Medline Inc. | S-1 | Goldman Sachs & Co. LLC | 10/28/25 | |
| JJH INTERNATIONAL HOLDINGS LIMITED | F-1 | [To be named] | 10/29/25 | |
| Regenique Group Limited | F-1 | Network1 Financial Securities, Inc. | 10/31/25 |
| IPO Withdrawals | Form Type | 1st Lead Manager Listed |
Initial Filing Date | Withdrawal Date |
|---|---|---|---|---|
| No IPO Withdrawals | -- | -- | -- | -- |
IPO News Desk
SEC Chair Atkins Says IPOs Are Continuing Despite U.S. Shutdown
SEC Chairman Paul Atkins recently fielded questions on CNBC’s “Squawk on the Street” broadcast, discussing the U.S. government shutdown’s impact on the regulator and acknowledging the federal closure is “beginning to bite.”
However, Atkins said, “we're still working at the SEC, and there [are] still IPOs going to market, and we're still doing our surveillance over the marketplace to make sure that it's all working as it should there.”
Atkins noted that the Anti-Deficiency Act (ADA) makes it illegal to work during a government shutdown when there's no appropriation of funds by Congress, “unless you're exempted or there are exceptions made,” as with enforcement matters, he said.
While employees cannot work, “we have taken steps if IPOs have gone all the way through the comment process and are just waiting to price to go to market—we've given guidance on how to do that,” he said.
From the October 1st start of the government shutdown through the end of the month, 29 completed deals raised aggregate proceeds of nearly $3.7 billion (IPO Vital Signs subscribers see #1001. IPO Offerings). There also have been 42 preliminary filings during the shutdown (IPO Vital Signs subscribers see #1000. IPO Filings). It appears that at least for now, IPO activity has not been hindered by the SEC’s inability to work at full capacity.
Make IPOs great program - Atkins also brought up his program “to make IPOs great again.”
“Right now, we have half the number of public companies as we had 30 years ago, and the IPO market has fallen off of late,” he said. “In this year, it started to come back, and so we want to encourage that,” he added.
“But one of the pillars that is in my IPO program is to start focusing on the litigation environment,” he said, referring to comments he made in a speech delivered earlier this month in Delaware. In those comments, Atkins called the prohibition of mandatory arbitration and fee shifting for federal securities law claims in SB 95 “two giant steps backward.”
“We are now going to accept IPOs from companies that have bylaws that allow for mandatory arbitration,” he told CNBC. He also indicated the SEC may consider accepting companies with fee-shifting rules in their bylaws. “Those are two very important things I think that could help change the landscape with respect to litigation,” he said.
“We also need the spring cleaning of our regulatory requirements for disclosure,” Atkins said. “We have a surfeit … of disclosure right now, in many cases, information overload.” That, “plus the weaponization of corporate governance, I think, is the third prong (of the program), and we are addressing that aspect as well.”
The IPO Line-Up
IPO Line-Up Falls Three to 187 Eight-Week Active Registrants
Dbim Holdings Sets Price Range In Amendment No. 1, Rejoins IPO Line-Up
First Filing Since August 4th Places New America Acquisition I Back Among Eight-Week Active Registrants
Six Price Ranges Filed
Regenique Group and JJH INTERNATIONAL HOLDINGS Establish Price Ranges In Initial Public Registrations
Central Bancompany and Gloo Holdings Amend Filings for First Time, Determine Price Ranges
Amendment No. 2 by Farlong Holding Includes Price Range
Eleven Other Registrants File Amendments
JJH INTERNATIONAL HOLDINGS Files Amendment No. 1 One Day After Publicly Registering
General Purpose Acquisition and SunHo Bio Tech Group Amend Public Registrations for First Time
IPO Line-Up
(Ranked by Initial Filing Date)
The IPO Line-Up contains IPO Registrants that have had filing activity in the last 8 weeks
and have not gone public or withdrawn from registration.
IPO Registrants that are red and bold indicate that a filing with the initial IPO price range has been filed with the SEC.
| IPO Registrant | Form Type | 1st Lead Mgr Listed | Initial Filing Date | Filing w/ Initial Price Range | 9/8 - 9/12 | 9/15 - 9/19 | 9/22 - 9/26 | 9/29 - 10/3 | 10/6 - 10/10 | 10/13 - 10/17 | 10/20 - 10/24 | 10/27 - 10/31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Regenique Group Limited | F-1 | Network 1 | 10/31/25 | 10/31/25 | -- | -- | -- | -- | -- | -- | -- | F-1 |
| JJH INTERNATIONAL HOLDINGS LIMITED | F-1 | [To be named] | 10/29/25 | 10/29/25 | -- | -- | -- | -- | -- | -- | -- | F-1;10/30 |
| Medline Inc. | S-1 | Goldman Sachs | 10/28/25 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
| Space Asset Acquisition Corp. | S-1 | BTIG | 10/24/25 | 10/24/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| pan-Africa corporation | S-1 | Santander | 10/24/25 | 10/24/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| Gigabit Inc. | F-1 | D. Boral | 10/24/25 | 10/24/25 | -- | -- | -- | -- | -- | -- | F-1 | -- |
| Duke Holding Inc. | S-1 | US Tiger | 10/24/25 | 10/24/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| Brava Acquisition Corp. | S-1 | Clear Street | 10/24/25 | 10/24/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| CGL Logistics Holdings Limited | F-1 | Revere Securities | 10/23/25 | 10/23/25 | -- | -- | -- | -- | -- | -- | F-1 | -- |
| Idea Acquisition Corp. | S-1 | Cantor | 10/22/25 | 10/22/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| Horizon Thread (PTY) Ltd | F-1 | iRich Securities | 10/22/25 | 10/22/25 | -- | -- | -- | -- | -- | -- | F-1 | -- |
| Armada Acquisition Corp. III | S-1 | Cohen & Co. | 10/22/25 | 10/22/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| RF Acquisition Corp III | S-1 | EarlyBirdCapital | 10/17/25 | 10/17/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| Gloo Holdings, Inc. | S-1 | Roth Capital | 10/17/25 | 10/30/25 | -- | -- | -- | -- | -- | S-1 | -- | 10/30 |
| Colombier Acquisition Corp. III | S-1 | Roth Capital | 10/17/25 | 10/17/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| SC II Acquisition Corp. | S-1 | D. Boral | 10/16/25 | 10/16/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| Aeon Acquisition I Corp. | S-1 | D. Boral | 10/16/25 | 10/16/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| White Pearl Acquisition Corp. | S-1 | D. Boral | 10/15/25 | 10/15/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| GalaxyEdge Acquisition Corporation | S-1 | Polaris | 10/15/25 | 10/15/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| Bleichroeder Acquisition Corp. II | S-1 | Cohen & Co. | 10/15/25 | 10/15/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| General Purpose Acquisition Corp. | S-1 | Jefferies | 10/14/25 | 10/14/25 | -- | -- | -- | -- | -- | S-1 | -- | 10/31 |
| FG Imperii Acquisition Corp. | S-1 | ThinkEquity | 10/14/25 | 10/14/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| Cardinal Infrastructure Group Inc. | S-1 | Stifel | 10/14/25 | -- | -- | -- | -- | -- | -- | S-1 | -- | -- |
| SONIC LIGHTING, INC. | S-1 | D. Boral | 10/10/25 | 10/10/25 | -- | -- | -- | -- | S-1 | -- | 10/23 | -- |
| Public Policy Holding Company, Inc. | S-1 | Oppenheimer | 10/10/25 | 10/21/25 | -- | -- | -- | -- | S-1 | -- | 10/21 | -- |
| Central Bancompany, Inc. | S-1 | Morgan Stanley | 10/10/25 | 10/31/25 | -- | -- | -- | -- | S-1 | -- | -- | 10/31 |
| Boundless Group | F-1 | US Tiger | 10/10/25 | 10/10/25 | -- | -- | -- | -- | F-1 | -- | -- | -- |
| Alussa Energy Acquisition Corp. II | S-1 | Santander | 10/10/25 | 10/10/25 | -- | -- | -- | -- | S-1 | -- | 10/24 | -- |
| Xsolla SPAC 1 | S-1 | D. Boral | 10/9/25 | 10/9/25 | -- | -- | -- | -- | S-1 | -- | -- | -- |
| Keystone Global Financial Group | F-1 | Pacific Century | 10/9/25 | 10/9/25 | -- | -- | -- | -- | F-1 | -- | -- | -- |
| Evommune, Inc. | S-1 | Morgan Stanley | 10/9/25 | 10/17/25 | -- | -- | -- | -- | S-1 | 10/17 | -- | -- |
| Soren Acquisition Corp. | S-1 | BTIG | 10/8/25 | 10/8/25 | -- | -- | -- | -- | S-1 | -- | -- | -- |
| Akston Biosciences Corporation | S-1 | ThinkEquity | 10/8/25 | 10/8/25 | -- | -- | -- | -- | S-1 | -- | -- | -- |
| Peace Acquisition Corp | S-1 | EarlyBirdCapital | 10/7/25 | 10/7/25 | -- | -- | -- | -- | S-1 | -- | -- | -- |
| Neutrans Inc. | F-1 | Blue Diamond | 10/7/25 | 10/7/25 | -- | -- | -- | -- | F-1 | -- | -- | -- |
| BillionToOne, Inc. | S-1 | JPMorgan | 10/7/25 | 10/17/25 | -- | -- | -- | -- | S-1 | 10/17 | -- | -- |
| Law’s Business Group Holding Limited | F-1 | Cathay Securities | 10/6/25 | 10/6/25 | -- | -- | -- | -- | F-1 | -- | -- | -- |
| FireFly Automatix, Inc. | S-1 | Roth Capital | 10/6/25 | 10/23/25 | -- | -- | -- | -- | S-1 | -- | 10/23 | -- |
| BOA Acquisition Corp. II | S-1 | Cohen & Co. | 10/6/25 | 10/6/25 | -- | -- | -- | -- | S-1 | -- | -- | -- |
| Pyrostone Holdings Limited | F-1 | Pacific Century | 10/2/25 | 10/2/25 | -- | -- | -- | F-1 | -- | -- | -- | -- |
| Karbon Capital Partners Corp. | S-1 | Citigroup | 10/2/25 | 10/2/25 | -- | -- | -- | S-1 | -- | 10/15 | -- | -- |
| Wealth Management System Inc. | F-1 | Cathay Securities | 10/1/25 | 10/1/25 | -- | -- | -- | F-1 | -- | -- | -- | -- |
| Vernal Capital Acquisition Corp. | S-1 | D. Boral | 9/30/25 | 9/30/25 | -- | -- | -- | S-1 | -- | -- | -- | -- |
| Black Spade Acquisition III Co | S-1 | Cohen & Co. | 9/30/25 | 9/30/25 | -- | -- | -- | S-1 | -- | -- | -- | -- |
| American Drive Acquisition Company | S-1 | Cantor | 9/30/25 | 9/30/25 | -- | -- | -- | S-1 | -- | -- | 10/24 | -- |
| XFLH Capital Corporation | S-1 | Maxim Group | 9/29/25 | 9/29/25 | -- | -- | -- | S-1 | -- | -- | -- | -- |
| Wealthfront Corporation | S-1 | Goldman Sachs | 9/29/25 | -- | -- | -- | -- | S-1 | -- | -- | -- | -- |
| Sharewow Limited | F-1 | Kingswood | 9/29/25 | -- | -- | -- | -- | F-1 | -- | -- | -- | -- |
| Once Upon a Farm, PBC | S-1 | Goldman Sachs | 9/29/25 | -- | -- | -- | -- | S-1 | -- | -- | -- | -- |
| BETA Technologies, Inc. | S-1 | Morgan Stanley | 9/29/25 | 10/15/25 | -- | -- | -- | S-1;10/3 | -- | 10/15 | -- | -- |
| YCS Group Holdings Limited | F-1 | Prime Number | 9/26/25 | 9/26/25 | -- | -- | F-1 | -- | -- | -- | -- | -- |
| Ethos Technologies Inc. | S-1 | Goldman Sachs | 9/26/25 | -- | -- | -- | S-1 | -- | -- | -- | -- | -- |
| Cansince Innovations Inc. | F-1 | US Tiger | 9/26/25 | -- | -- | -- | F-1 | -- | -- | -- | 10/21 | -- |
| Seahawk Recycling Holdings, Inc. | F-1 | Cathay Securities | 9/25/25 | 9/25/25 | -- | -- | F-1 | -- | -- | -- | -- | -- |
| Exzeo Group, Inc. | S-1 | Truist Securities | 9/25/25 | 10/16/25 | -- | -- | S-1 | -- | -- | 10/16 | -- | -- |
| PressLogic Inc. | F-1 | American Trust | 9/24/25 | 10/14/25 | -- | -- | F-1 | -- | -- | 10/14 | -- | -- |
| Lafayette Digital Acquisition Corp. I | S-1 | BTIG | 9/23/25 | 9/23/25 | -- | -- | S-1 | -- | -- | -- | -- | -- |
| CSC Collective Holdings Limited | F-1 | Revere Securities | 9/22/25 | 9/22/25 | -- | -- | F-1 | -- | -- | -- | -- | -- |
| Creative Future Acquisition Corp | S-1 | Craft Capital | 9/22/25 | 9/22/25 | -- | -- | S-1 | -- | -- | -- | -- | -- |
| Climate Transition Special Opportunities | S-1 | Cohen & Co. | 9/22/25 | 9/22/25 | -- | -- | S-1 | -- | -- | -- | -- | -- |
| SPACSphere Acquisition Corp. | S-1 | D. Boral | 9/19/25 | 9/19/25 | -- | S-1 | -- | -- | -- | -- | -- | -- |
| Ga Sai Tong Enterprise Limited | F-1 | Bancroft | 9/19/25 | 9/19/25 | -- | F-1 | -- | 10/1 | -- | -- | -- | -- |
| BitGo Holdings, Inc. | S-1 | Goldman Sachs | 9/19/25 | -- | -- | S-1 | -- | -- | -- | -- | -- | -- |
| Andersen Group Inc. | S-1 | Morgan Stanley | 9/19/25 | -- | -- | S-1 | -- | -- | -- | -- | -- | -- |
| Silicon Valley Acquisition Corp. | S-1 | Clear Street | 9/18/25 | 9/18/25 | -- | S-1 | -- | -- | -- | -- | -- | -- |
| K2 Capital Acquisition Corporation | S-1 | D. Boral | 9/18/25 | 9/18/25 | -- | S-1 | -- | -- | -- | -- | -- | -- |
| JOSS Realty REIT, Inc. | S-11 | D. Boral | 9/18/25 | -- | -- | S-11 | -- | -- | -- | -- | -- | -- |
| Yuanxiang Acquisition Corp. | F-1 | [To be named] | 9/17/25 | 9/17/25 | -- | F-1 | -- | -- | -- | -- | -- | -- |
| Guident Corp. | S-1 | Prime Number | 9/17/25 | 10/6/25 | -- | S-1 | -- | -- | 10/6 | -- | -- | -- |
| X3 Acquisition Corp. Ltd. | S-1 | Stifel | 9/16/25 | 9/16/25 | -- | S-1 | -- | -- | -- | -- | -- | -- |
| Global Development Engineering Co. Ltd. | F-1 | Cathay Securities | 9/16/25 | 9/16/25 | -- | F-1 | -- | -- | -- | -- | -- | -- |
| Shreya Acquisition Group | S-1 | D. Boral | 9/12/25 | 9/12/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| Riku Dining Group Limited | F-1 | Eddid Securities | 9/12/25 | -- | F-1 | -- | -- | -- | 10/8 | -- | -- | -- |
| QuasarEdge Acquisition Corporation | S-1 | Polaris | 9/12/25 | 9/12/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| Lendbuzz Inc. | S-1 | Goldman Sachs | 9/12/25 | -- | S-1 | -- | -- | -- | -- | -- | -- | -- |
| Encore Medical, Inc. | S-1 | Oak Ridge | 9/12/25 | 9/12/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| Angie Holdings Limited | F-1 | Cathay Securities | 9/12/25 | 9/12/25 | F-1 | -- | 9/24 | -- | 10/9 | -- | -- | -- |
| AMATUHI HOLDINGS, Inc. | S-1 | Spartan Capital | 9/12/25 | 9/12/25 | S-1 | -- | -- | -- | 10/7 | -- | -- | -- |
| SunHo BioTech Group Ltd | F-1 | US Tiger | 9/11/25 | 9/11/25 | F-1 | -- | -- | -- | -- | -- | -- | 10/31 |
| QDRO Acquisition Corp. | S-1 | Cantor | 9/11/25 | 9/11/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| Meshflow Acquisition Corp. | S-1 | Cantor | 9/10/25 | 9/10/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| Daedalus Special Acquisition Corp. | S-1 | BTIG | 9/10/25 | 9/10/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| HAMA Intelligence Limited | F-1 | Pacific Century | 9/9/25 | 9/9/25 | F-1 | -- | 9/23 | -- | 10/6 | -- | -- | -- |
| Ultratrex Inc. | F-1 | Craft Capital | 9/8/25 | 9/8/25 | F-1 | 9/17 | -- | -- | -- | -- | -- | -- |
| EvoNexus Group LTD | F-1 | Kingswood | 9/8/25 | 9/8/25 | F-1 | -- | 9/24 | 9/30 | -- | -- | -- | 10/29 |
| Barentsz Capital Limited | F-1 | Cathay Securities | 9/8/25 | 9/8/25 | F-1 | -- | -- | 9/30 | -- | -- | -- | -- |
| SMJ International Holdings Inc. | F-1 | US Tiger | 9/5/25 | 9/5/25 | -- | -- | -- | 9/29 | -- | -- | -- | -- |
| LORENZO DEVELOPMENTS INC. | F-1 | American Trust | 9/5/25 | 9/5/25 | -- | -- | 9/24 | 10/3 | -- | -- | -- | -- |
| Nihon Shintatsu Co., Ltd. | F-1 | Spartan Capital | 9/4/25 | 9/4/25 | -- | -- | -- | -- | -- | 10/14 | -- | -- |
| Leapfrog Acquisition Corporation | S-1 | BTIG | 9/4/25 | 9/4/25 | -- | -- | -- | -- | -- | -- | 10/24 | -- |
| Park Dental Partners, Inc. | S-1 | Northland Capital | 9/3/25 | 9/24/25 | -- | -- | 9/24 | -- | -- | -- | -- | -- |
| Kepler Group Limited | F-1 | Cathay Securities | 9/3/25 | 9/3/25 | -- | -- | -- | -- | 10/8 | -- | -- | -- |
| TDE Group Limited | F-1 | WallachBeth | 8/29/25 | 8/29/25 | -- | 9/19 | -- | 10/3 | -- | -- | -- | 10/28 |
| Newbridge Acquisition Limited | S-1 | Kingswood | 8/29/25 | 8/29/25 | 9/11 | -- | 9/25 | -- | -- | -- | 10/22 | -- |
| Farlong Holding Corporation | S-1 | US Tiger | 8/29/25 | 10/30/25 | -- | -- | 9/22 | -- | -- | -- | -- | 10/30 |
| Elauwit Connection, Inc. | S-1 | Craig-Hallum | 8/29/25 | 8/29/25 | -- | 9/15 | -- | -- | -- | 10/14 | -- | -- |
| Billion Group Holdings Limited | F-1 | American Trust | 8/29/25 | 8/29/25 | 9/11;9/12 | -- | 9/22;9/25 | 10/1 | -- | -- | -- | 10/28 |
| Dbim Holdings Limited | F-1 | American Trust | 8/27/25 | 10/27/25 | -- | -- | -- | -- | -- | -- | -- | 10/27 |
| Bitcoin Infrastructure Acquisition Corp Ltd. | S-1 | Cohen & Co. | 8/27/25 | 8/27/25 | -- | -- | -- | 9/30 | -- | -- | -- | -- |
| Buda Juice, Inc. | S-1 | MDB Capital | 8/26/25 | 10/17/25 | -- | -- | -- | -- | -- | 10/17 | 10/24 | -- |
| MEDI Group Limited | F-1 | American Trust | 8/22/25 | 8/22/25 | -- | -- | 9/25 | 9/29 | -- | -- | -- | -- |
| Altech Digital Co., Ltd. | F-1 | Pacific Century | 8/21/25 | 8/21/25 | 9/8 | -- | 9/22;9/25 | -- | -- | -- | -- | -- |
| BAO Holding Limited | F-1 | Pacific Century | 8/20/25 | 8/20/25 | -- | -- | 9/23 | 9/30 | -- | -- | 10/24 | -- |
| SilverBox Corp V | S-1 | Santander | 8/19/25 | 8/19/25 | -- | -- | 9/22 | -- | -- | -- | -- | -- |
| APEX Global Solutions Limited | F-1 | US Tiger | 8/19/25 | 9/8/25 | 9/8 | -- | 9/22;9/24 | -- | -- | -- | -- | 10/28 |
| TGE Value Creative Solutions Corp | S-1 | Cohen & Co. | 8/18/25 | 8/18/25 | -- | 9/17 | -- | -- | -- | -- | -- | -- |
| AM PM Group Limited | F-1 | Prime Number | 8/18/25 | 8/18/25 | -- | 9/15 | -- | 9/30 | -- | -- | -- | -- |
| Solar Strategy Holdings Limited | F-1 | Kingswood | 8/15/25 | 8/15/25 | 9/11 | -- | -- | 10/2 | -- | -- | 10/22 | -- |
| Monkey Tree Investment Limited | F-1 | Craft Capital | 8/15/25 | 8/15/25 | 9/12 | -- | 9/26 | -- | -- | -- | 10/21 | -- |
| Cantor Equity Partners V, Inc. | S-1 | Cantor | 8/15/25 | 8/15/25 | -- | -- | 9/22 | -- | -- | 10/14 | -- | -- |
| JM Group Limited | F-1 | Prime Number | 8/13/25 | 8/13/25 | 9/11 | -- | 9/26 | -- | 10/8 | -- | -- | -- |
| ECST Holdings Limited | F-1 | Eddid Securities | 8/13/25 | 8/13/25 | 9/8 | -- | -- | -- | -- | -- | -- | -- |
| Tailwind 2.0 Acquisition Corp. | S-1 | Cohen & Co. | 8/12/25 | 8/12/25 | -- | -- | -- | -- | -- | 10/17 | -- | -- |
| Fitness Fanatics Limited | F-1 | Bancroft Capital | 8/11/25 | 8/11/25 | 9/8 | -- | 9/22 | -- | -- | -- | 10/24 | -- |
| Idea Tech Holding Limited | F-1 | R.F. Lafferty | 8/8/25 | 8/8/25 | 9/9 | -- | -- | -- | -- | -- | -- | -- |
| BoluoC Acquisition Corp | S-1 | D. Boral | 8/8/25 | 8/8/25 | 9/12 | -- | -- | 9/30 | -- | -- | -- | -- |
| Bend NovaTech Group Limited | F-1 | Craft Capital | 8/8/25 | 8/8/25 | 9/11 | -- | -- | -- | -- | -- | 10/22 | -- |
| Hall Chadwick Acquisition Corp. | S-1 | Cohen & Co. | 8/6/25 | 8/6/25 | -- | -- | 9/25 | -- | -- | -- | -- | 10/29 |
| Sibo Holding Limited | F-1 | R.F. Lafferty | 8/5/25 | 8/28/25 | -- | 9/19 | 9/25 | -- | -- | -- | -- | -- |
| KWF Group Holding Limited | F-1 | Pacific Century | 8/5/35 | 8/5/25 | -- | -- | -- | -- | -- | 10/16 | -- | -- |
| Voltage X Limited | F-1 | WallachBeth | 8/4/25 | -- | -- | -- | 9/22 | 9/30 | -- | -- | -- | -- |
| New America Acquisition I Corp. | S-1 | Dominari | 8/4/25 | 8/4/25 | -- | -- | -- | -- | -- | -- | -- | 10/31 |
| Iris Acquisition Corp II | S-1 | Cohen & Co. | 8/4/25 | 8/4/25 | 9/10 | -- | -- | 10/3 | -- | -- | -- | -- |
| Evolution Global Acquisition Corp | S-1 | Cohen & Co. | 7/31/25 | 7/31/25 | 9/8 | -- | -- | 9/30 | -- | -- | 10/22 | -- |
| Westin Acquisition Corp | S-1 | A.G.P. | 7/23/25 | 7/23/25 | -- | 9/17 | -- | -- | 10/10 | -- | -- | -- |
| Invest Green Acquisition Corporation | S-1 | Cohen & Co. | 7/22/25 | 7/22/25 | -- | -- | 9/26 | -- | -- | -- | -- | -- |
| Hillhouse Frontier Holdings Inc. | S-1 | Cathay Securities | 7/21/25 | 7/21/25 | -- | -- | -- | 9/30 | -- | -- | -- | -- |
| Collab Z Inc. | S-1 | R.F. Lafferty | 7/21/25 | 7/21/25 | -- | -- | -- | -- | -- | -- | 10/20 | -- |
| Club Versante Group Limited | F-1 | Joseph Stone | 7/15/24 | 8/13/25 | -- | 9/19 | -- | -- | -- | -- | -- | -- |
| Kokobots Group | F-1 | AC Sunshine | 7/11/25 | 7/11/25 | -- | -- | -- | -- | 10/10 | -- | -- | -- |
| KBAT Group Inc. | F-1 | Network 1 | 7/11/25 | 7/11/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Thunderstone Acquisition Corp | S-1 | D. Boral | 7/9/25 | 7/9/25 | -- | -- | 9/22 | 10/2 | -- | -- | -- | -- |
| Off The Hook YS Inc. | S-1 | ThinkEquity | 7/7/25 | 7/28/25 | -- | -- | -- | 9/29 | 10/10 | -- | -- | -- |
| Blueport Acquisition Ltd | S-1 | A.G.P. | 6/26/25 | 6/26/25 | -- | -- | -- | -- | -- | -- | 10/22 | -- |
| NeuroSpectrum Insights, Inc. | S-1 | Network 1 | 6/18/25 | -- | -- | -- | 9/24 | -- | -- | -- | -- | -- |
| BM Acquisition Corp. | S-1 | D. Boral Capital | 6/17/25 | 6/17/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| GEBE Environmental Technology Limited | F-1 | Cathay Securities | 6/13/25 | 6/13/25 | -- | 9/16 | -- | -- | -- | -- | -- | -- |
| Gifts International Holdings Limited | F-1 | R. F. Lafferty | 6/6/25 | 6/6/25 | -- | 9/18 | -- | -- | -- | 10/15 | -- | -- |
| Beta FinTech Holdings Limited | F-1 | Cathay Securities | 6/3/25 | 6/3/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Crown Reserve Acquisition Corp. I | S-1 | Polaris | 5/30/25 | 5/30/25 | -- | -- | 9/24 | -- | -- | -- | 10/25 | -- |
| C&K Group Limited | F-1 | Craft Capital | 5/30/25 | 5/30/25 | -- | 9/19 | -- | -- | -- | -- | -- | 10/28 |
| Living Homeopathy International Ltd. | F-1 | Craft Capital | 5/22/25 | 5/22/25 | -- | -- | 9/26 | -- | -- | -- | -- | -- |
| Ultra High Point Holdings Limited | F-1 | Bancroft Capital | 5/20/25 | 5/20/25 | -- | -- | 9/22 | -- | -- | -- | -- | -- |
| Uptrend Holdings Limited | F-1 | Cathay Securities | 5/19/25 | 5/19/25 | -- | -- | -- | -- | -- | -- | 10/23 | -- |
| Zi Yun Dong Fang Limited | F-1 | Cathay Securities | 5/16/25 | 5/16/25 | 9/12 | -- | -- | 9/30 | -- | -- | -- | -- |
| World Road Inc. | F-1 | Craft Capital | 5/16/25 | 9/12/25 | 9/12 | -- | -- | -- | -- | -- | 10/17 | -- |
| HW ELECTRO Kabushiki Kaisha | F-1 | American Trust | 5/8/25 | 5/8/25 | -- | 9/17 | -- | -- | -- | -- | -- | -- |
| TV Channels Network Inc. | S-1 | Craft Capital | 5/2/25 | 5/2/25 | -- | 9/15 | -- | -- | -- | -- | -- | -- |
| Carbon Zero Technologies International Inc. | F-1 | Ninth Eternity | 4/23/25 | 4/23/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Green Solar Energy Limited | F-1 | Joseph Stone | 4/15/25 | 4/15/25 | -- | 9/19 | -- | 9/30 | -- | -- | -- | -- |
| Twelve Seas Investment Company III | S-1 | Cohen & Co. | 4/4/25 | 4/4/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Sea Forrest International Ltd. | F-1 | Maxim Group | 3/31/25 | 8/29/25 | -- | -- | -- | -- | -- | 10/17 | -- | -- |
| HengHong Technology Inc. | F-1 | Kingswood | 3/27/25 | 3/27/25 | -- | -- | -- | 9/30 | -- | -- | -- | -- |
| Regentis Biomaterials Ltd. | F-1 | ThinkEquity | 3/10/25 | 3/10/25 | 9/8 | -- | -- | 9/29 | -- | -- | 10/24 | -- |
| ANEW Health Limited | F-1 | D. Boral Capital | 3/7/25 | 3/7/25 | -- | 9/15 | -- | -- | -- | -- | 10/20 | -- |
| ELC Group Holdings Ltd. | F-1 | D. Boral Capital | 3/4/25 | 6/27/25 | -- | -- | 9/26 | -- | -- | -- | -- | 10/28 |
| DT House Limited | F-1 | American Trust | 2/28/25 | 2/28/25 | -- | 9/18 | -- | -- | -- | -- | 10/24 | -- |
| Tong Ying Group | F-1 | Joseph Stone | 2/21/25 | -- | -- | -- | -- | -- | -- | -- | 10/24 | -- |
| DCR Tech Group Ltd | F-1 | D. Boral Capital | 2/21/25 | 2/21/25 | -- | -- | -- | 9/30 | -- | -- | -- | -- |
| AI ASSETS LTD | F-1 | Cathay Securities | 2/21/25 | 2/21/25 | 9/9 | -- | -- | 10/2 | -- | -- | -- | -- |
| Rainbow Capital Holdings Limited | F-1 | Cathay Securities | 2/14/25 | 2/14/25 | -- | -- | -- | 9/29 | -- | -- | 10/21 | -- |
| QMSK Technology Co., Ltd | F-1 | D. Boral Capital | 1/28/25 | 1/28/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Softto, Inc. | F-1 | Revere Securities | 1/24/25 | 1/24/25 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Iron Horse Acquisitions Corp. II | S-1 | Cantor | 1/17/25 | 1/17/25 | -- | -- | -- | -- | 10/6 | -- | -- | -- |
| Antharas Inc | F-1 | D. Boral Capital | 1/15/25 | 1/15/25 | 9/8 | -- | -- | -- | -- | -- | -- | -- |
| Phaos Technology Holdings (Cayman) Ltd. | F-1 | Network 1 | 1/3/25 | 1/3/25 | -- | 9/18 | -- | -- | -- | -- | 10/22 | -- |
| Papa Medical Inc. | S-1 | Kingswood | 11/22/24 | 6/27/25 | -- | -- | -- | 9/29 | -- | -- | -- | -- |
| FG Holdings Limited | F-1 | Cathay Securities | 11/18/24 | 11/18/24 | -- | -- | 9/22 | 9/30 | -- | -- | -- | -- |
| GLAMOORE Capital Group Company Limited | F-1 | Eddid Securities | 11/12/24 | 11/12/24 | 9/9 | -- | -- | 9/29 | -- | -- | -- | -- |
| Transten Global Group Limited | F-1 | US Tiger | 10/29/24 | -- | -- | -- | -- | 9/30 | -- | -- | -- | -- |
| Thoughtful Media Group Inc. | S-1 | Cathay Securities | 8/15/24 | 8/15/24 | 9/9 | -- | -- | -- | -- | -- | 10/20 | -- |
| Lannister Mining Corp. | F-1 | Joseph Gunnar | 7/31/24 | 5/2/25 | -- | -- | -- | -- | -- | -- | 10/21 | -- |
| AEI CapForce II Investment Corp | S-1 | R.F. Lafferty | 7/30/24 | 7/30/24 | -- | -- | 9/25 | -- | -- | -- | -- | -- |
| Unitrend Entertainment Group Limited | F-1 | Cathay Securities | 6/14/24 | 6/14/24 | -- | -- | -- | 10/3 | -- | -- | -- | -- |
| Rise Smart Group Holdings Limited | F-1 | American Trust | 5/13/24 | 5/13/24 | 9/10 | -- | -- | -- | -- | -- | -- | -- |
| KINGTITAN TECHNOLOGY LIMITED | F-1 | Cathay Securities | 5/13/24 | 5/13/24 | -- | -- | -- | -- | -- | -- | 10/23 | -- |
| Grupo Aeromexico, S.A.B. de C.V. | F-1 | Barclays | 5/13/24 | 10/17/25 | -- | -- | 9/23 | -- | -- | 10/17 | -- | -- |
| Fuxing China Group Limited | F-1 | Craft Capital | 4/2/24 | 4/2/24 | -- | 9/15 | -- | -- | -- | -- | -- | -- |
| Xinxu Copper Industry Technology Limited | F-1 | Craft Capital | 3/29/24 | 8/4/25 | 9/8 | 9/18 | -- | -- | -- | -- | -- | -- |
| Libera Gaming Operations, Inc. | F-1 | D. Boral Capital | 3/15/24 | 3/15/24 | -- | -- | -- | 10/1 | -- | -- | -- | -- |
| Green Circle Decarbonize Technology Ltd. | F-1 | RBW Capital | 2/8/24 | 2/8/24 | -- | -- | -- | 9/29 | -- | -- | -- | -- |
| BRB Foods Inc. | S-1 | Alexander Capital | 1/17/24 | 6/3/24 | -- | -- | 9/25 | -- | -- | -- | 10/21 | -- |
| Love & Health Limited | S-1 | Cathay Securities | 1/8/24 | 1/8/24 | 9/12 | -- | -- | -- | -- | -- | -- | -- |
| Vittoria Limited | F-1 | American Trust | 8/2/23 | 9/28/23 | -- | -- | -- | 9/30 | -- | -- | -- | 10/29 |
| Giant Oak Acquisition Corporation | S-1 | Lucid Capital | 2/22/22 | 2/22/22 | -- | -- | -- | -- | -- | -- | 10/24 | -- |
| Hengguang Holding Co., Limited | F-1 | D. Boral Capital | 1/18/22 | 3/30/22 | -- | -- | -- | 9/30 | -- | -- | -- | -- |
| ALE Group Holding Limited | F-1 | D. Boral Capital | 7/28/21 | 7/28/21 | 9/8 | -- | -- | -- | -- | -- | -- | -- |
IPO Line-Up includes all IPO registrants that have filed to go public in the U.S., have neither gone public nor formally withdrawn their offering by filing a Form RW with the SEC, and have had filing activity in the most recent eight week period. IPO Line-Up includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets, except for 1) closed-end funds; 2) best-efforts, self-underwritten, and direct offerings; and 3) small business IPOs with an offering amount of less than $5 million. IPO Line-Up: Recent SEC IPO Filing Activity is based on information provided from the IPO Vital Signs System located at www.rbsourcefilings.com