The IPO Week
Nine IPOs
Jefferson Capital's $150 Million Deal Is This Year's Eighth Non-Blank Check U.S. IPO In the Finance Industry
Holding Company Subsidiaries Purchase Nonperforming Consumer Loans and Receivables at a Discount and Manage Collections On Those Accounts
China's Julong Holding, Provider of Security and Fire Protection Systems, Is Business Products/Services Industry's Twelfth New Issue In 2025
Industry Tallied 15 Deals In 2024 for Aggregate IPO Proceeds of $683.2 Million, or 1.8% of the $37.7 Billion Total IPO Proceeds for the Year
Cambodia-Based Kandal M Venture, a Contract Manufacturer of Leather Goods, Prices $8 Million IPO
Deal Is First SIC 3100 (Leather & Leather Products) IPO Since 2012, and First by a Cambodia-Headquartered Entity Since At Least 1997
Hotpot Restaurant Operator Happy City Holdings Raises $5.5 Million In Nasdaq Capital Market Debut
All Three U.S. IPOs In Hotels/Restaurants Industry Since 2024 Have Been Restaurant Groups Specializing In Hotpot Cuisine
Cantor Fitzgerald Leads Cantor Equity Partners III, FIGX Capital Acquisition, and Oxley Bridge Acquisition to Market
Cantor Equity III Is Twelfth SPAC Sponsored by Cantor Fitzgerald Affiliates; Oxley Will Target Consumer and Tech Businesses Tailored to Asian Markets
Week's New Issuers Include Dallas-Based LightWave Acquisition and New Jersey's Yorkville Acquisition
63 SPACs Have Gone Public In 2025, Accounting for Approximately 38.6% of 163 IPOs So Far This Year
Seven Initial IPO Filings
BofA Securities, Goldman Sachs, and Piper Sandler are Lead Managers for Planned IPO by Commercial-Stage Medical Tech Co. Carlsmed
Carlsmed Provides AI-Enabled Personalized Spine Surgery Solutions and Interbody Implants for Custom Vertebral Fit
Affiliates of B Capital Group and U.S. Venture Partners Have Participated In Two Rounds of Preferred Stock Funding And Remain the Largest Shareholders
NIQ Global Intelligence, Which Operates an AI-Powered Platform That Aggregates and Enriches Consumer Shopping Data, Seeks NYSE Listing
Co. Was Formed In 2021 When Funds Managed by Advent International Acquired Certain Subsidiaries Carved Out from Nielsen Holdings for $2.4 Billion
NIQ Posted $3.972 Billion Revenue In 2024; Only Three of 163 New Issuers So Far In 2025 Posted More Revenue In Most Recent Fiscal Year
Goldman Sachs Will Serve as Lead Underwriter for McGraw Hill, a Provider of Information Solutions In K-12 and Higher Education Markets
Co. Was Formed In 2021 by Private Equity Firm Platinum Equity In Connection with Its Acquisition of McGraw-Hill Education for $4.713 Billion
Up to 5% of IPO Shares Will be Reserved for Sale to Directors, Officers, Employees, and Affiliates of Platinum Equity Under a Reserved Share Program
Pacific Century Securities, Which Has Not Completed an IPO Lead Manager Assignment Since 2023, Is Retained by China's JuNeng Technology
JuNeng Provides Digital Marketing Solutions and Online Short-Video Advertisements Through Chongqing Haoyuqin Culture Media Co.
CEO Yu Wang and COO Jia Zhong, Parties to an Acting-In-Concert Agreement, Will Control Approximately 76.71% of Aggregate Voting Power After the IPO
SIC 6770 Adds Blueport Acquisition, D. Boral ARC Acquisition II, and Pyrophyte Acquisition II to List of 2025 Preliminary Filers
Blueport CEO William Rosenstadt Is Founding Member and Managing Partner of International Law Firm Ortoli Rosenstadt LLP
Pyrophyte II Expects to Target Companies In the Energy Sector; Pyrophyte I Is In the Process of Consummating a Business Combination with Sio Silica
One IPO Withdrawal
Hong Kong's E I L Holdings Limited, Distributor of Electronic Components and Sensors, Files Form RW
2023 Registrant Filed Third Amendment to Form F-1 Last August, Determines to Withdraw Registration Statement and Consider Other Alternatives
| IPO Offerings | Form Type | 1st Lead Manager Listed |
Initial Filing Date | Offer Date |
|---|---|---|---|---|
| Happy City Holdings Limited | 424B4 | Dominari Securities LLC | 3/17/25 | 6/23/25 |
| Kandal M Venture Limited | 424B4 | Dominari Securities LLC | 10/23/24 | 6/24/25 |
| LightWave Acquisition Corp. | 424B4 | BTIG, LLC | 5/19/25 | 6/24/25 |
| Oxley Bridge Acquisition Limited | 424B4 | Cantor Fitzgerald & Co. | 6/5/25 | 6/24/25 |
| Cantor Equity Partners III, Inc. | 424B4 | Cantor Fitzgerald & Co. | 6/6/25 | 6/25/25 |
| Jefferson Capital, Inc. | 424B4 | Jefferies LLC | 5/21/25 | 6/25/25 |
| FIGX Capital Acquisition Corp. | 424B4 | Cantor Fitzgerald & Co. | 5/20/25 | 6/26/25 |
| Julong Holding Limited | 424B4 | US Tiger Securities, Inc. | 3/28/25 | 6/26/25 |
| Yorkville Acquisition Corp. | 424B4 | Clear Street LLC | 4/16/25 | 6/26/25 |
| Initial IPO Filings | Form Type |
1st Lead Manager
Listed |
Initial Filing Date | |
|---|---|---|---|---|
| Blueport Acquisition Ltd | S-1 | A.G.P. | 6/26/25 | |
| Carlsmed, Inc. | S-1 | BofA Securities, Inc. | 6/26/25 | |
| D. Boral ARC Acquisition II Corp. | S-1 | D. Boral Capital, LLC | 6/27/25 | |
| JuNeng Technology Limited | F-1 | Pacific Century Securities, LLC | 6/27/25 | |
| McGraw Hill, Inc. | S-1 | Goldman Sachs & Co. LLC | 6/27/25 | |
| NIQ Global Intelligence plc | S-1 | JPMorgan Securities LLC | 6/27/25 | |
| Pyrophyte Acquisition Corp. II | S-1 | UBS Securities LLC | 6/27/25 |
| IPO Withdrawals | Form Type | 1st Lead Manager Listed |
Initial Filing Date | Withdrawal Date |
|---|---|---|---|---|
| E I L Holdings Limited | RW | D. Boral Capital, LLC | 12/11/23 | 6/24/25 |
IPO News Desk
Momentum Builds with Strong Pricing, First-Day Gains In June
The IPO market picked up speed in June with a number of
companies pricing above their initial filing range, reflecting
strong demand for the shares of those new issuers. Investor
interest was confirmed in first-day trading as six of the first
eight IPOs in June posted gains of better than 20% on their
first day in the public markets.
Leading the way among recent
IPO companies was stablecoin network operator Circle
Internet Group. The company’s shares priced $5 above
the top of the published range and despite the higher price
still enjoyed a 168% spike on their first trading day. Moreover,
the company generated $1.05 billion in offering proceeds, only
the fourth company to do so in 2025.
Circle Internet is one of a few established stablecoin network operators, and its allure may have been from the movement through Congress of the GENIUS Act, which would create a regulatory framework for stablecoins. According to the New York Times, one possible outcome for the legislation is a compromise that would ban major tech players from creating their own stablecoins, leaving Circle in a strong market position.
While pricing $5 or more above the stated range was not uncommon in the IPO boom of 2021, it has happened with less frequency of late. Prior to Circle Internet, the December 2024 deal by ServiceTitan was the last time a company priced significantly above its intended range. The operator of a workflow platform for contractors went public at $71 per share, $14 above the top of its initial range. Astera Labs, at $6 above the max of its published range, was the only other company since the start of 2024 to go public at more than $5 above its intended range.
So far in 2025, 10 issuers have priced above their maximum filing price, and four of those have gone public in June: Circle Internet ($5 above), Voyager Technologies ($2 above), Ategrity Specialty Holdings ($1 above), and Chime Financial ($1 above). Even with the uptick in June, 2025 is still slightly off of last year’s pace with 6.7% of IPOs (10 of 149) exceeding the maximum published price versus 8.8% in 2024 (19 of 217).
Comparing IPOs that have priced below the bottom of the stated range, 2025 is currently trending a little better than last year. To date, 7.4% of the year’s IPOs have priced below the minimum of the initial range, lower than the 8.3% last year and 10.7% in 2023. The most drastic cut of the year occurred back in January when Venture Global priced at $25, $15 below the bottom of its filed range of $40 to $46.
Measured by percentage drop from the initial price range midpoint, the 2025 IPO company that slashed its offer price the most is EPWK Holdings. The operator of a digital crowdsourcing marketplace filed a price range of $7 to $8 but priced at $4.10 per share, a 45.3% drop from the range midpoint.
The bulk of 2025’s new issues (more than 85%) have priced within their initial range. The year is pacing ahead of both 2024 and 2023, which finished with 81.1% and 79.2%, respectively, of IPOs priced within their range. 45% of the deals in 2025 have priced right at the midpoint of the filing range. That compares to 40.1% last year and 46.3% in 2023.
Final IPO Pricing
v.
Initial IPO
Pricing
2023 Through June 2025*
(* Data through June 16, 2025)
IPO Vital Signs Subscribers see,
#446. Final Pricing v.
Initial Filing Price Range.
First Day Movement – Price increases generally result from the offering manager’s determination that there is strong demand for a company’s shares. A look at the first-day performance of the 2025 companies who priced above their range shows that in almost all cases the underwriters were right.
Of the 10 companies that priced above their filed range through June 16th, nine managed to post a gain by the end of their first trading day. At least a 15% first-day gain is generally the target for a new issuer, and all of the nine companies exceeded a 20% increase in their initial trading session. SailPoint is the lone 2025 new issuer that priced above its range only to lose value by the end of its first day, falling from $23 to $22, a 4.3% drop.
Circle Internet was the only one of the group to more than double in value on its first day, but Voyager Technologies was not far off with an 82.2% first-day jump. The debuts of both of those June new issuers demonstrates the current market strength, as does the 45.2% gain by Ategrity Specialty Holdings on June 11th and Chime Financial’s 37.4% increase in value on June 12th.
First Day Performance
Issuers That
Priced Above Their Initial Price Range
(IPOs First
Trading from 1/1/25 to 6/16/25)
IPO Vital Signs Subscribers see,
#290. IPO First Day Pricing
Statistics.
The IPO Line-Up
IPO Line-Up Holds Steady at 128 Eight-Week Active Registrants
Papa Medical Sets Price Range In First Amendment to Form S-1, Changes Lead Manager to US Tiger Securities, Rejoins IPO Line-Up
Dubai-Based AMBITIONS ENTERPRISE MANAGEMENT Returns to Eight-Week Active Filers List with Amendment No. 2
Zenta Group, Macau-Headquartered Provider of Business Investment Consultation Services, Rejoins IPO Line-Up with Amendment No. 3
Amendment No. 7 Places China's Majestic Ideal Holdings Back On List of Eight-Week Active Registrants
2021 Registrant ALE Group Holding, Provider of Accounting and Corporate Consulting Services, Is Back On Active Filers List
Seven Price Ranges Filed
Blueport Acquisition, D. Boral ARC Acquisition III, JuNeng Technology, and Pyrophyte Acquisition II Set Price Ranges In Initial Filings
CTW Cayman and ELC Group Holdings Establish Price Ranges In Second Amendments to Initial Public Filings
Twenty-Eight Other Registrants File Amendments
1RT Acq., Globa Terra Acq., Rainbow Capital Holdings, and Silver Pegasus Acq. Have Filed Amendments In Consecutive Weeks
Vendome Acquisition I Files Two Amendments In Week
K-Tech Solutions Amends Filing Twice In Week, Has Been Active In Consecutive Weeks
NMP Acquisition Files Three Amendments In Week
Nine Other Companies Amend Their Public Registrations for the 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 | 5/5 - 5/9 | 5/12 - 5/16 | 5/19 - 5/23 | 5/26 - 5/30 | 6/2 - 6/6 | 6/9 - 6/13 | 6/16 - 6/20 | 6/23 - 6/27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pyrophyte Acquisition Corp. II | S-1 | UBS | 6/27/25 | 6/27/25 | -- | -- | -- | -- | -- | -- | -- | S-1 |
| NIQ Global Intelligence plc | S-1 | JPMorgan | 6/27/25 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
| McGraw Hill, Inc. | S-1 | Goldman Sachs | 6/27/25 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
| JuNeng Technology Limited | F-1 | Pacific Century | 6/27/25 | 6/27/25 | -- | -- | -- | -- | -- | -- | -- | F-1 |
| D. Boral ARC Acquisition II Corp. | F-1 | D. Boral | 6/27/25 | 6/27/25 | -- | -- | -- | -- | -- | -- | -- | S-1 |
| Carlsmed, Inc. | S-1 | BofA Securities | 6/26/25 | -- | -- | -- | -- | -- | -- | -- | -- | S-1 |
| Blueport Acquisition Ltd | S-1 | A.G.P. | 6/26/25 | 6/26/25 | -- | -- | -- | -- | -- | -- | -- | S-1 |
| NeuroSpectrum Insights, Inc. | S-1 | Network 1 | 6/18/25 | -- | -- | -- | -- | -- | -- | -- | S-1 | -- |
| CSLM Digital Asset Acquisition Corp III, Ltd | S-1 | Cohen & Co. | 6/18/25 | 6/18/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| Camerry New Material Tech Limited | F-1 | Cathay Securities | 6/17/25 | 6/17/25 | -- | -- | -- | -- | -- | -- | F-1 | -- |
| BM Acquisition Corp. | S-1 | D. Boral Capital | 6/17/25 | 6/17/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| Solarius Capital Acquisition Corp. | S-1 | Stifel | 6/16/25 | 6/16/25 | -- | -- | -- | -- | -- | -- | S-1 | -- |
| RPM Interactive, Inc. | S-1 | Benchmark | 6/16/25 | -- | -- | -- | -- | -- | -- | -- | S-1 | -- |
| Kilcoy Global Foods, Ltd. | F-1 | Citigroup | 6/16/25 | -- | -- | -- | -- | -- | -- | -- | S-1 | 6/27 |
| GEBE Environmental Technology Limited | F-1 | Cathay Securities | 6/13/25 | 6/13/25 | -- | -- | -- | -- | -- | F-1 | -- | -- |
| DarkIris Inc. | F-1 | US Tiger | 6/13/25 | 6/13/25 | -- | -- | -- | -- | -- | F-1 | -- | -- |
| STARRY SEA ACQUISITION CORP | S-1 | A.G.P. | 6/12/25 | 6/12/25 | -- | -- | -- | -- | -- | S-1 | -- | -- |
| Indigo Acquisition Corp. | S-1 | EarlyBirdCapital | 6/12/25 | 6/12/25 | -- | -- | -- | -- | -- | S-1 | -- | 6/23 |
| 1RT Acquisition Corp. | S-1 | Cantor | 6/11/25 | 6/11/25 | -- | -- | -- | -- | -- | S-1 | 6/20 | 6/26 |
| EQV Ventures Acquisition Corp. II | S-1 | BTIG | 6/10/25 | 6/10/25 | -- | -- | -- | -- | -- | S-1 | -- | 6/23 |
| Yimutian Inc. | F-1 | US Tiger | 6/9/25 | -- | -- | -- | -- | -- | -- | F-1 | -- | -- |
| Otsaw Limited | F-1 | Aegis Capital | 6/9/25 | -- | -- | -- | -- | -- | -- | F-1 | -- | -- |
| HCM III Acquisition Corp. | S-1 | Cantor | 6/6/25 | 6/6/25 | -- | -- | -- | -- | S-1 | -- | -- | -- |
| Gifts International Holdings Limited | F-1 | R. F. Lafferty | 6/6/25 | 6/6/25 | -- | -- | -- | -- | F-1 | -- | -- | 6/27 |
| Aura Minerals Inc. | F-1 | BofA Securities | 6/6/25 | -- | -- | -- | -- | -- | F-1 | 6/9 | -- | 6/23 |
| TryHard Holdings Limited | F-1 | US Tiger | 6/3/25 | 6/3/25 | -- | -- | -- | -- | F-1 | -- | -- | 6/25 |
| Beta FinTech Holdings Limited | F-1 | Cathay Securities | 6/3/25 | 6/3/25 | -- | -- | -- | -- | F-1 | -- | -- | 6/27 |
| Quantumsphere Acquisition Corporation | S-1 | SPAC Advisory | 5/30/25 | 5/30/25 | -- | -- | -- | S-1 | -- | -- | -- | -- |
| Crown Reserve Acquisition Corp. I | S-1 | SPAC Advisory | 5/30/25 | 5/30/25 | -- | -- | -- | S-1 | -- | -- | -- | -- |
| C&K Group Limited | F-1 | Revere Securities | 5/30/25 | 5/30/25 | -- | -- | -- | F-1 | -- | -- | -- | -- |
| FG Merger III Corp. | S-1 | ThinkEquity | 5/29/25 | 5/29/25 | -- | -- | -- | S-1 | -- | -- | -- | -- |
| Magnitude International Ltd | F-1 | Bancroft Capital | 5/28/25 | 5/28/25 | -- | -- | -- | F-1 | -- | 6/10 | -- | 6/25 |
| Cohen Circle Acquisition Corp. II | S-1 | Clear Street | 5/23/25 | 5/23/25 | -- | -- | S-1 | -- | -- | 6/10 | -- | 6/25 |
| Living Homeopathy International Ltd. | F-1 | US Tiger | 5/22/25 | 5/22/25 | -- | -- | F-1 | -- | -- | -- | -- | -- |
| A Paradise Acquisition Corp. | S-1 | Cohen & Co. | 5/22/25 | 5/22/25 | -- | -- | S-1 | -- | -- | -- | -- | 6/27 |
| Ultra High Point Holdings Limited | F-1 | Bancroft Capital | 5/20/25 | 5/20/25 | -- | -- | F-1 | -- | -- | -- | -- | 6/27 |
| INFINT Acquisition Corporation 2 | S-1 | Roth Capital | 5/20/25 | 5/20/25 | -- | -- | S-1 | -- | -- | -- | -- | 6/26 |
| Uptrend Holdings Limited | F-1 | Cathay Securities | 5/19/25 | 5/19/25 | -- | -- | F-1 | -- | -- | 6/9;6/13 | -- | -- |
| K-Tech Solutions Company Limited | F-1 | American Trust | 5/19/25 | 5/19/25 | -- | -- | F-1 | -- | 6/5 | -- | 6/20 | 6/23;6/24 |
| Fitness Champs Holdings Limited | F-1 | Bancroft Capital | 5/19/25 | 5/19/25 | -- | -- | F-1 | 5/30 | -- | -- | -- | -- |
| Zi Yun Dong Fang Limited | F-1 | Revere Securities | 5/16/25 | 5/16/25 | -- | F-1 | -- | -- | 6/2 | 6/12 | -- | -- |
| World Road Inc. | F-1 | Craft Capital | 5/16/25 | -- | -- | F-1 | -- | -- | 6/5 | -- | -- | -- |
| Etoiles Capital Group Co., Ltd | F-1 | Prime Number | 5/15/25 | 5/15/25 | -- | F-1 | 5/23 | -- | 6/2 | -- | -- | -- |
| CTW Cayman | F-1 | Kingswood | 5/15/25 | 6/26/25 | -- | F-1 | -- | -- | -- | 6/12 | -- | 6/26 |
| Hang Feng Technology Innovation Co., Ltd. | F-1 | Kingswood | 5/14/25 | 5/14/25 | -- | F-1 | -- | -- | -- | -- | -- | -- |
| Charming Medical Limited | F-1 | Cathay Securities | 5/14/25 | 5/14/25 | -- | F-1 | -- | 5/27 | -- | -- | -- | -- |
| Platinum Analytics Cayman Limited | F-1 | Kingswood | 5/9/25 | 5/9/25 | F-1 | -- | -- | -- | -- | -- | 6/20 | -- |
| CapsoVision, Inc. | S-1 | Benchmark | 5/9/25 | 5/30/25 | S-1 | -- | -- | 5/30 | -- | 6/13 | -- | 6/26 |
| Bonus Biogroup Ltd. | F-1 | Titan Partners | 5/9/25 | -- | F-1 | -- | -- | -- | -- | -- | -- | -- |
| Lake Superior Acquisition Corp. | S-1 | Cohen & Co. | 5/8/25 | 5/8/25 | S-1 | -- | -- | -- | 6/4 | -- | -- | -- |
| HW ELECTRO Kabushiki Kaisha | F-1 | American Trust | 5/8/25 | 5/8/25 | F-1 | -- | -- | -- | 6/2 | -- | -- | 6/23 |
| StoneBridge Acquisition II Corporation | S-1 | Maxim Group | 5/5/25 | 5/5/25 | S-1 | -- | -- | -- | -- | -- | -- | -- |
| NMP Acquisition Corp. | S-1 | Maxim Group | 5/5/25 | 5/5/25 | S-1 | -- | -- | -- | 6/4 | 6/11 | -- | 24;25;27 |
| Elite Express Holding Inc. | S-1 | Dominari | 5/5/25 | 5/5/25 | S-1 | -- | 5/23 | -- | -- | -- | 6/16 | -- |
| TV Channels Network Inc. | S-1 | Craft Capital | 5/2/25 | 5/2/25 | 5/7 | -- | 5/20 | -- | 6/3 | -- | -- | -- |
| THE GROWHUB LIMITED | F-1 | Alexander Capital | 5/2/25 | 5/2/25 | -- | -- | -- | -- | 6/5 | -- | -- | -- |
| Center Holdings Inc. | F-1 | R.F. Lafferty | 5/2/25 | 5/2/25 | -- | -- | -- | -- | -- | 6/13 | -- | -- |
| MSM Frontier Capital Acquisition Corp. | S-1 | Cohen & Co. | 4/30/25 | 4/30/25 | -- | 5/16 | -- | -- | -- | -- | -- | -- |
| MPJS Group Limited | F-1 | Revere Securities | 4/30/25 | 4/30/25 | -- | -- | -- | -- | 6/6 | -- | 6/17 | -- |
| J-Star Holding Co., Ltd. | F-1 | Maxim Group | 4/28/25 | 4/28/25 | -- | 5/16 | -- | -- | -- | -- | -- | -- |
| D. Boral ARC Acquisition I Corp. | S-1 | D. Boral Capital | 4/28/25 | 4/28/25 | -- | -- | -- | -- | -- | 6/10 | -- | 6/27 |
| Carbon Zero Technologies International Inc. | F-1 | Ninth Eternity | 4/23/25 | 4/23/25 | -- | -- | 5/21 | 5/28;5/30 | -- | -- | -- | -- |
| Globa Terra Acquisition Corporation | S-1 | D. Boral Capital | 4/16/25 | 4/16/25 | -- | 5/14 | -- | -- | -- | -- | 6/17 | 6/26 |
| Vendome Acquisition Corporation I | S-1 | D. Boral Capital | 4/15/25 | 4/15/25 | -- | -- | -- | -- | 6/6 | -- | -- | 6/23;6/25 |
| Green Solar Energy Limited | F-1 | Joseph Stone | 4/15/25 | 4/15/25 | 5/7 | -- | -- | -- | -- | -- | -- | 6/23 |
| Timber Road Acquisition Corp. | S-1 | Roth Capital | 4/14/25 | 4/14/25 | -- | 5/12 | -- | -- | -- | -- | -- | -- |
| Dreamland Limited | F-1 | Bancroft Capital | 4/10/25 | 4/10/25 | -- | 5/13 | -- | -- | -- | -- | -- | 6/27 |
| Twelve Seas Investment Company III | S-1 | Cohen & Co. | 4/4/25 | 4/4/25 | -- | -- | -- | 5/27 | -- | -- | -- | -- |
| Picard Medical, Inc. | S-1 | Benchmark | 3/31/25 | -- | 5/9 | -- | 5/23 | -- | -- | -- | -- | -- |
| ChowChow Cloud International Holdings Ltd. | F-1 | Maxim Group | 3/31/25 | 3/31/25 | -- | -- | -- | 5/28 | -- | -- | -- | -- |
| BUUU Group Limited | F-1 | Dominari | 3/28/25 | 3/28/25 | -- | -- | 5/20 | -- | -- | -- | 6/16 | -- |
| NusaTrip Incorporated | S-1 | Cathay Securities | 3/21/25 | 3/21/25 | -- | 5/12 | 5/23 | -- | -- | -- | -- | -- |
| Spectral IP, Inc. | S-1 | Dominari | 3/20/25 | 6/5/25 | 5/6 | -- | -- | -- | 6/5 | -- | 6/20 | -- |
| Klarna Group plc | F-1 | Goldman Sachs | 3/14/25 | -- | -- | -- | 5/21 | -- | -- | -- | -- | -- |
| Bluemount Holdings Limited | F-1 | Dominari | 3/14/25 | 3/14/25 | 5/9 | -- | 5/23 | -- | -- | -- | -- | -- |
| POMDOCTOR LIMITED | F-1 | Joseph Stone | 3/13/25 | -- | -- | -- | -- | -- | -- | -- | 6/17 | -- |
| Regentis Biomaterials Ltd. | F-1 | ThinkEquity | 3/10/25 | 3/10/25 | 5/5 | -- | 5/19 | -- | -- | -- | -- | -- |
| ANEW Health Limited | F-1 | D. Boral Capital | 3/7/25 | 3/7/25 | -- | 5/16 | -- | -- | -- | -- | 6/20 | -- |
| Rich Sparkle Holdings Limited | F-1 | Eddid Securities | 3/6/25 | 3/6/25 | -- | -- | -- | 5/27 | 6/6 | -- | -- | -- |
| ELC Group Holdings Ltd. | F-1 | D. Boral Capital | 3/4/25 | 6/27/25 | -- | 5/15 | -- | -- | -- | -- | -- | 6/27 |
| DT House Limited | F-1 | American Trust | 2/28/25 | 2/28/25 | -- | -- | -- | -- | -- | -- | 6/18 | -- |
| Dalu International Group Limited | F-1 | American Trust | 2/25/25 | 2/25/25 | -- | 5/13 | -- | -- | -- | -- | -- | -- |
| DCR Tech Group Ltd | F-1 | D. Boral Capital | 2/21/25 | 2/21/25 | -- | -- | 5/23 | -- | -- | -- | -- | -- |
| AI ASSETS LTD | F-1 | Univest Securities | 2/21/25 | 2/21/25 | -- | -- | 5/21 | -- | -- | -- | -- | -- |
| Rainbow Capital Holdings Limited | F-1 | Cathay Securities | 2/14/25 | 2/14/25 | -- | -- | -- | -- | -- | -- | 6/16 | 6/26 |
| Kabushiki Kaisha Robot Consulting | F-1 | D. Boral Capital | 2/12/25 | 2/12/25 | -- | -- | -- | -- | -- | -- | 6/16 | -- |
| AMBITIONS ENTERPRISE MANAGEMENT CO. | F-1 | AC Sunshine | 2/7/25 | -- | -- | -- | -- | -- | -- | -- | -- | 6/27 |
| Vistek Limited | F-1 | Bancroft Capital | 1/28/25 | 1/28/25 | 5/5 | 5/15 | -- | -- | -- | -- | -- | -- |
| Silver Pegasus Acquisition Corp. | S-1 | Roth Capital | 1/21/25 | 1/21/25 | -- | -- | 5/20 | -- | -- | -- | 6/18 | 6/26 |
| One and one Green Technologies. INC | F-1 | Cathay Securities | 1/21/25 | 6/6/25 | -- | -- | -- | -- | 6/6 | -- | -- | -- |
| Iron Horse Acquisitions Corp. II | S-1 | Cantor | 1/17/25 | 1/17/25 | -- | -- | 5/23 | -- | -- | -- | -- | 6/23 |
| Agroz Inc. | F-1 | US Tiger | 1/16/25 | 1/16/25 | -- | -- | -- | 5/30 | -- | -- | -- | -- |
| Origin Investment Corp I | S-1 | ThinkEquity | 1/8/25 | 1/8/25 | -- | 5/14 | -- | -- | 6/5 | -- | -- | 6/27 |
| Zenta Group Company Limited | F-1 | Cathay Securities | 1/6/25 | 1/6/25 | -- | -- | -- | -- | -- | -- | -- | 6/24 |
| Phaos Technology Holdings (Cayman) Ltd. | F-1 | Network 1 | 1/3/25 | 1/3/25 | 5/9 | -- | -- | -- | -- | -- | 6/16 | -- |
| Everfront Biotech Holding Company Limited | F-1 | Boustead | 1/3/25 | -- | -- | -- | -- | -- | -- | -- | 6/20 | -- |
| SFIDA X, Inc. | F-1 | ThinkEquity | 12/23/24 | 6/2/25 | -- | -- | -- | -- | 6/2;6/3 | -- | -- | -- |
| LEIFRAS Co., Ltd. | F-1 | Kingswood | 12/10/24 | 12/10/24 | -- | -- | 5/20 | -- | -- | 6/13 | -- | -- |
| Grande Group Limited | F-1 | Cathay Securities | 12/10/24 | 12/10/24 | -- | -- | -- | -- | 6/2 | -- | 6/18 | -- |
| GATES GROUP Inc. | F-1 | [To be named] | 12/2/24 | 12/2/24 | -- | -- | -- | -- | 6/2 | -- | -- | -- |
| Papa Medical Inc. | S-1 | US Tiger | 11/22/24 | 6/27/25 | -- | -- | -- | -- | -- | -- | -- | 6/27 |
| FG Holdings Limited | F-1 | Cathay Securities | 11/18/24 | 11/18/24 | -- | -- | -- | -- | -- | -- | 6/17 | -- |
| Delixy Holdings Limited | F-1 | Bancroft Capital | 11/15/24 | 11/15/24 | -- | 5/13 | -- | -- | -- | -- | -- | -- |
| MaxsMaking Inc. | F-1 | Joseph Stone | 11/13/24 | 11/13/24 | -- | -- | -- | -- | -- | 6/10 | -- | 6/25 |
| GLAMOORE Capital Group Company Limited | F-1 | Eddid Securities | 11/12/24 | 11/12/24 | -- | 5/14 | -- | -- | -- | 6/12 | -- | -- |
| KNOREX LTD | F-1 | Craft Capital | 11/8/24 | 11/8/24 | -- | -- | -- | -- | -- | 6/12 | -- | -- |
| Masonglory Limited | F-1 | D. Boral Capital | 11/6/24 | 11/6/24 | -- | -- | -- | -- | -- | -- | 6/16 | -- |
| Elite Performance Holding Corp. | S-1 | D. Boral Capital | 10/18/24 | 10/18/24 | -- | 5/12 | -- | -- | -- | -- | -- | -- |
| Majestic Ideal Holdings Ltd | F-1 | Craft Capital | 10/4/24 | 10/4/24 | -- | -- | -- | -- | -- | -- | -- | 6/26 |
| Empro Group Inc. | F-1 | R.F. Lafferty | 9/16/24 | 1/22/25 | 5/9 | -- | 5/20;5/22 | 5/27 | 6/4 | -- | -- | -- |
| Cre8 Enterprise Limited | F-1 | American Trust | 8/19/24 | 8/19/24 | -- | -- | 5/23 | -- | -- | -- | -- | -- |
| Thoughtful Media Group Inc. | S-1 | Cathay Securities | 8/15/24 | 8/15/24 | -- | -- | -- | -- | -- | 6/11 | -- | -- |
| Texxon Holding Limited | F-1 | D. Boral Capital | 8/13/24 | 3/31/25 | -- | -- | -- | -- | -- | -- | 6/16 | -- |
| HMH Holding Inc. | S-1 | JPMorgan | 8/12/24 | -- | -- | -- | 5/20 | -- | -- | -- | -- | -- |
| rYojbaba Co., Ltd. | F-1 | D. Boral Capital | 8/2/24 | 8/2/24 | 5/8 | -- | -- | 5/30 | -- | -- | -- | -- |
| Lannister Mining Corp. | F-1 | Joseph Gunnar | 7/31/24 | 5/2/25 | -- | -- | -- | -- | -- | 6/10 | -- | -- |
| Linkhome Holdings Inc. | S-1 | US Tiger | 6/21/24 | 10/1/24 | -- | -- | -- | -- | -- | -- | 6/20 | -- |
| Unitrend Entertainment Group Limited | F-1 | Cathay Securities | 6/14/24 | 6/14/24 | 5/8 | -- | -- | -- | -- | -- | 6/17 | -- |
| Rise Smart Group Holdings Limited | F-1 | American Trust | 5/13/24 | 5/13/24 | -- | 5/16 | -- | -- | -- | 6/17 | -- | |
| KINGTITAN TECHNOLOGY LIMITED | F-1 | Cathay Securities | 5/13/24 | 5/13/24 | -- | -- | -- | -- | -- | 6/13 | -- | -- |
| Fuxing China Group Limited | F-1 | Craft Capital | 4/2/24 | 4/2/24 | 5/9 | -- | -- | -- | -- | -- | -- | -- |
| Xinxu Copper Industry Technology Limited | F-1 | Craft Capital | 3/29/24 | -- | -- | -- | -- | -- | -- | 6/10 | -- | -- |
| Huge Amount Group Limited | F-1 | D. Boral Capital | 3/29/24 | 6/28/24 | -- | -- | -- | -- | -- | 6/10 | -- | -- |
| BRB Foods Inc. | S-1 | Alexander Capital | 1/17/24 | 6/3/24 | -- | 5/13 | -- | -- | -- | -- | -- | -- |
| COR3 & Co. (Holdings) Limited | F-1 | Bancroft Capital | 11/20/23 | 11/20/23 | 5/8 | -- | 5/21 | -- | -- | -- | -- | -- |
| Ten-League International Holdings Limited | F-1 | Bancroft Capital | 10/31/23 | 2/23/24 | -- | -- | -- | -- | -- | -- | -- | 6/27 |
| Blue-Touch Holdings Group Co., Ltd | S-1 | AC Sunshine | 9/30/22 | 3/22/24 | -- | -- | 5/22 | -- | -- | -- | -- | -- |
| ALE Group Holding Limited | F-1 | D. Boral Capital | 7/28/21 | 7/28/21 | -- | -- | -- | -- | -- | -- | -- | 6/23 |
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