US IPO Weekly Recap: Small issuers and SPACs join the pipeline in short holiday week

Seven IPOs and two SPACs submitted filings this week. There were no pricings this week.All seven IPO filings came from microcap issuers, including two pursuing direct listings: VR-integrated treadmill maker Virtuix Holdings (VTIX) and cloud computing services provider QumulusAI (QMLS) Two SPACs also submitted initial filings: Abony Acquisition I (AACOU) and Illumination Acquisition I (ILLUU.RC) each filed to raise $200 million apiece.9 Filings During the Week of December 29th, 2025IssuerBusinessDealSizeSectorLeadUnderwriterBW Industrial Holdings (BWGC)$21MIndustrialsEddid SecuritiesProvides facility construction services for energy, electronics, and other industries.QumulusAI (QMLS)$0MTechnology Provides cloud computing services through owned and colocated data centers.I Bella Perfect (IBL)$9MHealth CareCathay SecuritiesOperates three aesthetic medical clinics in Malaysia.Optimal AI (OPAI.RC)$11MTechnologyR. F. LaffertySingaporean provider of modeling and simulation software for enterprises.Virtuix Holdings (VTIX)$0MTechnology Develops treadmills for VR/AR gaming and fitness purposes.Abony Acquisition I (AACOU)$200MSPACBTIGBlank check company targeting defense, advanced computing, software, and media.Cafe Deco Group (CFDE.RC)$13MConsumer DiscretionaryKingswoodOperates restaurants and bakeries in Hong Kong and Australia.Illumination Acq. I (ILLUU.RC)$200MSPACBTIGBlank check company formed by Lucid Capital Markets executives.Riverstone (DNJF)$15MConsumer DiscretionaryJoseph GunnarHong Kong-based designer and producer of apparel for third-parties and under its own brand.IPO Market SnapshotThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/31/2025, the Renaissance IPO Index was up 5.4% year-to-date, while the S&P 500 was up 17.9%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF Holdings include Reddit (RDDT) and Kenvue (KVUE). The Renaissance International IPO Index was up 39.1% year-to-date, while the ACWX was up 33.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Galderma and Kioxia.