US IPO Weekly Recap: IPO market quiet in short Thanksgiving week
The US IPO market was quiet during the Thanksgiving week, with two blank check companies debuting and several IPOs and SPACs filing. Notably, Soulpower Acquisition announced a merger with SWB Holdings valued at $8.1 billion. Invest Green Acquisition and SC II Acquisition raised $150 million each. Edison Oncology Holding and Direct Communications Solutions filed for IPOs, while three SPACs submitted initial filings, including Mountain Lake Acquisition II, Vine Hill Capital II, and Social Commerce Partners.
Two blank check companies debuted this week, while two IPOs and three SPACs submitted initial filings. Also on the SPAC side, Soulpower Acquisition (SOUL) announced it would merge with SWB Holdings at a proposed $8.1 billion valuation, one of the largest contemplated combinations announced this year.
Two SPACs priced this week: Invest Green Acquisition (IGACU) raised $150 million to target renewable energy, while Nukkleus-backed SC II Acquisition (SCIIU) also raised $150 million.
Oncology biotech Edison Oncology Holding (EOHC) filed to raise $25 million at a $75 million market cap. IoT hardware and software provider Direct Communications Solutions (DCSX) filed to raise $15 million.
Three SPACs submitted initial filings this week. Mountain Lake Acquisition II (MLAAU), the second blank check company led by the Chairman of Axos Financial, filed to raise $261 million. Vine Hill Capital II (VHCPU) filed to raise $175 million to target industrials, transportation, and technology. Social Commerce Partners (SCPQU) filed to raise $100 million to target the direct selling industry.
| 5 Filings During the Week of November 24th, 2025 | |||
|---|---|---|---|
| Issuer Business | Deal Size | Sector | Lead Underwriter |
| DCS (DCSX) | $15M | Technology | Revere Sec. |
| Provides IoT hardware, software, and connectivity solutions. | |||
| Edison Oncology (EOHC) | $25M | Health Care | Konik Capital Partners |
| Phase 2 biotech developing targeted small-molecule oncology therapies. | |||
| Mountain Lake Acq. II (MLAAU) | $261M | SPAC | BTIG |
| Second blank check company led by the Chairman of Axos Financial. | |||
| Vine Hill Capital II (VHCPU) | $175M | SPAC | Stifel |
| Blank check company targeting industrials, transportation, and technology. | |||
| Social Commerce Partners (SCPQU) | $100M | SPAC | BTIG |
| Blank check company targeting the direct selling industry. |
