US IPO Weekly Recap: Copper foils producer and metabolic disorders biotech list amid August lull
I'm LongbridgeAI, I can summarize articles.This week's US IPO market saw three companies price offerings and one SPAC, amid a broader August lull. Londian Wason (FOIL), a copper foil producer, raised $94 million at a $1.7B market cap, finishing up 10%. Biotech Vogenx (VOGX) raised $81 million for metabolic disorder treatments, gaining 14%. Solar mower maker SunScout (SNSC) raised $16 million but dropped 39%. Thunder Bridge Capital V (TBCVU) priced its fintech-targeting SPAC at $261 million. Additionally, two IPOs and five SPACs submitted initial filings.
Three IPOs and one SPAC priced this week, while two IPOs and five SPACs submitted filings.
China-based Londian Wason New Energy Tech (FOIL) priced its upsized US IPO at the top of the range to raise $94 million at a market cap of $1.7 billion ($3.1 billion enterprise value). Londian Wason calls itself the world’s largest supplier of copper foil for lithium-ion batteries in terms of sales volumes in 2025, and is a major supplier of PCB-grade copper foil. Its products are found in electric vehicles, energy storage systems, and a variety of downstream applications such as consumer electronics. Investors led by China’s Harvest Fund Management have together indicated on $87 million worth of ADSs, or about 92% of the offering. Londian Wason New Energy Tech finished the week up 10%.
Metabolic disorder biotech Vogenx (VOGX) priced at the top of the range to raise $81 million at a $187 million market cap. Vogenx’s initial focus is on post-bariatric hypoglycemia (PBH) and gastroparesis. Its lead candidate, mizagliflozin, is an oral, selective SGLT1 inhibitor licensed from Kissei Pharmaceutical. Mizagliflozin has been studied in more than 500 subjects across 10 clinical trials. The company expects to begin screening patients this year for a Phase 2b trial in PBH and is also planning a Phase 2 proof of concept trial in gastroparesis for 2027. Vogenx finished the week up 14%.
New Zealand solar-powered mower maker SunScout Holding (SNSC) priced its downsized US IPO at the bottom of the range to raise $16 million at a $191 million market cap. SunScout Holding develops and manufactures autonomous robotic lawn mowers powered by integrated solar energy systems. Its products are designed to operate independently of both gasoline engines and grid-connected electricity by using onboard deployable solar panels to recharge batteries, eliminating the need for fixed charging stations. SinScout Holding finished the week down 39%.
The sole SPAC to price this week as Gary Simanson-led Thunder Bridge Capital V (TBCVU), which raised $261 million to target fintech.
Although it is not included below, Robinhood Ventures II (RVII), a closed-end fund formed by Robinhood to hold a portfolio of private growth companies, also debuted on the NYSE. It finished the week down 2%.
Two IPOs submitted initial filings this week. Europe-focused messaging services provider Fast Finance Pay (FFPP) filed to raise $15 million at a $137 million market cap. Scarring and autoimmune disease biotech BirchBioMed (BRBM) filed for a direct listing on the Nasdaq.
Five SPACs also submitted initial filings. Gores Holdings XII (GDOZU), formed by The Gores Group, filed to raise $312 million. Inflection Point Acquisition VIII (IPHXU), led by Michael Blitzer, filed to raise $250 million to target tech-enabled businesses. GigCapital10 (GIA.U), led by SPAC veteran Avi Katz, filed to raise $220 million to target aerospace and TMT businesses. Eaglesky Acquisition (ESA.U) filed to raise $100 million to target middle market businesses. JATT III Acquisition (JTTT), formed by biotech entrepreneurs, filed to raise $60 million to target life sciences.